Mid-Morning Market Update: Markets Fall; Initial Jobless Claims Drop to 259,000

Following the market opening Thursday, the Dow traded down 0.14 percent to 22,380.57 while the NASDAQ declined 0.62 percent to 6,415.76. The S&P also fell, dropping 0.31 percent to 2,500.45.

Leading and Lagging Sectors

Thursday morning, the utilities shares surged 0.27 percent. Meanwhile, top gainers in the sector included Atlantic Power Corp AT, up 3 percent, and Public Service Enterprise Group Inc. PEG, up 3 percent.

In trading on Thursday, technology shares fell 0.58 percent. Meanwhile, top losers in the sector included MakeMyTrip Limited MMYT, down 6 percent, and SINA Corp SINA down 3 percent.

Top Headline

Initial weekly jobless claims declined 23,000 to 259,000 in the latest week. However, economists projected claims to reach 300,000 last week.

Equities Trading UP

Calgon Carbon Corporation CCC shares shot up 62 percent to $21.35 after the company agreed to be acquired by Kuraray at $21.50 per share in cash.

Shares of Akari Therapeutics PLC (ADR) AKTX got a boost, shooting up 91 percent to $10.65 after the company disclosed that it plans to advance Coversin following advice from an FDA meeting.

Third Point Reinsurance Ltd TPRE shares were also up, gaining 10 percent to $15.77. Third Point Reinsurance will replace Sanderson Farms in the S&P SmallCap 600 on September 26.

Equities Trading DOWN

Scholastic Corp SCHL shares dropped 9 percent to $35.13 following Q1 results. Scholastic reported Q1 adjusted loss of $1.67 per share.

Shares of JAKKS Pacific, Inc. JAKK were down 8 percent to $2.90. DA Davidson downgraded Jakks Pacific from Neutral to Underperform.

Eros International plc EROS was down, falling around 13 percent to $13.20. Eros Now reported a content deal with Dharma Productions.

Commodities

In commodity news, oil traded down 0.85 percent to $50.26 while gold traded down 1.79 percent to $1,292.80.

Silver traded down 2.42 percent Thursday to $16.915, while copper fell 1.36 percent to $2.9285.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.16 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index climbed 0.57 percent. Meanwhile the German DAX gained 0.25 percent, and the French CAC 40 gained 0.55 percent while U.K. shares fell 0.12 percent.

Economics

Initial weekly jobless claims declined 23,000 to 259,000 in the latest week. Economists projected claims to reach 300,000 last week.

The Philadelphia Fed manufacturing index increased to a reading of 23.8 in September, compared to 18.9 in August. However, economists were expecting a reading of 17.2.

The FHFA house price index rose 0.20 percent for July, versus economists’ expectations for a 0.40 percent growth.

The index of leading economic indicators gained 0.4 percent for August.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.