Dow Edges Lower; US Current Account Deficit Widens In Q1

U.S. stocks traded mixed this morning, with the S&P 500 gaining around 0.1% on Thursday.

Following the market opening Thursday, the Dow traded down 0.10% to 38,795.35 while the NASDAQ rose 0.16% to 17,890.82. The S&P 500 also rose, gaining, 0.12% to 5,493.76.

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Leading and Lagging Sectors

Financial shares jumped by 0.6% on Thursday.

In trading on Thursday, communication services shares fell by 0.8%.

Top Headline

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.

Equities Trading UP

MGO Global, Inc. (NASDAQ:MGOL) shares shot up 236% to $1.54 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 Griid Infrastructure Inc. (NASDAQ:GRDI) got a boost, surging 88% to $1.05 after falling more than 10% on Tuesday.
Reliance Global Group, Inc. (NASDAQ:RELI) shares were also up, gaining 77% to $0.69. Reliance Global Group announced major enhancement of capital structure following cashless exercise of warrants.

Equities Trading DOWN

Mustang Bio, Inc. (NASDAQ:MBIO) shares dropped 26% to $0.6250 after the company announced a $2.5 million registered direct offering of 6.130 million shares at $0.41 per share.
Shares of NLS Pharmaceutics AG (NASDAQ:NLSP) were down 28% to $0.1940 after jumping 82% on Tuesday.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was down, falling 26% to $1.14. Sonnet BioTherapeutics announced exercise of warrants for gross proceeds of $3.4 million.

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Commodities

In commodity news, oil traded up 0.1% to $81.63 while gold traded up 0.3% at $2,353.00.

Silver traded up 2.5% to $30.305 on Thursday, while copper rose 0.4% to $4.5060.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.5%, Germany's DAX rose 0.6% and France's CAC 40 gained 1.1%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 climbed 0.4%.

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.

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MBIOMustang Bio Inc

$0.6848-2.59%

Overview

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