US Stocks Open Lower; Dow Drops 300 Points

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 300 points on Thursday.

Following the market opening Thursday, the Dow traded down 1.03% to 29,374.66 while the NASDAQ fell 1.65% to 10,869.59. The S&P 500 also fell, dropping, 1.23% to 3,673.20.

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Leading and Lagging Sectors

Health care shares fell by just 0.7% on Thursday.

In trading on Thursday, real estate shares dipped by 2.5%.

Top Headline

US initial jobless claims declined by 16,000 to 193,000 in the week ended September 24, recording the lowest since the end of April.

Equities Trading UP

 

• Motus GI Holdings, Inc. MOTS shares shot up 69% to $3.9550 after the company was recognized as a sole source provider by the Veterans Health Administration.
• Shares of Hempacco Co., Inc. HPCO got a boost, shooting 18% to $2.8363. Hempacco recently announced the release of Hemp Hop Smokables on www.HempHop.shop.
• Aditxt, Inc. ADTX shares were also up, gaining 18% to $3.5991. Aditxt said it Has regained compliance with Nasdaq listing requirements.

 

Equities Trading DOWN

• Sunlight Financial Holdings Inc. SUNL shares tumbled 38% to $1.54 after the company announced it is withdrawing its previously-provided full-year 2022 outlook metrics.
• Shares of SOBR Safe, Inc. SOBR were down 33% to $1.6550 after the company announced pricing of a $6 million private placement priced at-the-market.
• Twin Vee Powercats Co. VEEE was down, falling 27% to $2.60 after the company priced a 2.5 million share public offering at $2.75 per share.

Also check out: Investor Fear Eases Slightly After Dow Jumps Over 500 Points

Commodities

In commodity news, oil traded down 0.2% to $81.96, while gold traded down 0.3% at $1,664.80.

Silver traded down 0.5% to $18.78 on Thursday while copper rose 1.2% to $3.3990.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.4%, London’s FTSE 100 fell 1.5% while Spain’s IBEX 35 Index fell 1.7%. The German DAX dropped 1.5%, French CAC 40 fell 1.3% and Italy’s FTSE MIB Index fell 1.9%.

The consumer confidence indicator in the Eurozone dropped by 3.8 points to -28.8 in September, while economic sentiment indicator fell 3.6 points from a month ago to 93.7. Industrial producer prices in Italy climbed 40.1% year-over-year in August, while Spanish consumer price inflation eased to 9.0% year-over-year in September. UK car production surged 34% year-over-year to 49,901 units in August.

 

Economics

 

• The US economy shrank an annualized 0.6% on quarter in the second quarter, compared to a 1.6% decline in the prior quarter.
• US initial jobless claims declined by 16,000 to 193,000 in the week ended September 24, recording the lowest since the end of April.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.
• The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 1:00 p.m. ET.
• Federal Reserve Bank of San Francisco President Mary Daly will speak at 4:45 p.m. ET.

Check out this: Why Fear Level Among US Investors Is Increasing

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,104,110 cases with around 1,083,790 deaths. India confirmed a total of at least 44,583,360 cases and 528,610 deaths, while France reported over 35,291,580 COVID-19 cases with 155,040 deaths. In total, there were at least 621,980,030 cases of COVID-19 worldwide with more than 6,545,810 deaths.