Dow Drops 150 Points; US Inflation Rate Slows In December

U.S. stocks traded lower this morning, following the release of inflation data.

Following the market opening Thursday, the Dow traded down 0.45% to 33,819.93 while the NASDAQ fell 0.85% to 10,838.48. The S&P 500 also fell, dropping, 0.60% to 3,945.81.

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Leading and Lagging Sectors

Energy shares gained by 0.7% on Thursday. Meanwhile, top gainers in the sector included USD Partners LP USDP, up 4%, and International Seaways, Inc. INSW, up 3%.

In trading on Thursday, health care shares fell by 1.2%.

Top Headline

The Consumer Price Index in the United States fell 0.1% month-over-month in December. The annual inflation rate slowed for a sixth consecutive month to 6.5% in December, recording the lowest level since October 2021.

Equities Trading UP

• Yield10 Bioscience, Inc. YTEN shares shot up 51% to $3.1736 after the company reported it signed a MOU with Mitsubishi to evaluate the establishment of a partnership to supply, offtake and market Camelina as a low-carbon feedstock oil for biofuels.
• Shares of MultiMetaVerse Holdings Limited MMV got a boost, shooting 51% to $3.97 after the company announced a letter of intent to acquire a majority equity stake in Taomee.
• TC Biopharm (Holdings) Plc TCBP shares were also up, gaining 12% to $4.49. TC Biopharm 10% owner Edward Mark Randall bought a total of 70,000 shares at an average price of $5.00.

Equities Trading DOWN

• Oramed Pharmaceuticals Inc. ORMP shares tumbled 75% to $2.71 after the company announced the ORA-D-013-1 trial did not meet its primary endpoint.
• Shares of KNOT Offshore Partners LP KNOP were down 41% to $6.15 after Alliance Global Partners downgraded the stock from Buy to Sell and announced a $6 price target.
• Atlis Motor Vehicles, Inc. AMV was down, falling 29% to $7.12. Atlis Motor Vehicles recently reached 2 gigawatt-hours' worth of battery capacity in the form of customer demand.

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Commodities

In commodity news, oil traded up 1.8% to $78.77 while gold traded up 0.8% at $1,894.60.

Silver traded up 2.4% to $24.04 on Thursday while copper rose 0.3% to $4.18.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index gained 1%. The German DAX climbed 0.4%, French CAC 40 climbed 0.7% and Italy’s FTSE MIB Index rose 0.5%.

Asia Pacific Markets

Asian markets closed higher on Thursday, with the Hong Kong’s Hang Seng Index gaining 0.36%, and China’s Shanghai Composite Index gaining 0.05%. Japan’s Nikkei 225 gained 0.01%.

India's industrial production surged 7.1% from a year ago in November, while annual consumer price inflation in India eased to 5.72% in December. Auto sales in China dropped by 8.4% year-over-year to 2.56 million units December. China's annual inflation rate increased to 1.8% in December, while producer prices declined 0.7% year-over-year in December.

The gauge for Japan's service sector sentiment declined by 0.2 points from the previous month to 47.9 in December. Japan reported a current account surplus of JPY 1,803.6 billion in November.

Economics

• The Consumer Price Index in the United States fell 0.1% month-over-month in December. The annual inflation rate slowed for a sixth consecutive month to 6.5% in December, recording the lowest level since October 2021.
• US initial jobless claims declined by 1,000 to 205,000 in the week ending January 7th, compared to market expectations of 215,000

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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 103,308,870 cases with around 1,123,460 deaths. India confirmed a total of at least 44,681,690 cases and 530,720 deaths, while France reported over 39,428,770 COVID-19 cases with 163,190 deaths. In total, there were at least 670,107,660 cases of COVID-19 worldwide with more than 6,722,290 deaths.