The Dow Jones index experienced a tumultuous mid-day trading, plunging over 100 points on Thursday.
The Dow traded down 0.29% to 38,565.98 while the NASDAQ rose 0.26% to 15,796.91. The S&P 500 also fell, dropping 0.09% to 4,990.59.
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Winners and Losers
Energy shares soared by 0.7% on Thursday.
Conversely, utilities shares dropped by 1.1% during trading on Thursday.
Positive Jobless Claims Report
U.S. initial jobless claims decreased by 9,000 from the previous week’s revised reading to 218,000 during the recent week, beating market estimates of 220,000.
Surging Stocks
Shares of Syra Health Corp. SYRA skyrocketed 254% to $4.07 after the company secured a federal contract valued at $75 billion.
Meanwhile, U Power Limited UCAR experienced a boost, with its shares surging 40% to $0.0920. This hike followed the appointment of Jean Christophe von Pfetten as an independent director and a member of the Board’s Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, effective Feb. 1, 2024.
Arm Holdings plc ARM also showed an upward trend, gaining 58% to $121.78 after reporting better-than-expected third-quarter financial results and issuing FY24 guidance above estimates.
Declining Equities
On the flip side, Tenax Therapeutics, Inc. TENX shares plummeted 65% to $5.03 after the company announced the pricing of its $9 million public offering.
Additionally, shares of 23andMe Holding Co. ME descended 23% to $0.5605 following the company’s worse-than-expected third-quarter financial results and issuance of FY24 revenue guidance below estimates.
Digital Turbine, Inc. APPS also experienced a downturn, falling 21% to $4.0050 after reporting worse-than-expected third-quarter financial results.
Commodity Market Movements
Notably, oil traded up 2.2% to $75.49 while gold traded down 0.3% at $2,045.90.
Silver experienced a 0.9% surge to $22.55 on Thursday, while copper fell 1.2% to $3.69.
European and Asian Markets
European shares displayed mixed performance, with the eurozone’s STOXX 600 falling 0.03%, London’s FTSE 100 declining 0.32%, and Spain’s IBEX 35 Index rising 0.21%. The German DAX, French CAC 40, and Italy’s FTSE MIB Index all showcased modest gains.
The RICS UK Residential Market Survey house price balance climbed to -18 in January, up from -29 a month ago.
Meanwhile, Asian markets experienced mixed results, with Japan’s Nikkei 225 gaining 2.06%, Hong Kong’s Hang Seng Index falling 1.27%, and China’s Shanghai Composite Index gaining 1.28%. India’s S&P BSE Sensex fell 1.22%.
The Reserve Bank of India maintained its benchmark policy repo at 6.5% for the sixth consecutive meeting in February. Japan’s current account surplus escalated to JPY 744.5 billion in December from JPY 0.095 billion in the previous year, while the gauge for Japan’s service sector dropped to 50.2 in January compared to a revised reading of 51.8 in the prior month.
China’s consumer prices declined by 0.8% year-over-year in January, while producer prices fell by 2.5% year-over-year last month.
Economic Indicators
U.S. initial jobless claims decreased by 9,000 from the previous week’s revised reading to 218,000 during the recent week, surpassing market estimates of 220,000.
US wholesale inventories increased by 0.4% month-over-month in December, compared to a 0.4% decline in the previous month.
U.S. natural-gas supplies fell 75 billion cubic feet during the week ended Feb. 2, 2024, versus market expectations for a decline of 76 billion cubic feet.
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