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Market Overview

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

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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. (NASDAQ: BTBT), up 11%, and Intellicheck, Inc. (NASDAQ: 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 (NYSE: MTR) shares shot up 19% to $6.01 after gaining 18% on Wednesday.

Shares of Reliance Global Group, Inc. (NASDAQ: 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 (NYSE: 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 (NASDAQ: ZVO) shares tumbled 36% to $2.23 after the company reported wider-than-expected Q1 loss.

Shares of Poshmark, Inc. (NASDAQ: 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 (NYSE: 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

 

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