Dow Jumps Over 300 Points; Zapp Electric Vehicles Group Shares Spike Higher
U.S. stocks traded mixed toward the end of trading, with the Dow Jones index gaining more than 300 points on Thursday.
The Dow traded up 0.87% to 39,171.26 while the NASDAQ fell 0.65% to 17,745.523. The S&P 500 also fell, dropping, 0.14% to 5,479.13.
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Leading and Lagging Sectors
Energy shares jumped by 2% on Thursday.
In trading on Thursday, information technology shares fell by 1.1%.
Top Headline
The EIA said stocks of crude oil in the U.S. declined by 2.547 million barrels in the week ending June 14, compared to market estimates of a 2.800 million barrels decline.
Equities Trading UP
- MGO Global, Inc. (NASDAQ:MGOL) shares shot up 66% to $0.7601 after the company said it expects the pending acquisition of Spetner Associates to close in the second half of 2024, projecting it to increase annualized revenue to approximately $28 million.
- Shares of Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) got a boost, surging 129% to $3.09 after the company said it expects first customer deliveries of the i300 in the fourth quarter and anticipates selling over 5,000 units in the fiscal year ending Sept. 30, 2025.
- Femasys Inc. (NASDAQ:FEMY) shares were also up, gaining 29% to $1.2302 after receiving CE Mark approval from the EU MDR for its FemaSeed, FemVue, FemCerv, and FemCath products.
Equities Trading DOWN
- Tempest Therapeutics, Inc. (NASDAQ:TPST) shares dropped 32% to $1.9480 after the company announced new data from the ongoing Phase 1b/2 clinical study on amezalpat2 (TPST-1120).
- Shares of Trevena, Inc. (NASDAQ:TRVN) were down 30% to $0.2485. Trevena announced preclinical TRV045 data for long-term analgestic effect in prelinical model of neuropathic pain. Also, the company announced TRV045 results provided director for additional NIH-initiated studies in epilepsy prevention and treatment.
- Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was down, falling 31% to $1.07. Sonnet BioTherapeutics announced exercise of warrants for gross proceeds of $3.4 million.
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Commodities
In commodity news, oil traded up 0.7% to $82.12 while gold traded up 1.1% at $2,372.10.
Silver traded up 4.3% to $30.825 on Thursday, while copper rose 1.6% to $4.5620.
Euro zone
European shares closed higher today. The eurozone's STOXX 600 gained 0.93%, Germany's DAX rose 1.03% and France's CAC 40 gained 1.34%. Spain's IBEX 35 Index rose 0.94%, while London's FTSE 100 climbed 0.82%.
The Bank of England held the Bank Rate at 5.25% during its recent meeting, as projected. Producer prices in Germany fell by 2.2% year-over-year in May compared to a 3.3% decline in the earlier month.
Passenger car registrations in the European Union fell 3.0% year-over-year to a three-month low level of 911.7 thousand units in May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei gaining 0.16%, Hong Kong's Hang Seng Index declining 0.52%, China's Shanghai Composite Index falling 0.42% and India's S&P BSE Sensex gaining 0.18%.
The People’s Bank of China maintained key lending rates at the June fixing. Hong Kong's unemployment rate came in unchanged at 3% during the three months ending May. Singapore's unemployment rate increased to 2.1% in the first quarter of 2024 versus 2.0% in the prior period.
Economics
- The U.S. current account deficit rose by $15.8 billion to $237.6 billion during the first quarter, and versus market estimates of a $206.4 billion gap.
- The Philadelphia Fed Manufacturing Index fell 3.2 points to a reading of 1.3 in June, missing market expectations of 5.
- U.S. initial jobless claims fell by 5,000 to 238,000 in the second week of June, compared to market estimates of 235,000.
- Housing starts in declined 5.5% to an annualized rate of 1.277 million in May, while building permits fell by 3.8% to an annual rate of 1.386 million.
- The EIA said stocks of crude oil in the U.S. declined by 2.547 million barrels in the week ending June 14, compared to market estimates of a 2.800 million barrels decline.
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