Nasdaq Jumps 100 Points; US GDP Rises 2.7% In Q4

U.S. stocks traded higher this morning, with the Dow Jones gaining over 100 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.35% to 33,162.00 while the NASDAQ rose 0.91% to 11,611.38. The S&P 500 also rose, gaining, 0.69% to 4,018.69.

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Leading and Lagging Sectors

  • Information technology shares rose around 1.7% on Thursday. Meanwhile, top gainers in the sector included Remitly Global, Inc. RELY, up 14%, and NVIDIA Corporation NVDA, up 13%.
  • In trading on Thursday, communication services shares fell by 0.2%.

 

Top Headline

The US economy grew by an annualized 2.7% on quarter during the fourth quarter, down from 2.9% in the advance estimate.

 

Equities Trading UP

  • Ocean Biomedical, Inc. OCEA shares shot up 55% to $7.47 after the company issued a press release celebrating the discovery of bispecific antibodies and immune checkpoint inibitors that kill glioblastoma cells and melanoma cells and block the metastasis of malignant melanoma cells to the lung by over 90%.
  • Shares of Pulmonx Corporation LUNG got a boost, shooting 26% to $11.00 after reporting better-than-expected Q4 results.
  • Lantheus Holdings, Inc. LNTH shares were also up, gaining 19% to $69.57 after the company reported Q4 results and issued Q1 & FY23 guidance above estimates.

 

Equities Trading DOWN

  • American Well Corporation AMWL shares tumbled 19% to $2.9250 after the company reported Q4 financial results and issued FY23 revenue guidance below estimates.
  • Shares of The Shyft Group, Inc. SHYF were down 19% to $24.33 after the company posted downbeat Q4 sales and issued weak FY23 earnings forecast.
  • Bandwidth Inc. BAND was down, falling 13% to $20.62 after the company reported Q4 financial results and issued guidance.

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Commodities

In commodity news, oil traded up 2.5% to $75.81 while gold traded down 0.4% at $1,834.20.

Silver traded down 0.4% to $21.60 on Thursday while copper fell 1.1% to $4.1450.

Stocks of crude oil in the US rose by 9.895 million barrels in the week ended Feb. 17, 2023, data from the American Petroleum Institute showed.

 

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4%, London’s FTSE 100 dropped 0.1% while Spain’s IBEX 35 Index rose 0.7%. The German DAX gained 0.8% French CAC 40 rose 0.6% and Italy’s FTSE MIB Index climbed 1%.

The consumer price inflation in the Eurozone rose to 8.6% year-over-year in January from a preliminary reading of 8.5%.

 

Asia Pacific Markets

Asian markets closed lower on Thursday, with Hong Kong’s Hang Seng Index falling 0.35% and China’s Shanghai Composite Index dropping 0.11%. India’s S&P BSE Sensex dropped 0.1%.

The annual inflation rate in Hong Kong increased to 2.4% in January from 2% in the prior month, while Singapore’s annual inflation rate rose to 6.6% in January.

 

Economics

  • US jobless claims dropped by 3,000 to 192,000 in the week ending Feb. 18, compared to market estimates of 200,000.
  • The US economy grew by an annualized 2.7% on quarter during the fourth quarter, down from 2.9% in the advance estimate.
  • The Chicago Fed National Activity Index climbed to +0.23 in January versus a revised reading of -0.46 in December.

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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 105,092,400 cases with around 1,143,760 deaths. India confirmed a total of at least 44,685,450 cases and 530,760 deaths, while France reported over 39,600,540 COVID-19 cases with 164,820 deaths. In total, there were at least 679,159,550 cases of COVID-19 worldwide with more than 6,794,390 deaths.

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