Crude Oil Down Over 4%; Innovative Eyewear Shares Plummet

U.S. stocks traded mostly higher toward the end of trading, with the NASDAQ Composite gaining around 100 points on Thursday.

The Dow traded down 0.03% to 33,942.78 while the NASDAQ rose 0.75% to 13,603.24. The S&P 500, also rose, gaining, 0.27% to 4,377.39.

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Leading and Lagging Sectors

Consumer discretionary shares rose 1.1% on Thursday. Meanwhile, top gainers in the sector included Overstock.com, Inc. (NASDAQ:OSTK), up 19%, and Groupon, Inc. (NASDAQ:GRPN), up 15%.
In trading on Thursday, real estate shares dipped by 1.3%.

Top Headline

U.S. initial jobless claims came in at 264,000 for the week ending June 17, unchanged from a revised higher level of 264,000 the prior week and slightly above expectations of 260,000.

Equities Trading UP

Root, Inc. (NASDAQ:ROOT) shares shot up 39% to $13.36 following a Wall Street Journal report suggesting the company has received a takeover bid.
Shares of Talaris Therapeutics, Inc. (NASDAQ:TALS) got a boost, shooting 24% to $2.7325 after the company and Tourmaline Bio announced a merger agreement.
Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE) shares were also up, gaining 351% to $0.4803. Aeglea BioTherapeutics acquired Spyre Therapeutics, a privately-held biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease. As part of the acquisition, Aeglea entered into a definitive agreement for a private placement of Series A non-voting convertible preferred stock, resulting in approximately $210 million in gross proceeds.

Equities Trading DOWN

AlloVir, Inc. (NASDAQ:ALVR) shares dropped 28% to $3.5450 after the company priced a 20 million share offering at $3.75 per share.
Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) were down 12% to $13.75 after the company issued FY24 revenue guidance below estimates.
Innovative Eyewear, Inc. (NASDAQ:LUCY) was down, falling 32% to $0.9483 after the company announced pricing of a $4.7 million public offering.

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Commodities

In commodity news, oil traded down 4.4% to $69.33 while gold traded down 1.1% at $1,923.60.

Silver traded down 1.6% to $22.445 on Thursday while copper fell 0.8% to $3.8825.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.51%, London’s FTSE 100 fell 0.76% while Spain’s IBEX 35 Index fell 0.76% The German DAX dropped 0.22% French CAC 40 fell 0.79% and Italy’s FTSE MIB Index fell 0.72%.

The manufacturing climate indicator in France climbed to 101 in June versus a 26-month low level of 99 in the previous month.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 dropping 0.92% and India’s S&P BSE Sensex falling 0.4%.

Economics

U.S. initial jobless claims came in at 264,000 for the week ending June 17, unchanged from a revised higher level of 264,000 the prior week and slightly above expectations of 260,000.
The U.S. reported a current account gap of $219.3 billion in the first quarter, higher than the revised $216.2 billion gap in the fourth quarter.
The Chicago Fed National Activity Index fell to -0.15 in May versus a revised reading of 0.14 in April.
Existing home sales in the US rose 2.3% higher from the prior month to an annual rate of 4.3 million in May.
U.S. crude oil inventories dropped by 3.831 million barrels in the week ending June 16, versus market expectations of a 0.329 million gain.
The Kansas City Fed’s Manufacturing Production index declined to -10 in June versus -2 in the prior month.

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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 107,260,950 cases with around 1,167,510 deaths. India confirmed a total of at least 44,993,670 cases and 531,890 deaths, while France reported over 40,128,660 COVID-19 cases with 167,590 deaths. In total, there were at least 690,657,840 cases of COVID-19 worldwide with more than 6,893,590 deaths.

GRPNGroupon Inc

$16.60-0.06%

Overview

LUCYInnovative Eyewear Inc

$0.8809-2.15%

ROOTRoot Inc

$53.13-1.33%

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