U.S. stocks surged this morning, with the Dow Jones index gaining over 100 points on Thursday.
As the market opened Thursday, the Dow traded up 0.33% to 37,932.33, while the NASDAQ rose 0.37% to 15,538.69. The S&P 500 also experienced gains, up 0.40% to 4,887.88.
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Market Performance
Real estate shares surged by 1.2% on Thursday, while consumer discretionary shares fell by 1.1%.
Key Economic Indicator
The US economy grew an annualized 3.3% in the fourth quarter, surpassing market estimates of a 2% rise and outperforming the 4.9% rate in the prior quarter.
Winning Stocks
Shares of Onconetix, Inc. ONCO skyrocketed by 156% to $0.3798 after a decline of over 4% on Wednesday.
Meanwhile, Processa Pharmaceuticals, Inc. PCSA surged 134% to $4.79 following the announcement of the completion of the safety tolerability evaluation in its Phase 1b trial of Next Generation Capecitabine.
LAVA Therapeutics N.V. LVTX also soared, gaining 45% to $2.2445 after the company partnered with Merck to evaluate LAVA-1207 in combination with KEYTRUDA.
Losing Stocks
RedHill Biopharma Ltd. RDHL shares declined 43% to $0.6154 after the company announced an $8 million registered direct offering.
Akoustis Technologies, Inc. AKTS were down 32% to $0.48 after the company announced pricing of public offering of $10.0 million of common stock.
Intelligent Bio Solutions Inc. INBS fell 23% to $0.2259 after the company announced a reverse stock split.
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Commodity Trend
In commodity news, oil traded up 1.5% to $76.25, while gold traded up 0.1% at $2,018.50.
Silver traded up 0.6% to $23.015 on Thursday, while copper rose 0.1% to $3.8890.
Global Markets
European shares declined today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1%. The German DAX fell 0.4% French CAC 40 fell 0.3% while Italy’s FTSE MIB Index fell 0.8%.
The Ifo Business Climate indicator for Germany declined to 85.2 in January versus a revised reading of 86.3 in the prior month. Producer prices in Spain fell by 6.3% year-over-year in December, while manufacturing climate indicator in France came in unchanged at 99 for January.
Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.03%, Hong Kong’s Hang Seng Index climbing 1.96%, and China’s Shanghai Composite Index gaining 3.03%. India’s S&P BSE Sensex, meanwhile, fell 0.51%.
Imports to Hong Kong jumped by 11.6% year-over-year to $446.3 billion in December, while exports from Hong Kong rose 11% year-over-year to $386.4 billion.
US Economic Indicators
U.S. initial jobless claims increased by 25,000 to 214,000 in the week ending Jan. 20. The US trade deficit in goods narrowed to $88.5 billion in December versus a revised $89.3 billion in the prior month. The Chicago Fed National Activity Index declined to -0.15 in December versus a revised 0.01 in the previous month. Wholesale inventories in the U.S. increased by 0.4% month-over-month in December. New orders for manufactured durable goods in the U.S. came in unchanged for December.
