U.S. stocks traded higher midway through trading, with the Dow Jones jumping more than 200 points following the release of data on initial jobless claims.
The Dow traded up 0.77% to 31,275.90 while the NASDAQ rose 1.71% to 11,556.29. The S&P also rose, gaining, 1.13% to 3,888.56.
Also check this: U.S. Trade Deficit Might Shrink This Much In May, Here's The Major Macro Issues For Thursday
Leading and Lagging Sectors
Energy shares rose by 3.7% on Thursday. Meanwhile, top gainers in the sector included Crescent Point Energy Corp CPG, up 14% and Calumet Specialty Products Partners, L.P. CLMT up 13%.
In trading on Thursday, consumer staples shares dipped by 0.3%.
Samsung Electronics Co, Ltd SSNLF announced its earnings guidance for the second quarter of 2022.
Samsung expects consolidated sales of 77 trillion Korean won, up 20.9% year on year (versus actual sales of 63.67 trillion Korean won in Q2 2021). It expects a consolidated operating profit of 14 trillion Korean won, up 11.4% Y/Y (versus an actual operating profit of 12.57 trillion Korean won in Q2 2021).
Equities Trading UP
Grove Collaborative Holdings, Inc. GROV shares shot up 60% to $6.41 amid news the company's products will now be available in Kohl's KSS, Midwest-based Meijer and also Giant Eagle.
Shares of United Maritime Corporation USEA got a boost, shooting 139% to $6.83. The company’s stock jumped 190% on Wednesday after completing its spin-off from Seanergy Maritime Holdings Corp.
American Rebel Holdings, Inc. AREB shares were also up, gaining 44% to $1.1000. American Rebel Holdings agreed to acquire Utah-based Champion Safe Company and its ancillary companies, in a transaction valued at $9.9 million.
Equities Trading DOWN
DiaMedica Therapeutics Inc. DMAC shares tumbled 37% to $1.28 after the company announced the FDA has placed a clinical hold on its Phase 2/3 ReMEDy2 trial for DM199.
Shares of Avalo Therapeutics, Inc. AVTX were down 23% to $0.4166.
Avalo Therapeutics announced a one-for-twelve reverse stock split.
CytomX Therapeutics, Inc. CTMX was down, falling 30% to $1.3801. CytomX Therapeutics’ Phase 2 study of praluzatamab ravtansine in hormone receptor-positive/human epidermal growth factor receptor 2-non-amplified breast cancer (Arm A) met its primary efficacy endpoint of confirmed objective response rate (ORR) of more than 10%. Piper Sandler and Mizuho downgraded the stock also.
In commodity news, oil traded up 5% to $103.43, while gold traded up 0.2% to $1,740.70.
Silver traded up 0.3% to $19.22 on Thursday while copper rose 3.5% to $3.5280.
European shares were higher today. The eurozone’s STOXX 600 climbed 1.91%, London’s FTSE 100 rose 1.38% while Spain’s IBEX 35 Index rose 2.17%. The German DAX gained 1.95%, French CAC 40 climbed 1.7% and Italy’s FTSE MIB Index gained 3.06%.
Industrial production in Germany rose 0.2% month-over-month in May following a revised 1.3% rise in the previous month. The Halifax house price index in the UK climbed 13% year-over-year in June, while labor productivity in the country fell by 0.6% on quarter during the first three months of the year.
The trade deficit shrank by $1.1 billion to a five-month low level of $85.5 billion in May, versus analysts’ expectations of $84.9 billion. Exports from the US increased by 1.2%, while imports rose 0.6%.
U.S. initial jobless claims increased by 4,000 to 235,000 in the week ended July 2nd, compared to analysts’ estimates of 230,000.
US natural-gas supplies jumped 60 billion cubic feet last week, the Energy Information Administration said.
US crude-oil inventories climbed 8.2 million barrels last week, the Energy Information Administration said.
Federal Reserve Bank of St. Louis President James Bullard is set to speak at 1:00 p.m. ET.
Federal Reserve Governor Christopher Waller will speak at 1:00 p.m. ET.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,930,460 cases with around 1,044,550 deaths. India confirmed a total of at least 43,568,880 cases and 525,300 deaths, while Brazil reported over 32,687,680 COVID-19 cases with 672,820 deaths. In total, there were at least 557,774,720 cases of COVID-19 worldwide with more than 6,367,350 deaths.
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