U.S. stocks experienced a midday slump, with the Dow Jones index plummeting over 200 points on Thursday.
The Dow traded down 0.56% to 37,483.91 while the NASDAQ fell 0.86% to 14,840.28. The S&P 500 also fell, dropping, 0.70% to 4,749.93.
Check This Out: Top 5 Materials Stocks That Are Ticking Portfolio Bombs
Key Sector Performance
Energy shares managed to rise by 0.5% on Thursday.
In contrast, utilities shares experienced a 1.9% decline in Thursday’s trading session.
Major Economic Indicators
U.S. consumer prices surged by 0.3% month-over-month in December, compared to a 0.1% increase in November, surpassing market expectations of 0.2%.
The annual inflation rate elevated to 3.4% in December, compared to a five-month low level of 3.1% in November and exceeding market estimates of 3.2%.
Stocks on the Rise
First Financial Northwest, Inc. FFNW shares soared by 49% to $20.33. This dramatic surge followed Global Credit Union’s announcement of its plans to acquire First Financial Northwest Bank for an all-cash consideration of $231.2 million.
Shares of SEALSQ Corp LAES spiked upwards by 29% to $2.5250. SEALSQ revealed that its FY23 revenue hit $30 million, marking a remarkable increase of 29% year-over-year, surpassing its Q3 outlook of growth in excess of 20%.
Transphorm, Inc. TGAN shares also experienced an upward trend, gaining 26% to $4.7650 after Renesas Electronics announced its intentions to acquire the company for $5.10 per share in cash.
Stocks on the Decline
Clearmind Medicine Inc. CMND shares tumbled by 40% to $1.77. Clearmind Medicine reported pricing of $2.4 million in registered direct and private placement.
Shares of YanGuFang International Group Co., Ltd. YGF plummeted by 24% to $1.3799. YanGuFang International appointed Ya Zhang as Interim CEO and Yang Sui as Interim CFO, effective as of Jan. 9, 2024.
Office Properties Income Trust OPI also witnessed a decline, falling by 38% to $3.8550 after the company reduced its quarterly dividend to $0.01 per share.
Also Check This Out: How To Earn $500 A Month From Citigroup Stock Ahead Of Q4 Earnings Report
Commodities Snapshot
In commodity news, oil traded up by 2.7% to $73.27, while gold traded up by 0.3% at $2,033.90.
Silver traded down by 0.7% to $22.915 on Thursday, while copper rose by 0.1% to $3.7820.
Euro Zone Update
European shares dipped today. The eurozone’s STOXX 600 fell by 0.48%, London’s FTSE 100 fell by 0.68%, while Spain’s IBEX 35 Index dropped by 0.35%. The German DAX fell by 0.56%, and the French CAC 40 fell by 0.25%, while Italy’s FTSE MIB Index fell by 0.31%.
Industrial production in Spain increased by 0.8% year-over-year in November, while Italy’s industrial production declined by 1.5% month-over-month in November.
Asia Pacific Markets Overview
Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 1.77%, Hong Kong’s Hang Seng Index rising 1.27%, and China’s Shanghai Composite Index gaining 0.31%. India’s S&P BSE Sensex, on the other hand, rose by 0.1%.
China’s vehicle sales jumped by 23.5% year-over-year in December to 3.156 million units, following a 27.4% surge in November. The index of leading economic indicators in Japan fell to 107.7 in November, versus a final reading of 108.9 in the preceding month, while the index of coincident economic indicators fell to 114.5 in November, compared to a final 115.9 a month ago. Reserve assets in Japan climbed to $1.295 trillion in December from $1.270 trillion a month ago, recording the highest level since July 2022.
Economic Tidbits
U.S. consumer prices increased by 0.3% month-over-month in December, compared to a 0.1% rise in November, exceeding market expectations of 0.2%.
The annual inflation rate rose to 3.4% in December, compared to a five-month low level of 3.1% in November, and exceeding market estimates of 3.2%.
U.S. initial jobless claims declined by 1,000 from the prior week’s revised reading of 202,000 in the period ending Jan, 6, compared to market expectations of 210,000.
Now Read This: Chewy To Rally Over 50%? Here Are 10 Top Analyst Forecasts For Thursday
