Nasdaq Jumps Over 100 Points; U.S. Jobless Claims Rise To This Level

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 100 points on Thursday.

The Dow traded up 0.12% to 31,914.64 while the NASDAQ rose 0.99% to 12,015.96. The S&P also rose, gaining, 0.58% to 3,982.92.

Also check this: These Analysts Revise Price Targets On Tesla After Upbeat Q2 Earnings


Leading and Lagging Sectors


Consumer discretionary shares rose 1.7% on Wednesday. Meanwhile, top gainers in the sector included Boxed, Inc.. BOXD, up 9% and Tesla, Inc. TSLA up 9%.


In trading on Wednesday, energy shares fell 2.3%.


Top Headline


U.S. initial jobless claims climbed by 9,000 to 251,000 the week ended July 16th, recording the highest level since November 2021. Analysts, however, were expecting a reading of 240,000.

 

Equities Trading UP


Virax Biolabs Group Limited VRAX shares shot up 315% to $20.75. The company offered shares at an expected price of $5.00 per share with an insider lock-up period of 180 days ending on January 17, 2023.


Shares of Addex Therapeutics Ltd ADXN got a boost, shooting 140% to $2.1999. The company announced the reduction of its issued, authorized and conditional share capital from CHF 1.00 to CHF 0.01 and provided corporate updates.


Tabula Rasa HealthCare, Inc. TRHC shares were also up, gaining 51% to $3.93 after the company said it expects Q2 sales of $72 – $73 million, exceeding the prior guidance range of $66 – $69 million and the consensus of $67.61 million.


Equities Trading DOWN

LumiraDx Limited LMDX shares tumbled 26% to $1.57 after the company reported pricing of public offering of common shares and concurrent private placement.


Shares of Carnival Corporation CCL were down 11% to $9.89 after the company priced its 102 million share offering at $9.95 per share.


Insteel Industries, Inc. IIIN was down, falling 17% to $33.93 after the company posted weaker-than-expected Q3 results.


Also check out: Snap to $25? Plus This Analyst Cuts Price Target On Amazon.com


Commodities

In commodity news, oil traded down 3.2% to $96.70, while gold traded up 0.6% to $1,709.60.


Silver traded up 0.1% to $18.69 on Thursday while copper fell 0.8% to $3.299.



Euro zone


European shares were mixed today. The eurozone’s STOXX 600 rose 0.44%, London’s FTSE 100 rose 0.09% while Spain’s IBEX 35 Index fell 0.20%. The German DAX fell 0.27%, French CAC 40 rose 0.27% and Italy’s FTSE MIB Index fell 0.71%.

The ECB increased its three key interest rates by 50bps during its recent meeting, recording the first hike since 2011, in a bid to control the surging inflation level. The manufacturing climate indicator in France dropped to 106 in July from 108 in the prior month.


Economics


U.S. initial jobless claims climbed by 9,000 to 251,000 the week ended July 16th, recording the highest level since November 2021. Analysts, however, were expecting a reading of 240,000.


The Philadelphia Fed manufacturing index fell for the fourth straight month to -12.3 in July.


The index of leading economic indicators fell 0.8% for June.


U.S. natural-gas supplies climbed 32 billion cubic feet last week, the Energy Information Administration said.


Check out this: Tesla to $1,175? Here Are 5 Other Price Target Changes for Thursday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 91,767,460 cases with around 1,050,700 deaths. India confirmed a total of at least 43,825,180 cases and 525,870 deaths, while Brazil reported over 33,454,290 COVID-19 cases with 676,280 deaths. In total, there were at least 571,833,540 cases of COVID-19 worldwide with more than 6,396,430 deaths.

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