The orchestra of U.S. stocks played a mixed tune today, with the Dow Jones index barely moving an inch on Thursday.
As the market unfolded this Thursday, the Dow tiptoed downward by a mere 0.02% to 39,753.17, while the NASDAQ took a slight dip of 0.08% to 16,385.80. The S&P 500, on the other hand, decided to do a little jig, rising 0.04% to 5,250.38.
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Leading and Lagging Sectors
Real estate shares did a little happy hop, jumping up by 0.7% on Thursday.
On the flip side, the information technology shares decided to take a bit of a stumble, falling by 0.2%.
Top Headline
In a moment of relief, U.S. initial jobless claims waltzed gracefully downward by 2,000 to 210,000 in the week ending March 23, swooping below market estimates of 215,000.
Equities Trading UP
Avalo Therapeutics, Inc. AVTX shares skyrocketed an impressive 435% to $24.91 after the company announced its acquisition of a Phase 2-ready anti-IL-1β mAb, affectionately known as AVTX-009, by acquiring privately held AlmataBio. The company also revealed a private placement financing of up to $185 million.
Shares of Xilio Therapeutics, Inc. XLO got a boost, surging 154% to $1.62 after the company unveiled an exclusive license agreement with Gilead Sciences for an electrifying tumor-activated IL-12 program. The company also announced a $11.3 million private placement equity financing.
Biodexa Pharmaceuticals Plc BDRX shares embraced an upward trajectory, gaining 92% to $1.65. Biodexa’s MTX110 displayed promising performance in elongating life expectancy against aggressive brain cancers.
Equities Trading DOWN
Primech Holdings Ltd. PMEC shares plummeted by 49% to $1.98 after the company provided financial updates and corporate highlights for the six months ending Sept. 30, 2023.
Shares of Gamida Cell Ltd. GMDA were down by 27% to $0.0434. Gamida Cell shares experienced an 82% dip on Wednesday after the company reported its fourth-quarter results and revealed the commencement of a restructuring process.
Kodiak Sciences Inc. KOD took a downward spiral, falling 24% to $5.63 after the company disclosed a wider-than-expected fourth-quarter loss.
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Commodities
In the realm of commodities, oil took a leap of faith, trading up by 1.2% to $82.34, while gold saw a glimmer of hope, trading up by 0.6% at $2,226.90.
Silver, however, decided to take a tiny step back, trading down by 0.2% to $24.70 on Thursday, while copper followed suit, falling 0.2% to $3.9905.
Euro zone
European shares showed their positive side today. The eurozone’s STOXX 600 rose by a modest 0.2%, London’s FTSE 100 took a bolder leap, rising 0.4%, whereas Spain’s IBEX 35 Index decided to do a little shimmy downwards by 0.1%. The German DAX, French CAC 40, and Italy’s FTSE MIB Index chose a slight upward march, each rising by 0.1%.
Bank lending to households in the Eurozone waltzed upward by 0.3% year-over-year to €6.87 trillion in February. In Italy, the manufacturing confidence index decided to tango, climbing to 88.6 in March from a revised reading of 87.5 in the previous month. The German jobless rate chose to stay put at 5.9% in March, while German retail sales took a tiny dip, falling by 1.9% month-over-month for February.
The British economy shrunk by 0.2% year-over-year during the fourth quarter, while the current account gap in the UK expanded to £21.2 billion in the fourth quarter of 2023, compared to a revised £18.5 billion gap in the prior period. UK car production saw a 14.6% year-over-year increase to 79,907 units in February.
Asia Pacific Markets
In the world of Asian markets, the scene was mostly upbeat on Thursday, with Japan’s Nikkei 225 deciding to take a breather, falling by 1.46%, while Hong Kong’s Hang Seng Index opted for an upbeat swing, gaining 0.91%. China’s Shanghai Composite Index and India’s S&P BSE Sensex chose to dance to a positive tune, gaining 0.59% and 1.4%, respectively.
Singapore bank loans walked up to SGD 801.5 billion in February from SGD 794.3 billion in the prior month. In Singapore, the Domestic Supply Price Index decided to slow dance, falling by 2.8% year-over-year for February.
Economics
The U.S. economy decided to take a confident step forward, growing an annualized 3.4% in the fourth quarter, up from the previously reported 3.2% growth.
U.S. initial jobless claims, on the other hand, gracefully descended by 2,000 to 210,000 in the week ending March 23, surpassing market estimates of 215,000.
The Chicago PMI, however, decided to take a turn, declining to 41.4 in March from the previous month’s reading of 44.
U.S. pending home sales opted for a rebound, climbing by 1.6% from the previous month in February, following a revised 4.7% decline in the prior month. The University of Michigan consumer sentiment chose to brighten up, rising to 79.4 in March compared to a preliminary reading of 76.5.
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