U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining around 100 points on Thursday.
Following the market opening Thursday, the Dow traded down 0.07% to 38,923.11 while the NASDAQ rose 0.65% to 16,051.57. The S&P 500 also rose, gaining, 0.30% to 5,084.74.
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Leading and Lagging Sectors
Communication services shares rose by 0.9% on Thursday.
In trading on Thursday, health care shares fell by 0.6%.
Top Headline
The annual PCE inflation rate eased slightly from 2.6% in December 2023 to 2.4% in January 2024. Excluding energy and food, the core PCE index saw a year-on-year surge of 2.8%, down from the 2.9% rate seen December and in line with the expected decrease to 2.8%.
Equities Trading UP
Societal CDMO, Inc. (NASDAQ:SCTL) shares shot up 132% to $1.0686. Privately held CoreRx Inc. will acquire Societal CDMO, a contract development and manufacturing organization.
Shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) got a boost, surging 130% to $1.91. Enveric Biosciences signed a non-binding term sheets to pursue the exclusive out-licensing of three classes of compounds.
Volcon, Inc. (NASDAQ:VLCN) shares were also up, gaining 58% to $1.9101 after surging around 39% on Wednesday.
Equities Trading DOWN
LivePerson, Inc. (NASDAQ:LPSN) shares dropped 40% to $1.4395 following fourth-quarter financial results.
Shares of The Chemours Company (NYSE:CC) were down 40% to $17.20 after the company announced executive changes and said it is delaying its fourth quarter results and 10-K.
Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) was down, falling 39% to $9.19 after the company announced topline results from global Phase III trial of once-weekly apraglutide in adults with short bowel syndrome with intestinal failure (SBS-IF).
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Commodities
In commodity news, oil traded down 0.4% to $78.23 while gold traded up 0.6% at $2,055.70.
Silver traded rose 0.9% to $22.84 on Thursday while copper rose 0.4% to $3.8540.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.4% The German DAX gained 0.6% French CAC 40 fell 0.1% while Italy’s FTSE MIB Index declined 0.1%.
German jobless rate held came in unchanged at 5.9% in February, while German retail sales fell by 0.4% month-over-month in January. Spanish annual consumer price inflation rate declined to a six-month low level of 2.8% in February.
French economy expanded 0.1% on quarter in the fourth quarter. The annual inflation rate in France eased to 2.9% in February, while producer prices declined 1.3% month-over-month in January.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 falling 0.11%, Hong Kong’s Hang Seng Index falling 0.15%, China’s Shanghai Composite Index gaining 1.94% and India’s S&P BSE Sensex gaining 0.27%.
Indian fiscal deficit shrank to INR 11.03 trillion in April-January compared to INR 11.91 trillion in the year-ago period. Japanese housing starts fell by 7.5% year-over-year in January following a 4.0% decline in the previous month. Retail sales in Japan gained 2.3% year-over-year in January.
Economics
The annual PCE inflation rate eased slightly from 2.6% in December 2023 to 2.4% in January 2024. Excluding energy and food, the core PCE index saw a year-on-year surge of 2.8%, down from the 2.9% rate seen December and in line with the expected decrease to 2.8%.
Personal spending rose by 0.2% from the previous month, while personal income rose by 1%.
U.S. initial jobless claims rose by 13,000 to 215,000 in the week ending Feb. 24.
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