US GDP Rises 2.9% In Q4; Crude Oil Up Over 1%

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

Following the market opening Thursday, the Dow traded up 0.27% to 33,834.44 while the NASDAQ rose 0.97% to 11,422.61. The S&P 500 also rose, gaining, 0.58% to 4,039.46.

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Leading and Lagging Sectors

  • Energy shares rose by 2.1% on Thursday. Meanwhile, top gainers in the sector included North European Oil Royalty Trust NRT, up 3%, and Gran Tierra Energy Inc. GTE, up 5%.
  • In trading on Thursday, health care shares fell by 0.3%.

 

Top Headline

The U.S. economy grew by an estimated 2.9% from October to December, marking the second straight quarter of economic growth, a positive sign for broader markets. The number came in above economist expectations for a gain of 2.6%.

The US GDP grew by 2.1% in 2022, compared to a 5.9% expansion in 2021.

 

Equities Trading UP

  • Qualtrics International Inc. XM shares shot up 29% to $14.48 after the company reported better-than-expected Q4 results and issued Q1 revenue guidance above estimates.
  • Shares of World Acceptance Corporation WRLD got a boost, shooting 24% to $100.47 after the company reported Q3 earnings results.
  • NetScout Systems, Inc. NTCT shares were also up, gaining 11% to $35.16 following strong quarterly results.

 

Equities Trading DOWN

  • Panbela Therapeutics, Inc. PBLA shares tumbled 35% to $1.7501 after the company reported pricing of $15 million public offering at $2.75 per share.
  • Shares of Aridis Pharmaceuticals, Inc. ARDS were down 33% to $0.8277 after the company announced top-line results from its AR-301-002 Phase 3 study, in which the primary endpoint was not met with statistical significance.
  • Village Farms International, Inc. VFF was down, falling 35% to $0.9750 after the company announced a roughly $25 million registered direct offering.

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Commodities

In commodity news, oil traded up 1.6% to $81.46 while gold traded down 0.9% at $1,926.00.

Silver traded up 0.5% to $24.065 on Wednesday while copper rose 0.3% to $4.2590.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.42%, London’s FTSE 100 rose 0.21% while Spain’s IBEX 35 Index rose 0.87%. The German DAX gained 0.34% French CAC 40 rose 0.74% and Italy’s FTSE MIB Index rose 1.32%.

Labor productivity in the UK increased by 0.1% on quarter during the three months to September, while car production in the country declined 17.9% year-over-year in December.

Consumer confidence in Italy fell to 100.9 in January versus an 11-month high level of 102.5 in the prior month, while manufacturing confidence rose to 102.7 from 101.5. Spain's unemployment rate increased to 12.87% in the fourth quarter from 12.67% in the prior period.

 

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 dropping 0.12% and Hong Kong’s Hang Seng Index gaining 2.37%.

Hong Kong trade deficit increased to $51.6 billion in December versus $32.8 billion in the year-ago period. Singapore’s manufacturing production dropped by 3.1% year-over-year in December.

 

Economics

  • The US GDP grew by 2.1% in 2022, compared to a 5.9% expansion in 2021.
  • The Chicago Fed National Activity Index rose to -0.49 in December from -0.51 in the prior month.
  • The US trade deficit in goods increased to $90.3 billion in December versus a near two-year low level of $82.9 billion a month ago.
  • Durable goods orders in the US climbed 5.6% month-over-month in December.
  • US jobless claims dropped by 6,000 from the prior week to 186,000 in the week ending Jan. 21, 2023.
  • Building permits in the US dropped 1.0% from a month ago to an annual rate of 1.337 million in December.
  • Wholesale inventories rose 0.1% in December, totalling $934.1 billion.
  • US new home sales climbed 2.3% month-over-month to an annualised rate of 616,000 in December.
  • The Kansas City Fed’s Manufacturing Production index increased to -4 in January versus a revised reading of -6 in the prior month.
  • US natural-gas supplies dropped 91 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 104,015,450 cases with around 1,130,960 deaths. India confirmed a total of at least 44,682,330 cases and 530,730 deaths, while France reported over 39,498,180 COVID-19 cases with 164,000 deaths. In total, there were at least 674,133,160 cases of COVID-19 worldwide with more than 6,752,550 deaths.

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