Nasdaq Jumps Over 100 Points; US Jobless Claims Edge Higher

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining around 100 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.04% to 36,068.53 while the NASDAQ rose 0.86% to 14,268.90. The S&P 500 also rose, gaining, 0.51% to 4,572.56.

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Leading and Lagging Sectors

Communication services shares rose by 3% on Thursday.

In trading on Thursday, health care shares fell by 0.3%.

Top Headline

U.S. initial jobless claims rose by 1,000 to 220,000 in the week ending Dec. 2, compared to market estimates of 222,000.

Equities Trading UP

Save Foods, Inc. SVFD shares shot up 189% to $6.21 after the company highlighted targeting of US carbon credit market following acquisition of majority ownership in newly- formed Nitrousink Ltd.

Shares of Cyngn Inc. CYN got a boost, shooting 72% to $0.42 after the company announced the issuance of a new patent, US-11,837,089-B2, for the autonomous vehicle (AV) and driving solutions.

MicroAlgo Inc. MLGO shares were also up, gaining 41% to $13.49. MicroAlgo shares jumped over 295% on Wednesday after the company announced it plans to establish a postgraduate training practice base.

Equities Trading DOWN

Troika Media Group, Inc. TRKA shares dropped 74% to $0.4900 after the company announced it filed for Chapter 11.

Shares of ZyVersa Therapeutics, Inc. ZVSA were down 44% to $1.2025 after the company priced its $5 million public offering.

Bit Brother Limited BETS was down, falling 40% to $0.0208. Bit Brother recently announced the pricing of a $12 million registered direct offering.

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Commodities

In commodity news, oil traded up 0.8% to $69.92 while gold traded down 0.1% at $2,046.00.

Silver traded down 0.6% to $24.09 on Thursday while copper rose 1% to $3.7730.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.33%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 1.27% The German DAX fell 0.12% French CAC 40 fell 0.14%, while Italy’s FTSE MIB Index fell 0.77%.

The Eurozone economy shrank by 0.1% in the third quarter versus a revised 0.1% expansion in the prior three-month period. The number of employed persons in the Eurozone increased by 0.2% from the earlier quarter to 168.7 million in the third quarter.

French trade deficit shrank to €8.6 billion in October versus a revised €8.87 billion in the prior month, while current account deficit increased to €2.9 billion in October from a revised €2.8 billion a month ago. Industrial production in Germany declined 0.4% month-over-month for October. The Halifax House Price Index fell by 1.0% year-over-year during November.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 1.76%, Hong Kong’s Hang Seng Index falling 0.71% and China’s Shanghai Composite Index falling 0.09%. India’s S&P BSE Sensex, meanwhile, fell 0.19%.

The index of coincident economic indicators in Japan rose to 115.9 in October versus a revised 115.7 in the previous month, while index of leading economic indicators fell to 108.7 in October versus a revised 109.3 a month ago. China's trade surplus widened to $68.39 billion in November from $66.49 billion in the year-ago period.

Economics

U.S. initial jobless claims rose by 1,000 to 220,000 in the week ending Dec. 2, compared to market estimates of 222,000.

U.S.-based employers announced plans to reduce 45,510 jobs during November.

The Manheim Used Vehicle Value Index for the U.S. declined 2.1% month-over-month in November versus a 2.3% decline in October.