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Dow Jones Surges 200 Points Amid Market Chaos

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The Dow Jones industrial average leaped upwards by nearly 200 points this morning, defying all odds amidst turbulent market conditions on Thursday.

As the market opened 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 rose 0.06% to 4,553.49.

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Leading and Lagging Sectors

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In a surprising turn of events, energy shares defied the odds and rose by 1.5% on Thursday.

Meanwhile, in an unexpected upset, consumer discretionary shares fell by 0.4% in todayโ€™s tumultuous market.

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Top Headline

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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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Equities Trading UP

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Minim Inc MINM shares unexpectedly shot up 877% to $8.99, after a remarkable gain of over 13% on Wednesday.

Shares of AgriFORCE Growing Systems Ltd. AGRI astonishingly surged 108% to $1.87.

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

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Equities Trading DOWN

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

Shares of POET Technologies Inc. POET declined a shocking 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 also took a hit, falling 29% to $2.05 after gaining 26% on Wednesday. On Monday, Redhill Biopharma announced that the FDA had granted five yearsโ€™ market exclusivity for its drug, Talicia, on top of three yearsโ€™ exclusivity granted for the approval of Talicia.

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Commodities

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

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

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Euro zone

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European shares were unexpectedly higher today. The eurozoneโ€™s STOXX 600 gained 0.4%, Londonโ€™s FTSE 100 surprisingly rose 0.5%, while Spainโ€™s IBEX 35 Index rose 0.3%. The German DAX rose 0.4%, and the French CAC 40 rose 0.4%, while Italyโ€™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.

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Asia Pacific Markets

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Asian markets closed higher on Thursday, with Japanโ€™s Nikkei 225 gaining 0.50%, Hong Kongโ€™s Hang Seng Index rising 0.29%, and Chinaโ€™s Shanghai Composite Index gaining 0.26%. Indiaโ€™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.

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Economics

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Personal spending in the U.S. unexpectedly 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 surprisingly 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%.

Now Check Out This: Top 4 Defensive Stocks That You May Want To Dump In November

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