Dow Dips Over 100 Points; US Jobless Claims Increase

U.S. stocks traded lower this morning, with the Dow Jones dipping more than 100 points on Thursday.

The Dow traded down 0.33% to 42,287.54 while the NASDAQ fell 0.22% to 19,418.54. The S&P 500 also fell, dropping, 0.25% to 5,955.78.

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Leading and Lagging Sectors

Communication services shares jumped by 0.3% on Thursday.

In trading on Thursday, consumer staples stocks fell by 1%.

Top Headline

U.S. initial jobless claims increased by 8,000 to 247,000 in the week ending May 31, compared to the revised reading of 239,000 and versus market estimates of 235,000.

Equities Trading UP
           

• Planet Labs PBC  PL shares shot up 52% to $6.11 r following a first-quarter sales beat and after the company raised its FY26 sales guidance
• Shares of Liminatus Pharma, Inc LIMN got a boost, surging 33% to $16.84 after the company announced it regained Nasdaq compliance.
• Reitar Logtech Holdings Limited RITR shares were also up, gaining 22% to $6.47. Reitar Logtech Holdings recentlu announced a $1.5 billion Bitcoin acquisition plan.

Equities Trading DOWN

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• ChargePoint Holdings, Inc. CHPT shares dropped 22% to $0.6914 following a first-quarter sales miss and after the company issued second-quarter sales guidance below estimates.
• Shares of REGENXBIO Inc. RGNX were down 19% to $8.20 after the company announced new functional data from PHASE I/II Affinity Duchenne® trial of RGX-202.
• PVH Corp. PVH was down, falling 19% to $65.53 after the company cut its FY25 guidance below estimates and issued second-quarter adjusted EPS guidance below estimates.

Commodities

In commodity news, oil traded up 1.2% to $63.62 while gold traded up 0.1% at $3,401.80.

Silver traded up 4% to $36.040 on Thursday, while copper rose 2.3% to $5.0000.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 fell 0.2%, while Spain's IBEX 35 Index rose 0.33%. London's FTSE 100 fell 0.2%, Germany's DAX 40 declined 0.1% and France's CAC 40 fell 0.5% during the session.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei falling 0.51%, Hong Kong's Hang Seng Index jumping 1.07%, China's Shanghai Composite gaining 0.23% and India's BSE Sensex gaining 0.55%.

Economics

• Imports of goods and services into the US fell 16.3% to $351 billion during April.
• Unit labour costs in the US nonfarm business sector rose 6.6% during the first quarter.
• Exports of goods and services climbed 3% to $289.4 billion in April.
• Nonfarm business sector labor productivity in the U.S. declined by 1.5% in the first quarter.
• The U.S. trade gap shrank to $61.6 billion in April, recording the lowest level since September 2023.

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