HomeMarket NewsMicro Cap StocksNasdaq Down Over 1%; US Initial Jobless Claims Fall More Than Expected

Nasdaq Down Over 1%; US Initial Jobless Claims Fall More Than Expected

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Good morning! The stock market opened with a downward trend today, with the Nasdaq Composite leading the losses by falling over 150 points on Thursday.

As of the market opening, the Dow was down 0.56% at 34,248.45, while the NASDAQ saw a 1.13% drop to 13,316.35. The S&P 500 also experienced a decline, falling 0.87% to 4,363.78.

Hey, check this out! Insiders are selling off shares in McDonald’s, Halliburton, and a couple of other stocks. Wonder what that means for the market?

Winners and Losers

The energy sector managed to make gains today, with energy shares rising by 0.5%.

On the other hand, consumer discretionary shares took a hit, falling 1.8%.

Key Headline

Some good news on the job front! Initial jobless claims in the US fell by 20,000 to 201,000 for the week ending September 16. This marks the lowest reading since late January, and it’s even better than the estimated 225,000 claims. Way to go!

Stocks on the Rise

MSP Recovery, Inc. (LIFW) saw its shares surge 90% to $0.2885 after a 64% jump yesterday.

Shares of Near Intelligence, Inc. (NIR) also got a boost, shooting up by 53% to $0.32. This company is trusted by leading global commercial real estate companies for high-quality real estate analytics.

Neptune Wellness Solutions Inc. (NEPT) had a good day as well, with its shares gaining 33% to $5.22. After experiencing an 11% fall yesterday, Neptune Wellness announced its intention to spin out Sprout Organics in collaboration with Morgan Stanley.

Declining Stocks

Travere Therapeutics, Inc. (TVTX) saw its shares drop by a whopping 43% to $7.39. This decline was due to the company’s announcement of results from a Phase 3 study.

Shares of QuantaSing Group Limited (QSG) were also down, falling 34% to $2.20.

Seelos Therapeutics, Inc. (SEEL) experienced a 32% drop to $0.2084 after announcing a $4.5 million registered direct offering. The stock was downgraded by Guggenheim from Buy to Neutral.

By the way, if you’re interested, here are four healthcare stocks that might keep you up at night.

Commodity News

In the world of commodities, oil prices went up by 1.1% to $90.68, while gold slipped 1.5% to $1,938.30.

Silver also experienced a decline, down 2.3% to $23.29, and copper fell 2.3% to $3.6885.

Euro Zone Update

European markets had a mixed day. The STOXX 600 in the eurozone fell 1%, while London’s FTSE 100 managed a slight rise of 0.1%. Spain’s IBEX 35 Index fell 1.5%, the German DAX declined 1.1%, the French CAC 40 dropped 1.4%, and Italy’s FTSE MIB Index dipped 1.7%.

In other news, the Bank of England decided to keep its policy interest rate at 5.25% today. Spain’s trade deficit decreased in July, and construction output in Italy fell in July as well. France witnessed an improvement in its manufacturing climate indicator for September.

Asia Pacific Markets

Across Asia, markets closed lower today. The Nikkei 225 in Japan fell 1.37%, Hong Kong’s Hang Seng Index dropped 1.29%, and China’s Shanghai Composite Index experienced a decline of 0.77%. The S&P BSE Sensex in India also saw a decline of 0.85%.

In economic news, Hong Kong reported a low inflation rate in August and an increase in its current account surplus in the second quarter. The Hong Kong Monetary Authority decided to maintain its base rate at 5.75%.

Economic Indicators

Apart from the jobless claims mentioned earlier, the US current account deficit in the second quarter was smaller than expected, and the Philadelphia Fed Manufacturing Index declined in September.

Here’s something interesting: Analysts have predicted that CrowdStrike Holdings could rally over 31%β€”talk about a bold forecast!

COVID-19 Update

The global COVID-19 situation continues to be a concern. The US has the highest number of cases and deaths, while India and France are also grappling with significant numbers. Let’s continue to stay safe and vigilant.

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