Dow Gains Over 100 Points; US Producer Prices Rise 0.1% In June

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 0.31% to 34,454.88 while the NASDAQ rose 0.98% to 14,056.00. The S&P 500, also rose, gaining, 0.57% to 4,497.81.

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Leading and Lagging Sectors

• Communication services shares climbed by 1.4% on Thursday.
• In trading on Thursday, real estate shares fell by 0.3%.

Top Headline

Producer prices for final demand in the U.S. rose 0.1% month-over-month in June versus a revised 0.4% decline in May, and down from market expectations of a 0.2% increase.

Equities Trading UP

• Jiuzi Holdings, Inc. JZXN shares shot up 68% to $4.70. The stock began trading on a 1:18 reverse split on July 10.
• Shares of Synaptogenix, Inc. SNPX got a boost, shooting 56% to $1.37. Synaptogenix abstract highlighting Bryostatin-1 benefits in severe Alzheimer's disease accepted for presentation at 11th International Brain Research Organization World Congress Of Neuroscience.
• 60 Degrees Pharmaceuticals, Inc. SXTP shares were also up, gaining 30% to $6.89. 60 Degrees Pharmaceuticals announced pricing of initial public offering at $5.30 per unit for total of $7.5 million.

Equities Trading DOWN

• Viasat, Inc. VSAT shares dropped 31% to $29.70 after the company reported an unexpected event during reflector deployment that may impact ViaSat-3 Americas satellite performance.
• Shares of Cryoport, Inc. CYRX were down 28% to $14.01 after the company announced lower than expected interim second-quarter earnings, FY23 guidance.
• First Wave BioPharma, Inc. FWBI was down, falling 30% to $0.94 after the company said preliminary data from Phase 2 SPAN trial indicate that it is likely the primary efficacy endpoint was not achieved.

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Commodities

In commodity news, oil traded up 0.9% to $76.46 while gold traded up 0.2% at $1,965.20.

Silver traded up 2.2% to $24.835 on Thursday while copper rose 2% to $3.9315.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.8%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index gained 0.7% The German DAX gained 0.9% French CAC 40 climbed 0.9% and Italy’s FTSE MIB Index gained 1.1%.

Industrial production in the Eurozone increased by 0.2% month-over-month in May following a 1.0% growth in the prior month. The annual inflation rate in France fell to 4.5% in June from 5.1% in the earlier month.

The UK trade deficit widened to GBP 6.58 billion in May, with exports falling by 2.6% and imports increasing by 3.1%. Industrial production in the UK dropped 0.6% month-over-month in May. The British economy shrank 0.1% month-over-month in May versus a 0.2% increase in April.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 1.49%, Hong Kong’s Hang Seng Index gaining 2.60%, China’s Shanghai Composite Index rising 1.26%. India’s S&P BSE Sensex rose 0.25%.

Chinese trade surplus narrowed to $70.62 billion in June from $97.41 billion in the year-ago period. Imports to China dropped by 6.8% year-over-year, while exports declined 12.4% year-over-year.

Economics

• Producer prices for final demand in the U.S. rose 0.1% month-over-month in June versus a revised 0.4% decline in May, and down from market expectations of a 0.2% increase.
• U.S. initial jobless claims declined by 12,000 from the previous week to 237,000 in the week ending July 8, compared to market estimates of 250,000.

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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 107,365,540 cases with around 1,168,550 deaths. India confirmed a total of at least 44,994,660 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,436,610 cases of COVID-19 worldwide with more than 6,899,180 deaths.