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The Nasdaq Soars as PCE Data Sparks Market Excitement

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The trading realm witnessed a jubilant affair this morning as U.S. stocks, led by the Nasdaq Composite, surged approximately 100 points on Thursday.

As the celestial dance of the markets unfolded on Thursday, the Dow took a slight dip of 0.07% to 38,923.11, while the NASDAQ joyously rose 0.65% to 16,051.57. The S&P 500 also joined the merriment, embracing a 0.30% gain at 5,084.74.

A thrilling narrative unfolded in the communication services sector, with shares sprouting by 0.9% on Thursday. On the flip side, health care shares werenโ€™t as fortunate, experiencing a decline of 0.6% during the dayโ€™s escapades.

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Celestial Highlights and Low-lit Shadows

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The grand reveal of the PCE inflation spectacle saw a slight easing from 2.6% in December 2023 to 2.4% in January 2024. Beyond the realm of energy and food, the core PCE index unveiled a year-on-year ascent of 2.8%, a gentle descent from the 2.9% spectacle seen in December โ€“ aligning gracefully with the anticipated decrease to 2.8%.

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Stocks That Rose to the Occasion

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Societal CDMO, Inc. SCTL shares exuberantly soared by 132% to $1.0686. The news of the acquisition of Societal CDMO by CoreRx Inc. painted a bright hue over the trading canvas.

Shares of Enveric Biosciences, Inc. ENVB danced to a joyous tune, surging 130% to $1.91. The announcement of non-binding term sheets for exclusive out-licensing of three compound classes set the stage for this jubilant rise.

Volcon, Inc. VLCN shares also joined the celebration, leaping 58% to $1.9101 after a splendid surge of around 39% on the previous day.

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Stocks That Lost Their Rhythm

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LivePerson, Inc. LPSN shares stumbled, experiencing a 40% drop to $1.4395 following their fourth-quarter financial presentation.

Shares of The Chemours Company CC also saw a decline of 40% to $17.20 after the announcement of executive changes and delays in fourth quarter results and 10-K filings.

Ironwood Pharmaceuticals, Inc. IRWD took a step back, falling 39% to $9.19 following the announcement of topline results from a global Phase III trial.

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Market Cornucopia

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In the bazaar of commodities, oil pirouetted downward by 0.4% to $78.23 while gold pirouetted up by 0.6% to $2,055.70.

Silver sparkled energetically, rising by 0.9% to $22.84 on Thursday, as copper danced gracefully, rising by 0.4% to $3.8540.

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European Adventures

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The enigmatic European shares cast a mixed spell today. The eurozoneโ€™s STOXX 600 blossomed by 0.2%, Londonโ€™s FTSE 100 captured a 0.3% gain while Spainโ€™s IBEX 35 Index witnessed a dimming of 0.4%. The German DAX beamed with a 0.6% gain, and the French CAC 40 saw a slight dip of 0.1%, while Italyโ€™s FTSE MIB Index experienced a decline of 0.1%.

The narrative in Germany spoke of a constant jobless rate of 5.9% in February, with retail sales descending by 0.4% month-over-month in January. Spainโ€™s annual consumer price inflation rate retreated to a six-month low of 2.8% in February.

In France, economic blooms showed a 0.1% expansion in the fourth quarter. The annual inflation rate in France softened to 2.9% in February, as producer prices dipped by 1.3% month-over-month in January.

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Asian Market Tales

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The tales from the Asian markets narrated a diverse plot on Thursday. Japanโ€™s Nikkei 225 witnessed a gentle descent of 0.11%, while Hong Kongโ€™s Hang Seng Index spotted a 0.15% fall. Chinaโ€™s Shanghai Composite Index embraced a robust gain of 1.94%, and Indiaโ€™s S&P BSE Sensex experienced a joyful gain of 0.27%.

The magical fiscal deficit tale in India unveiled a shrinking to INR 11.03 trillion in April-January from INR 11.91 trillion in the previous year. Meanwhile, Japanโ€™s narrative saw housing starts stumble by 7.5% year-over-year in January post a 4.0% decline. Retail sales in Japan saw a joyous gain of 2.3% year-over-year in January.

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Economic Beams

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The grand spectacle of the annual PCE inflation rate showcased a slight easing from 2.6% in December 2023 to 2.4% in January 2024. Beyond the shores of energy and food, the core PCE index unfolded a year-on-year surge of 2.8%, gracefully descending from the 2.9% revel seen in December โ€“ harmoniously in line with the expected decrease to 2.8%.

A tender touch was felt in the realm of personal spending, which rose by 0.2% from the previous month, while personal income joyously ascended by 1%.

U.S. initial jobless claims saw a rise by 13,000 to 215,000 in the week ending Feb. 24, setting the stage for a compelling narrative to unfold in the days ahead.

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