Nasdaq Gains 100 Points; Rent the Runway Shares Spike Higher

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 100 points on Thursday.

The Dow traded up 0.61% to 33,803.12 while the NASDAQ rose 0.93% to 11,060.62. The S&P 500 also rose, gaining, 0.63% to 3,958.60.

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Leading and Lagging Sectors

Information technology shares rose by 1.3% on Thursday. Meanwhile, top gainers in the sector included Agora, Inc. API, up 20%, and Ciena Corporation CIEN, up 20%.

In trading on Thursday, communication services shares dipped by 0.6%.

Top Headline

US natural-gas supplies dropped 21 billion cubic feet last week, the EIA said.

Equities Trading UP

• Pharvaris N.V. PHVS shares shot up 65% to $4.3099 after the company reported top-line Phase 2 data from the RAPIDe-1 study of PHVS416 for the on-demand treatment of HAE attacks. The primary endpoint and all secondary endpoints were met.
• Shares of Hello Group Inc. MOMO got a boost, shooting 34% to $7.05 after the company reported better-than-expected Q3 results.
• Rent the Runway, Inc. RENT shares were also up, gaining 48% to $1.9906 after the company reported better-than-expected Q3 sales results. The company also issued Q4 sales guidance above analyst estimates and raised its FY22 sales guidance above estimates.

Equities Trading DOWN

• Eiger BioPharmaceuticals, Inc. EIGR shares tumbled 71% to $1.1001 after the company announced topline primary Week 48 data from its Phase 3 D-LIVR study of lonafarnib in two regimens in patients with chronic Hepatitis Delta Virus (HDV).
• Shares of Relmada Therapeutics, Inc. RLMD were down 46% to $2.26 after the company said the RELIANCE trial for REL-1017 did not meet the primary endpoint.
• Design Therapeutics, Inc. DSGN was down, falling 43% to $7.24 after the company reported data from its single-ascending dose trial of DT-216 for the treatment of Friedreich ataxia and portfolio progress.

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Commodities

In commodity news, oil traded up 0.3% to $72.21 while gold traded up 0.3% at $1,802.50.

Silver traded up 1.7% to $23.305 on Thursday while copper rose 0.5% to $3.8780.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.02%, London’s FTSE 100 fell 0.16% while Spain’s IBEX 35 Index fell 0.58%. The German DAX gained 0.16%, French CAC 40 fell 0.01% and Italy’s FTSE MIB Index rose 0.01%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with the Japan’s Nikkei dropping 0.40% and Hong Kong’s Hang Seng Index jumping 3.38%. China’s Shanghai Composite Index fell 0.07%.

The gauge for Japan's service sector sentiment fell by 1.8 points from the previous month to 48.1 in November, while value of loans in Japan climbed 2.7% year-over-year in November. Japan recorded a deficit of JPY 64.1 billion in October, while the country’s economy contracted an annualized 0.8% during the third quarter.

Economics

• US initial jobless claims rose by 4,000 to 230,000 in the week ending December 3, matching market estimates.
• US natural-gas supplies dropped 21 billion cubic feet last week, the EIA said.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 101,104,270 cases with around 1,108,810 deaths. India confirmed a total of at least 44,675,280 cases and 530,640 deaths, while France reported over 38,259,830 COVID-19 cases with 159,450 deaths. In total, there were at least 651,761,810 cases of COVID-19 worldwide with more than 6,652,430 deaths.