Dow Jumps Around 200 Points; US Core PCE Inflation Slows In October

U.S. stocks traded mostly higher this morning, with the Dow Jones index gaining around 200 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.56% to 35,630.09 while the NASDAQ fell 0.11% to 14,242.75. The S&P 500 also rose, gaining, 0.06% to 4,553.49.

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Leading and Lagging Sectors

Energy shares rose by 1.5% on Thursday.

In trading on Thursday, consumer discretionary shares fell by 0.4%.

Top Headline

The personal consumption expenditure price index in the U.S. came in flat month-over-month in October following a 0.4% increase in September. Annual core PCE inflation eased to 3.5% from 3.7%.

Equities Trading UP

Minim Inc MINM shares shot up 877% to $8.99 after gaining over 13% on Wednesday.

Shares of AgriFORCE Growing Systems Ltd. AGRI got a boost, shooting 108% to $1.87.

ImmunoGen, Inc. IMGN shares were also up, gaining 82% to $29.16 after AbbVie announced it will acquire the company in a transaction valued at $31.26 per share in cash.

Equities Trading DOWN

Vivos Therapeutics, Inc. VVOS shares dropped 32% to $28.29. Vivos Therapeutics shares jumped around 832% on Wednesday after the company announced it received FDA 510(k) clearance for treating severe obstructive sleep apnea in adults using the Vivos' removable CARE oral appliances.

Shares of POET Technologies Inc. POET were down 30% to $0.78 after the company reported pricing of $1.4 million underwritten public offering of common shares and warrants.

RedHill Biopharma Ltd. RDHL was down, falling 29% to $2.05 after gaining 26% on Wednesday. On Monday, Redhill Biopharma announced that the FDA had granted five years' market exclusivity for its drug, Talicia, on top of three years' exclusivity granted for the approval of Talicia.

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Commodities

In commodity news, oil traded up 1.1% to $78.71 while gold traded down 0.5% at $2,056.60.

Silver traded down 0.3% to $25.38 on Thursday while copper fell 0.1% to $3.8210.

Euro zone

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

The eurozone unemployment rate came in unchanged at 6.5% in October, while inflation rate fell to 2.4% year-over-year in November, recording its lowest level since July 2021.

The annual inflation rate in Italy slowed to 0.8% in November from 1.7% in the prior month. Spain posted a current account surplus of EUR 3,455 million in September versus a year-ago surplus of EUR 451 million. German jobless rate increased to 5.9% in November from 5.8% in October. The French economy shrank 0.1% on quarter in the third quarter, while consumer price inflation fell to 3.4% year-over-year in November.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 0.50%, Hong Kong’s Hang Seng Index rising 0.29% and China’s Shanghai Composite Index gaining 0.26%. India’s S&P BSE Sensex, meanwhile, climbed 0.13%.

Indian fiscal deficit rose to INR 8.04 trillion in April-October from INR 7.58 trillion in the year-ago period. Retail sales in Hong Kong climbed 2.7% year-over-year in October versus a revised 10.0% surge in the prior month.

Retail sales in Japan increased 4.2% year-over-year in October. Japanese housing starts fell by 6.3% year-over-year in October, while consumer confidence index rose to 36.1 in November from 35.7. The NBS Composite PMI Output Index for China fell to 50.4 in November from 50.7 in the earlier month.

Economics

Personal spending in the U.S. increased by 0.2% from a month ago in October compared to a 0.7% rise in September.

Personal income rose 0.2% month-over-month in October.

U.S. initial jobless claims increased by 7,000 to 218,000 in the week ending Nov. 25, versus the revised reading of 211,000 in the prior week, and compared to market estimates of 220,000.

The personal consumption expenditure price index in the U.S. came in flat month-over-month in October following a 0.4% increase in September. Annual core PCE inflation eased to 3.5% from 3.7%.

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