Dow Surges 200 Points; US GDP Contracts 0.5%

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 200 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.49% to 43,192.54 while the NASDAQ gained 0.36% to 20,045.46. The S&P 500 also rose, gaining, 0.38% to 6,115.14.

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Leading and Lagging Sectors

Materials shares jumped by 0.8% on Thursday.

In trading on Thursday, real estate stocks fell by 0.8%.

Top Headline

The U.S. economy shrank at an annualized rate of 0.5% in the first quarter, compared to a 0.2% decline as per the second estimate.

Equities Trading UP

Cyngn Inc. CYN shares shot up 319% to $20.97 after the company announced it partnered with Nvidia to showcase its autonomous industrial vehicles at Automatica 2025.
Shares of Ascent Solar Technologies, Inc. ASTI got a boost, surging 114% to $2.49 after the company entered into a collaborative agreement with NASA.
Vor Biopharma Inc. VOR shares were also up, gaining 49% to $0.8545 after the company announced it signed a global license agreement with Remegen for its autoimmune asset telitacicept.

Equities Trading DOWN

Globavend Holdings Limited GVH shares dropped 74% to $0.1835 after the company announced the pricing of a $15 million offering of 21,739,130 shares at $0.69 per share.
Shares of Altimmune, Inc. ALT were down 60% to $3.1178 after the company announced topline results from the IMPACT Phase 2b trial of Pemvidutide in the treatment of MASH.
Reviva Pharmaceuticals Holdings, Inc. RVPH was down, falling 53% to $0.3588 after the company announced a $10 million public offering of 20 million shares and dual warrants at a combined price of $0.50 per share and accompanying warrants.

Commodities

In commodity news, oil traded up 0.9% to $65.51 while gold traded down 0.6% at $3,324.20.

Silver traded up 0.4% to $36.250 on Thursday, while copper rose 2.7% to $5.1080.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.01%, while Spain's IBEX 35 Index rose 0.1%. London's FTSE 100 rose 0.3%, Germany's DAX 40 gained 0.4% and France's CAC 40 slipped 0.2% during the session.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei gaining 1.65%, Hong Kong's Hang Seng Index falling 0.61%, China's Shanghai Composite falling 0.22% and India's BSE Sensex rising 1.21%.

Economics

The U.S. economy shrank at an annualized rate of 0.5% in the first quarter, compared to a 0.2% decline as per the second estimate.
U.S. initial jobless claims declined by 10,000 from the previous week to 236,000 in the week ended June 21.
U.S. durable goods orders climbed by 16.4% month-over-month to $343.6 billion in May compared to a revised 6.6% decline in April.
The U.S. trade deficit in goods increased to $96.6 billion in May from $87.0 billion in the previous month, and versus market estimates of an $88.5 billion gap.
The Chicago Fed National Activity Index rose to –0.28 in May compared to a revised reading of –0.36 in April.
U.S. wholesale inventories declined 0.3% month-over-month to $905.4 billion in May following a revised 0.1% gain in April.

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