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Midway through trading Thursday, the Dow traded down 1.14 percent to 17,013.29 while the NASDAQ tumbled 1.54 percent to 4,485.16. The S&P also fell, dropping 1.13 percent to 1,975.65.
Leading and Lagging Sectors
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In trading on Thursday, utilities shares dropped by just 0.50 percent. Top gainers in the sector included OGE Energy (NYSE: OGE), up 1.4 percent, and PPL (NYSE: PPL), up 0.6 percent.
Basic materials shares fell by 1.68 percent on Thursday. Top losers in the sector included OMNOVA Solutions (NYSE: OMN), down 18 percent, and HB Fuller Co (NYSE: FUL), off 14 percent.
Top Headline
Scholastic (NASDAQ: SCHL) reported a wider loss for the fiscal first quarter.
The New York-based company posted a quarterly loss of $34.1 million, or $1.05 per share, versus a year-ago loss of $29.9 million, or $0.94 per share. Excluding certain items, the company posted an adjusted loss of $1.03 per share.
Its sales rose 3% to $283.8 million from $276.3 million. However, analysts were expecting a loss of $0.84 per share on revenue of $285 million.
Equities Trading UP
LipoScience (NASDAQ: LPDX) shares shot up 62.70 percent to $5.19 after the company agreed to be acquired by LabCorp (NYSE: LH) for a purchase price of $5.25 per share in cash.
Shares of Radiant Logistics (NYSE: RLGT) got a boost, shooting up 10 percent to $3.63 on Q4 results.
MannKind (NASDAQ: MNKD) shares were also up, gaining 3.62 percent to $6.30 after the company announced the closing of global licensing agreement with Sanofi (NYSE: SNY).
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Equities Trading DOWN
Shares of HB Fuller Co (NYSE: FUL) were down 14.69 percent to $37.52 after the company reported downbeat fiscal third-quarter results and issued a weak Q4 earnings forecast.
Scholastic (NASDAQ: SCHL) shares tumbled 7.64 percent to $31.42 after the company reported a wider loss for the fiscal first quarter.
Pacira Pharmaceuticals (NASDAQ: PCRX) was down, falling 4.49 percent to $101.51 after the company announced the receipt of the FDA warning letter.
Commodities
In commodity news, oil traded up 0.03 percent to $92.83, while gold traded down 0.30 percent to $1,215.90.
Silver traded down 1.25 percent Thursday to $17.48, while copper fell 1 percent to $3.02.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 declined 0.98 percent, the Spanish Ibex Index fell 0.99 percent, while Italy’s FTSE MIB Index declined 1.61 percent. Meanwhile, the German DAX dropped 1.54 percent and the French CAC 40 declined 1.16 percent while UK shares fell 1.04 percent.
Economics
US durable-goods orders fell 18.2% in August, versus a 22.5% rise in July.
US jobless claims increased 12,000 to 293,000 in the week ended Sept. 20.
The preliminary reading of Markit services PMI fell to 58.50 in September, versus economists’ estimates for a reading of 59.00.
Data on money supply will be released at 4:30 p.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.