US Stocks Mostly Higher; Dow Jumps Over 400 Points

U.S. stocks traded mostly higher this morning, with the Dow Jones climbing more than 400 points on Thursday.

The Dow traded up 1.52% to 32,323.58 while the NASDAQ fell 0.07% to 10,963.36. The S&P 500 also rose, gaining, 0.54% to 3,851.43.

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Leading and Lagging Sectors

Industrials shares climbed 2.1% on Thursday. Leading the sector was strength from View, Inc. VIEW and Altra Industrial Motion Corp. AIMC.

In trading on Thursday, communication services shares fell by 2.1%.

Top Headline

The US economy expanded an annualized 2.6% on quarter in the third quarter, beating market estimates of a 2.4% growth.

Equities Trading UP

• UserTesting, Inc. USER shares shot up 93% to $7.44 after the company announced it will be acquired by Thoma Bravo and Sunstone Partners for $1.3 billion. The company also reported better-than-expected Q3 sales results.
• Shares of Altra Industrial Motion Corp. AIMC got a boost, shooting 48% to $59.72 higher after the company announced it will be acquired by Regal Rexnord Corporation for $62 per share in cash.
• Oceaneering International, Inc. OII shares were also up, gaining 23% to $13.85 after the company reported better-than-expected Q3 EPS and sales results.

Equities Trading DOWN

• Taysha Gene Therapies, Inc. TSHA shares tumbled 26% to $1.60 after the company priced a 14 million share public offering of common stock at $2 per share.
• Shares of Cardio Diagnostics Holdings Inc CDIO were down 25% to $2.85. Cardio Diagnostics Holdings reported the completion of its business combination with Mana Capital Acquisition Corp.
• Carriage Services, Inc. CSV was down, falling 23% to $24.84 after the company reported worse-than-expected Q3 EPS results.

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Commodities

In commodity news, oil traded up 1.3% to $89.09 while gold traded down 0.1% at $1,667.70

Silver traded up 0.3% to $19.545 on Thursday while copper fell 0.1% to $3.54.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.7%. The German DAX gained 0.3%, French CAC 40 fell 0.2% and Italy’s FTSE MIB Index rose 0.8%.

Spain's unemployment rate climbed to 12.67% in the third quarter from 12.48% in the prior three-month period, while Italian consumer confidence declined by 4.7 points from the previous month to 90.1 in October. Manufacturing confidence in Italy dropped to 100.4 in October from a revised 101.2 in the previous month. The GfK Consumer Climate Indicator in Germany rose to -41.9 heading into November versus a revised -42.8 in the prior month. UK’s car production dropped 6% from a year ago to 63,125 units in September.

Economics

• US durable goods orders rose 0.4% from a month ago in September.
• The US economy expanded an annualized 2.6% on quarter in the third quarter, beating market estimates of a 2.4% growth.
• US initial jobless claims increased by 3,000 to 217,000 in the week ending October 20th, versus market views of 220,000.
• US natural-gas supplies rose 52 billion cubic feet last week, the Energy Information Administration said.
• The Kansas City Fed manufacturing index for October will be released at 11:00 a.m. ET. Analysts expect the Kansas City manufacturing index rising slightly to 3 in October from 1 in September.
• The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
• The Treasury will auction 7-year notes at 1:00 p.m. ET.