U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping around 100 points on Thursday.
The Dow traded down 0.29% to 34,027.87 while the NASDAQ fell 0.39% to 12,023.08. The S&P 500 also fell, dropping, 0.30% to 4,134.95.
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Leading and Lagging Sectors
Energy shares traded almost flat on Thursday. Meanwhile, top gainers in the sector included NexTier Oilfield Solutions Inc. NEX, up 12%, and Arch Resources, Inc. ARCH, up 10%.
In trading on Thursday, information technology shares dipped by 0.7%.
Top Headline
Producer prices for final demand rose 0.7% month-over-month in January, the most in seven months and also above market estimates of 0.4%.
Equities Trading UP
TravelCenters of America Inc. TA shares shot up 71% to $84.47 after BP announced it will acquire the company for $86 per share in cash.
Shares of NexImmune, Inc. NEXI got a boost, shooting 51% to $0.6211 after the company said that new preclinical data showed that AIM ACT T cells enhance the response to bispecific T cell engager therapy.
Community Health Systems, Inc. CYH shares were also up, gaining 49% to $7.59 after the company reported better-than-expected Q4 earnings.
Equities Trading DOWN
Toast, Inc. TOST shares tumbled 21% to $20.39 after the company reported worse-than-expected Q4 EPS earnings.
Shares of RingCentral, Inc. RNG were down 23% to $37.38 after the company reported worse-than-expected Q4 revenue and issued weak revenue guidance for the first quarter.
Atlis Motor Vehicles, Inc. AMV was down, falling 34% to $1.12 after the company reported pricing of $13.0 million public offering.
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Commodities
In commodity news, oil traded up 0.5% to $78.94 while gold traded up 0.3% at $1,850.70.
Silver traded up 0.6% to $21.71 on Thursday while copper rose 2.9% to $4.1265.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.19%, London’s FTSE 100 gained 0.18% while Spain’s IBEX 35 Index rose 0.35%. The German DAX gained 0.18% French CAC 40 gained 0.89% and Italy’s FTSE MIB Index rose 1.16%.
Spanish trade deficit shrank to EUR 4.51 billion in December from EUR 5.34 billion in the year-ago month.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.71%, Hong Kong’s Hang Seng Index gaining 0.84% and China’s Shanghai Composite Index declining 0.96%. India’s S&P BSE Sensex gained 0.1%.
Hong Kong’s unemployment rate fell to 3.4% during the three months ending Jan. 2023, from 3.5% in the October-December period. Average new home prices in China fell by 1.5% year-over-year in January. Consumer inflation expectations in Australia declined to 5.1% in February versus 5.6% in January, while unemployment rate in the country rose to 3.7% in January.
Japanese core machinery orders increased 1.6% month-over-month in December. Exports from Japan rose by 3.5% year-over-year to JPY 6,551.2 billion in January, while imports increased 17.8% to JPY 10,047.8 billion.
Economics
US jobless claims dropped to 194,000 in the week ending Feb. 11, down from the revised level of 195,000 in the prior week. However, analysts were expecting a reading of 200,000.
Housing starts in the US dropped by 4.5% from a month ago to an annualized rate of 1.309 million in January, while building permits increased 0.1% to 1.3 million.
Producer prices for final demand rose 0.7% month-over-month in January, the most in seven months and also above market estimates of 0.4%.
The Philadelphia Fed Manufacturing Index fell to -24.3 in February from -8.9 in the prior month.
US natural gas supplies dropped 100 billion cubic feet during the week ended Feb. 10, 2023, compared to market expectations for a 109 bcf decline, the EIA said.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 104,872,870 cases with around 1,141,220 deaths. India confirmed a total of at least 44,684,500 cases and 530,750 deaths, while France reported over 39,574,440 COVID-19 cases with 164,650 deaths. In total, there were at least 678,109,910 cases of COVID-19 worldwide with more than 6,786,220 deaths.
