US Stocks Gain Following Economic Data; Dow Jumps Over 100 Points

U.S. stocks traded higher this morning, following the release of several economic reports.

Following the market opening Thursday, the Dow traded up 0.44% to 31,271.32 while the NASDAQ rose 0.17% to 11,739.78. The S&P 500 also rose, gaining, 0.15% to 3,951.88.

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Leading and Lagging Sectors

Financial shares climbed 1.3% on Thursday. Meanwhile, top gainers in the sector included Evolution Petroleum Corporation EPM, up 19% and NACCO Industries, Inc. NC up 18%.

In trading on Thursday, energy shares fell by 1.7%.

Top Headline

U.S. initial jobless claims fell by 5,000 to 213,000 in the week ended September 10th, compared to analysts’ estimates of 226,000. This was the lowest number of jobless claims since the last week of May.

Equities Trading UP

• AMTD Digital Inc. HKD shares shot up 55% to $293.53 after jumping 312% on Wednesday.
• Shares of NeuroBo Pharmaceuticals, Inc. NRBO got a boost, shooting 39% to $23.42 after the company announced Dong-A has licensed its global exclusive development rights of DA-1241 for type 2 diabetes and non-alcoholic fatty hepatitis and DA-1726 for obesity and non-alcoholic fatty hepatitis to NeuroBo.
• Addentax Group Corp. ATXG shares were also up, gaining 35% to $6.37.

Equities Trading DOWN

• IronNet, Inc. IRNT shares tumbled 47% to $1.1557 after the company reported worse-than-expected Q2 EPS and sales results. The Company also withdrew its FY23 guidance in light of management transitions, restructuring and underperformance of current quarter.
• Shares of Shuttle Pharmaceuticals Holdings, Inc. SHPH were down 29% to $26.56. Shuttle Pharmaceuticals was awarded new HDAC inhibitor patents for cancer treatment.
• Omeros Corporation OMER was down, falling 21% to $4.24 after the company reported Narsoplimab treatment results in critically ill COVID-19 patients in I-SPY COVID trial.

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Commodities

In commodity news, oil traded down 2.6% to $86.18, while gold traded down 0.6% at $1,698.20.

Silver traded down 0.1% to $19.555 on Thursday while copper fell 0.2% to $3.5115.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 rose 0.1%, while Spain’s IBEX 35 Index rose 0.1%. The German DAX declined 0.1%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index slipped 0.1%.

The Eurozone posted a trade deficit of EUR 34 billion in July, recording the ninth straight gap. Imports jumped by 44% to EUR 269.5 billion, while exports increased 13.3% to EUR 235.5 billion. Hourly labor costs in the Eurozone rose by 4.2% year-over-year in the second quarter following a revised 4.0% growth in the prior period.

Annual inflation rate in France fell to 5.9% in August from 6.1% in the previous month, while wholesale prices in Germany increased by 18.9% year-over-year in August.

Economics

• U.S. initial jobless claims fell by 5,000 to 213,000 in the week ended September 10th, compared to analysts’ estimates of 226,000. This was the lowest number of jobless claims since the last week of May.
• The Philadelphia Fed Manufacturing Index dropped to -9.9 in September from 6.2 in the prior month.
• U.S. retail sales increased 0.3% in August from July, versus a revised 0.4% declined in the prior month and topping market expectations for a flat reading.
• Import prices in the US declined 1.0% from a month ago in August. US export prices fell 1.6% from a month ago in August
• U.S. industrial production fell 0.2% from a month ago in August.
• U.S. business inventories rose 0.6% 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.

Check out this: US Stocks Settle Higher Amid Low Volatility

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,340,010 cases with around 1,077,470 deaths. India confirmed a total of at least 44,516,470 cases and 528,250 deaths, while France reported over 34,798,130 COVID-19 cases with 154,610 deaths. In total, there were at least 615,621,900 cases of COVID-19 worldwide with more than 6,523,540 deaths.