Following the market opening Thursday, the Dow traded up 0.18% to 35,377.03 while the NASDAQ rose 0.23% to 15,345.05. The S&P also rose, gaining 0.27% to 4,536.45.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 39,399,080 cases with around 642,090 deaths. India confirmed a total of at least 32,857,930 cases and 439,520 deaths, while Brazil reported over 20,804,210 COVID-19 cases with 581,150 deaths. In total, there were at least 218,516,630 cases of COVID-19 worldwide with more than 4,544,610 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares gained 2.4% on Thursday. Meanwhile, top gainers in the sector included Goodrich Petroleum Corporation GDP, up 13% and Laredo Petroleum, Inc. LPI up 7%.
In trading on Thursday, communication services shares fell by 0.4%.
Hormel Foods Corporation HRL reported weaker-than-expected earnings for its third quarter and lowered its full-year earnings forecast.
Hormel Foods posted quarterly adjusted earnings of $0.39 per share, missing market estimates of $0.40 per share. The company’s quarterly sales came in at $2.86 billion, versus estimates of $2.65 billion.
Hormel Foods said it now expects FY21 earnings of $1.65 to $1.69 per share, down from previous forecast of $1.70 to $1.82 per share. The company, however, raised its sales forecast to $11 billion to $11.2 billion.
Equities Trading UP
Innate Pharma S.A. IPHA shares shot up 49% to $5.29. Innate Pharma said two oral presentations will be highlighted at the ESMO 2021 Virtual Congress.
Shares of Data Storage Corporation DTST got a boost, shooting 26% to $4.9460 after the company reported a collaboration with Precisely.
Scopus BioPharma Inc. SCPS shares were also up, gaining 21% to $6.08. Scopus BioPharma launched Duet Therapeutics that integrates the management and clinical development of the immunotherapy assets of Scopus and Olimmune.
Equities Trading DOWN
Assembly Biosciences, Inc. ASMB shares tumbled 17% to $3.2276. Assembly Biosciences decided to discontinue the development of ABI-H2158 (2158) following the observation of elevated alanine transaminase (ALT) levels consistent with drug-induced hepatotoxicity (liver damage) in the Phase 2 trial. William Blair downgraded Assembly Biosciences from Outperform to Market Perform.
Shares of Hippo Holdings Inc. HIPO were down 16% to $4.3450.
Phreesia, Inc. PHR was down, falling 11% to $61.88 after the company reported a wider loss for the second quarter.
In commodity news, oil traded up 0.6% to $69.01, while gold traded up 0.1% to $1,817.10.
Silver traded down 0.1% Thursday to $24.20 while copper fell 0.1% to $4.2750.
European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index slipped 0.1% and the German DAX 30 gained 0.1%. Meanwhile, the London’s FTSE 100 fell 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB slipped 0.02%.
Producer prices in the Eurozone increased 2.3% in July. The number of people registered as unemployed in Spain fell 82,583 to 3.3 million in August.
US-based employers reported 15,723 job cuts in August.
The US trade deficit shrank to $70 billion in July. Exports from the US rose 1.3% to $212.9 billion in July, while imports slipped 0.2% to $282.9 billion.
US initial jobless claims dropped to 340,000 in the week ending August 28th, recording its lowest level since March 2020.
Unit labor costs rose an annualized 1.3% in the second quarter, while nonfarm labor productivity rose by an annualized 2.1%.
US factory orders rose 0.4% for July.
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.
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