Dow Falls 50 Points; Weekly Jobless Claims Edge Higher

U.S. stocks traded lower this morning, following the release of economic reports.

Following the market opening Thursday, the Dow traded down 0.15% to 33,078.88 while the NASDAQ fell 0.28% to 13,199.32. The S&P 500 also fell, dropping, 0.20% to 4,255.16.

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Leading and Lagging Sectors

Health care shares rose by 0.7% on Thursday.

In trading on Thursday, energy shares dipped by around 1%.

Top Headline

U.S. initial jobless claims rose by 2,000 to 207,000 in the week ending Sept. 30, versus market estimates of 210,000.

Equities Trading UP

Orchard Therapeutics plc ORTX shares shot up 97% to $15.94 after the company agreed to be acquired by Japan's Kyowa Kirin for $16.00 per ADS in cash plus an additional contingent value right of $1.00 per ADS.

Shares of Meiwu Technology Company Limited WNW got a boost, shooting 99% to $0.1932.

SP Plus Corporation SP shares were also up, gaining 48% to $52.31 after Metropolis Technologies announced it will acquire the company for $1.5 billion.

Equities Trading DOWN

Cambium Networks Corporation CMBM shares dropped 42% to $4.57 after the company announced it expects preliminary third-quarter revenues of between $40-$45 million compared to the previous outlook of $62-$70 million.

Shares of Gaucho Group Holdings, Inc. VINO were down 20% to $1.77. Gaucho Group recently said it is planning to list two of its retail properties in Argentina, in San Rafael and Cordoba, for sale, priced at $2 million and $0.7 million respectively.

Nanobiotix S.A. NBTX was down, falling 12% to $7.85. Nanobiotix announced presentation of the final efficacy analysis from Phase 1 cohort expansion evaluating NBTXR3 in locally advanced head and neck cancer showing median progression-free survival of 16.9 months and median overall survival of 23.1 months.

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Commodities

In commodity news, oil traded down 1.6% to $82.91 while gold traded down 0.3% at $1,829.50.

Silver traded down 0.2% to $21.10 on Thursday while copper fell 0.4% to $3.5740.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.4% London’s FTSE 100 gained 0.5% while Spain’s IBEX 35 Index rose 0.7% The German DAX rose 0.1% French CAC 40 rose 0.1%, while Italy’s FTSE MIB Index rose 0.3%.

The HCOB Eurozone construction PMI rose to 43.6 in September from 43.4 in August. The consumer confidence indicator in Spain fell to 77.2 in September versus the near-two-year high level of 94.4 in the prior month. The trade surplus in Germany widened to EUR 16.6 billion in August from EUR 15.9 billion a month ago.

The S&P Global/CIPS UK construction PMI fell to 45 in September from 50.8 a month ago, while German construction PMI declined sharply to 39.3 in September from 41.5 in the previous month. The S&P Global France construction PMI rose to 43.7 in September from 42.4 a month ago.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 1.80% and Hong Kong’s Hang Seng Index rising 0.10%. India’s S&P BSE Sensex, meanwhile, rose 0.62%.

The S&P Global India services PMI rose to 61.0 in September from 60.1 in August, and topping market estimates of 59.5. The S&P Global Hong Kong SAR PMI declined to 49.6 in September from 49.8 in the prior month.

Economics

U.S. initial jobless claims rose by 2,000 to 207,000 in the week ending Sept. 30, versus market estimates of 210,000.

The U.S. trade gap shrank to $58.3 billion in August, the lowest since Sept. 2020, and compared to market estimates of a $62.3 billion deficit.

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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 108,792,450 cases with around 1,177,980 deaths. India confirmed a total of at least 44,998,950 cases and 531,930 deaths. In total, there were at least 696,181,820 cases of COVID-19 worldwide with more than 6,923,360 deaths.