U.S. stocks traded mixed toward the end of trading, with the Dow Jones index gaining more than 300 points on Thursday.
The Dow traded up 0.87% to 39,171.26 while the NASDAQ fell 0.65% to 17,745.523. The S&P 500 also fell, dropping, 0.14% to 5,479.13.
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Leading and Lagging Sectors
Energy shares jumped by 2% on Thursday.
In trading on Thursday, information technology shares fell by 1.1%.
Top Headline
The EIA said stocks of crude oil in the U.S. declined by 2.547 million barrels in the week ending June 14, compared to market estimates of a 2.800 million barrels decline.
Equities Trading UP
- MGO Global, Inc. (NASDAQ:MGOL) shares shot up 66% to $0.7601 after the company said it expects the pending acquisition of Spetner Associates to close in the second half of 2024, projecting it to increase annualized revenue to approximately $28 million.
- Shares of Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) got a boost, surging 129% to $3.09 after the company said it expects first customer deliveries of the i300 in the fourth quarter and anticipates selling over 5,000 units in the fiscal year ending Sept. 30, 2025.
- Femasys Inc. (NASDAQ:FEMY) shares were also up, gaining 29% to $1.2302 after receiving CE Mark approval from the EU MDR for its FemaSeed, FemVue, FemCerv, and FemCath products.
Equities Trading DOWN
- Tempest Therapeutics, Inc. (NASDAQ:TPST) shares dropped 32% to $1.9480 after the company announced new data from the ongoing Phase 1b/2 clinical study on amezalpat2 (TPST-1120).
- Shares of Trevena, Inc. (NASDAQ:TRVN) were down 30% to $0.2485. Trevena announced preclinical TRV045 data for long-term analgestic effect in prelinical model of neuropathic pain. Also, the company announced TRV045 results provided director for additional NIH-initiated studies in epilepsy prevention and treatment.
- Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was down, falling 31% to $1.07. Sonnet BioTherapeutics announced exercise of warrants for gross proceeds of $3.4 million.
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Commodities
In commodity news, oil traded up 0.7% to $82.12 while gold traded up 1.1% at $2,372.10.
Silver traded up 4.3% to $30.825 on Thursday, while copper rose 1.6% to $4.5620.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.93%, Germany’s DAX rose 1.03% and France’s CAC 40 gained 1.34%. Spain’s IBEX 35 Index rose 0.94%, while London’s FTSE 100 climbed 0.82%.
The Bank of England held the Bank Rate at 5.25% during its recent meeting, as projected. Producer prices in Germany fell by 2.2% year-over-year in May compared to a 3.3% decline in the earlier month.
Passenger car registrations in the European Union fell 3.0% year-over-year to a three-month low level of 911.7 thousand units in May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan’s Nikkei gaining 0.16%, Hong Kong’s Hang Seng Index declining 0.52%, China’s Shanghai Composite Index falling 0.42% and India’s S&P BSE Sensex gaining 0.18%.
The People’s Bank of China maintained key lending rates at the June fixing. Hong Kong’s unemployment rate came in unchanged at 3% during the three months ending May. Singapore’s unemployment rate increased to 2.1% in the first quarter of 2024 versus 2.0% in the prior period.
Economics
- The U.S. current account deficit rose by $15.8 billion to $237.6 billion during the first quarter, and versus market estimates of a $206.4 billion gap.
- The Philadelphia Fed Manufacturing Index fell 3.2 points to a reading of 1.3 in June, missing market expectations of 5.
- U.S. initial jobless claims fell by 5,000 to 238,000 in the second week of June, compared to market estimates of 235,000.
- Housing starts in declined 5.5% to an annualized rate of 1.277 million in May, while building permits fell by 3.8% to an annual rate of 1.386 million.
- The EIA said stocks of crude oil in the U.S. declined by 2.547 million barrels in the week ending June 14, compared to market estimates of a 2.800 million barrels decline.
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