U.S. stocks were predominantly higher midday on Thursday, with the Dow Jones index surging by approximately 200 points.
The Dow climbed 0.55% to 37,635.05, while the NASDAQ saw a 0.05% rise to 14,599.10. The S&P 500 also experienced gains, rising by 0.28% to 4,718.19.
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Market Sectors: Winners and Losers
Financial shares saw an upsurge of 0.8% on Thursday.
Conversely, energy shares experienced a 0.6% decline in trading on Thursday.
Top Headline: US Services PMI Reaches Revised High in December
The S&P Global US Services PMI was revised higher to 51.4 in December, surpassing the preliminary reading of 51.3.
Rising Equities
Shares of Dyne Therapeutics, Inc. DYN soared by 20% to $17.79. Dyne Therapeutics announced an underwritten public offering of $175 million in common stock.
Meanwhile, shares of Omega Therapeutics, Inc. OMGA surged by 104% to $5.58 after Novo Nordisk entered into a research collaboration with the company.
Avenue Therapeutics, Inc. ATXI also witnessed positive movement, gaining 59% to $0.2794 after announcing the finalization of an agreement with the FDA for the Phase 3 safety study for IV tramadol.
Falling Equities
On the other hand, shares of SELLAS Life Sciences Group, Inc. SLS plummeted by 36% to $0.5806 after the company announced the pricing of a $9.0 million public offering.
Additionally, shares of Mobileye Global Inc. MBLY fell by 25% to $29.73 after the company issued preliminary FY23 financial results and initial 2024 guidance.
OPKO Health, Inc. OPK also experienced a decline, dropping 28% to $1.0750 due to the disclosure of a private offering of Convertible Senior Notes due 2029.
Market Commodities Update
In commodity news, oil traded down 1.1% to $71.91, while gold witnessed a 0.4% increase, reaching $2,051.80.
Silver traded up 0.1% to $23.185, while copper saw a 0.7% decrease, reaching $3.8360.
European and Asian Markets
European shares were higher on Thursday. The eurozone’s STOXX 600 rose by 0.60%, London’s FTSE 100 by 0.46%, while Spain’s IBEX 35 Index saw a 1.23% increase. The German DAX rose by 0.40%, and the French CAC 40 by 0.48%, whereas Italy’s FTSE MIB Index gained 0.91%.
The HCOB Eurozone services PMI was revised higher to 48.8 in December, surpassing the preliminary reading of 48.1. The HCOB France services PMI climbed to 45.7 in December, recording the highest reading in four months, while German services PMI rose to 49.3 in December, surpassing the preliminary estimate of 48.4.
Furthermore, the S&P Global/CIPS UK services PMI increased to 53.4 in December from 50.9 in the prior month. Consumer credit in the UK rose by £2.005 billion in November, compared to a revised £1.3411 billion in the previous month.
In the Asian markets, Japan’s Nikkei 225 fell by 0.53%, Hong Kong’s Hang Seng Index by 0.01%, and China’s Shanghai Composite Index by 0.43%. Conversely, India’s S&P BSE Sensex rose by 0.67%.
The Caixin China General Service PMI rose to 52.9 in December from 51.5 a month ago, while S&P Global Hong Kong SAR PMI climbed to 51.3 in December from 50.1 in November. The au Jibun Bank Japan Manufacturing PMI rose to 47.9 in December from a flash reading of 47.7.
Economic Indicators
U.S.-based employers announced plans to reduce 34,817 jobs in December, while private businesses added 164,000 workers during the same month, surpassing market estimates of 115,000. Moreover, U.S. initial jobless claims fell by 18,000 to 202,000 in the final week of 2023, compared to market estimates of 216,000.
In addition, the S&P Global composite PMI edged lower to 50.9 in December from a flash reading of 51.0.
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