U.S. stocks traded lower this morning, following the release of CPI data for September.
Following the market opening Thursday, the Dow traded down 1.29% to 28,833.54 while the NASDAQ fell 2.25% to 10,183.12. The S&P 500 also fell, dropping, 1.61% to 3,519.40.
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Leading and Lagging Sectors
Energy shares rose by 0.4% on Thursday. Leading the sector was strength from Nordic American Tankers Limited NAT and Tellurian Inc. TELL.
In trading on Thursday, consumer discretionary shares dipped by 4%.
The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
Equities Trading UP
- Laser Photonics Corporation LASE shares shot up 48% to $4.3289 after the company announced the Coca-Cola Company recently completed the implementation of its first CleanTech Handheld Laser Blasting system in its manufacturing facilities.
- Shares of Digital World Acquisition Corp. DWAC got a boost, shooting 25% to $20.01 following Wednesday reports suggesting Google has approved the Truth Social app on the Google Play Store. Digital World is the SPAC merger partner of Truth Social owner Trump Media & Technology.
- Domino's Pizza, Inc. DPZ shares were also up, gaining 9% to $327.83 after the company reported slightly better-than-expected Q3 sales and US same store sales growth of 2%,
Equities Trading DOWN
- Relmada Therapeutics, Inc. RLMD shares tumbled 78% to $7.07 after the company announced its RELIANCE III study did not achieve its primary endpoint.
- Shares of mCloud Technologies Corp. MCLD were down 26% to $1.65 after jumping over 39% on Wednesday.
- Dragonfly Energy Holdings Corp. DFLI was down, falling 20% to $8.00. Dragonfly Energy Corp. recently completed business combination with Chardan NexTech Acquisition 2 Corp.
In commodity news, oil traded down 0.5% to $86.80, while gold traded down 1.5% at $1,652.40.
Silver traded down 1.9% to $18.57 on Thursday while copper fell 1% to $3.3920.
European shares were lower today. The eurozone’s STOXX 600 fell 1.4%, London’s FTSE 100 fell 1.4% while Spain’s IBEX 35 Index fell 0.8%. The German DAX declined 1.3%, French CAC 40 fell 1.8% and Italy’s FTSE MIB Index fell 1.1%.
Annual inflation rate in Germany was confirmed at a rate of 10% for the month September.
- The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
- US initial jobless claims rose by 9,000 to a six-week high level of 228,000 in the week ending October 8th.
- 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 EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.
- The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
- Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.
- The Treasury will auction 30-year bonds at 1:00 p.m. ET.
- The U.S. Treasury budget report for September will be released at 2:00 p.m. ET.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,727,130 cases with around 1,089,380 deaths. India confirmed a total of at least 44,621,310 cases and 528,840 deaths, while France reported over 36,038,320 COVID-19 cases with 155,670 deaths. In total, there were at least 628,463,600 cases of COVID-19 worldwide with more than 6,566,130 deaths.
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