US Stocks Open Higher; Jobless Claims Surge Last Week

U.S. stocks traded higher this morning, with Dow Jones gaining around 50 points on Thursday.

The Dow traded up 0.16% to 33,718.94 while the NASDAQ rose 0.37% to 13,153.39. The S&P 500, also rose, gaining, 0.16% to 4,274.19.

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Leading and Lagging Sectors

• Consumer discretionary shares jumped by 0.7% on Thursday. Meanwhile, top gainers in the sector included Carvana Co. CVNA, up 21%, and Designer Brands Inc. DBI, up 15%.
• In trading on Thursday, real estate shares fell by 1.4%.

Top Headline

U.S. initial jobless claims rose to 261,000 in the week ended June 3, the highest level since Oct. 2021, and above market estimates of 235,000.

Equities Trading UP

• Baosheng Media Group Holdings Limited BAOS shares shot up 97% to $11.26.
• Shares of Carvana Co. CVNA got a boost, shooting 22% to $18.92 after the company said it expects to achieve adjusted EBITDA over $50 million and total gross profit per unit above $6,000 in the second quarter.
• REV Group, Inc. REVG shares were also up, gaining 19% to $13.96 as the company reported better-than-expected results for its second quarter and raised FY23 outlook.

Equities Trading DOWN

• HashiCorp, Inc. HCP shares dropped 25% to $26.09 after the company issued weak guidance and announced a workforce reduction of approximately 8%.
• Shares of GameStop Corp. GME were down 19% to $21.10 as the company reported worse-than-expected results for its first quarter and named Ryan Cohen as executive chairman, terminating its former CEO.
• Smartsheet Inc. SMAR was down, falling 19% to $39.54 following first-quarter earnings.

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Commodities

In commodity news, oil traded up 0.6% to $72.98 while gold traded up 0.6% at $1,969.10.

Silver traded up 1.4% to $23.86 on Thursday while copper rose 0.1% to $3.7565.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.3% The German DAX gained 0.2% French CAC 40 rose 0.3% and Italy’s FTSE MIB Index rose 1%.

The Eurozone economy unexpectedly contracted 0.1% on quarter during the first three months of the year, while the number of employed persons in the Eurozone increased by 0.6% from the prior quarter to 166.4 million in the first quarter.

Payroll employment in the French private sector rose by 0.4% to 21.14 million during the first quarter.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 dropping 0.85%, Hong Kong’s Hang Seng Index gaining 0.25% and China’s Shanghai Composite Index gaining 0.49%. India’s S&P BSE Sensex fell 0.47%.

The gauge for Japan's service sector sentiment rose 0.4 points from the previous month to 55.0 in May, while the country’s economy rose by 2.7% on an annualized basis in the first quarter. Japan's current account surplus widened to JPY 1,895.1 billion in April versus JPY 1,075.1 billion in the year-ago month.

The Reserve Bank of India held its benchmark policy repo unchanged at 6.5% for the second straight meeting. Australian trade surplus shrank to AUD 11.16 billion in April from AUD 14.82 billion in March.

Economics

U.S. initial jobless claims rose to 261,000 in the week ended June 3, the highest level since Oct. 2021, and above market estimates of 235,000.

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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 107,162,530 cases with around 1,166,330 deaths. India confirmed a total of at least 44,992,290 cases and 531,880 deaths, while France reported over 40,105,200 COVID-19 cases with 167,420 deaths. In total, there were at least 690,061,520 cases of COVID-19 worldwide with more than 6,889,330 deaths.