Mid-Morning Market Update: Markets Open Higher; US Jobless Claims Decline To 473,000

Following the market opening Thursday, the Dow traded up 1.41% to 34,060.34 while the NASDAQ rose 1.36% to 13,209.44. The S&P also rose, gaining 1.32% to 4,116.69.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,815,400 cases with around 583,690 deaths. India confirmed a total of at least 23,703,660 cases and 258,310 deaths, while Brazil reported over 15,359,390 COVID-19 cases with 428,030 deaths. In total, there were at least 160,505,170 cases of COVID-19 worldwide with more than 3,333,070 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Information technology shares climbed 1.8% on Thursday. Meanwhile, top gainers in the sector included Bit Digital, Inc. BTBT, up 11%, and Intellicheck, Inc. IDN, up 11%.


In trading on Thursday, energy shares rose by just 0.3%.


Top Headline

US initial jobless claims fell by 34,000 to 473,000 in the week ending May 8, recording the lowest level since the covid-19 pandemic first hit the market in March 2020.

 


Equities Trading UP


Mesa Royalty Trust MTR shares shot up 19% to $6.01 after gaining 18% on Wednesday.


Shares of Reliance Global Group, Inc. RELI got a boost, shooting 31% to $3.86 after the company said it has acquired a premier health insurance agency, J.P. Kush and Associates, Inc.


InnSuites Hospitality Trust IHT shares were also up, gaining 37% to $7.72 after dropping around 15% on Wednesday.

Check out these big movers of the day


Equities Trading DOWN

Zovio Inc ZVO shares tumbled 36% to $2.23 after the company reported wider-than-expected Q1 loss.

Shares of Poshmark, Inc. POSH were down 17% to $36.38 after the company reported Q1 results and issued Q2 guidance. Raymond James maintained Poshmark with an Outperform and lowered the price target from $68 to $58.


Haemonetics Corporation HAE was down, falling 17% to $49.53 after the company reported downbeat Q4 earnings.


Commodities


In commodity news, oil traded down 2.7% to $64.33, while gold traded down 0.6% to $1,812.50.


Silver traded down 1.3% Thursday to $26.895 while copper fell 1.7% to $4.6575.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 1.3%, the Spanish Ibex Index fell 1.8% and the German DAX 30 dropped 1.4%. Meanwhile, the London’s FTSE 100 fell 2.1%, French CAC 40 fell 1.1% and Italy’s FTSE MIB fell 1.9%.


Economics


US initial jobless claims fell by 34,000 to 473,000 in the week ending May 8, recording the lowest level since the covid-19 pandemic first hit the market in March 2020.


Producer prices increased 0.6% in April following a 1% increase in March.


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


The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.


Fed Governor Christopher Waller will speak at 1:00 p.m. ET.


The Treasury will auction 30-year bonds at 1:00 p.m. ET.


Federal Reserve Bank of St. Louis President James Bullard is set to speak at 4:00 p.m. ET.

Check out the full economic calendar here

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...