U.S. stocks traded higher this morning, with the Dow Jones index gaining over 100 points on Thursday.
Following the market opening Thursday, the Dow traded up 0.33% to 37,932.33 while the NASDAQ rose 0.37% to 15,538.69. The S&P 500 also rose, gaining, 0.40% to 4,887.88.
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The Market Landscape
Real estate shares rose by 1.2% on Thursday.
In trading on Thursday, consumer discretionary shares fell by 1.1%.
Economic Highlights
The US economy grew an annualized 3.3% in the fourth quarter, versus market estimates of a 2% rise, and compared to a 4.9% rate in the prior quarter.
Stock Movement
Onconetix, Inc. ONCO shares shot up 156% to $0.3798 after falling over 4% on Wednesday.
Shares of Processa Pharmaceuticals, Inc. PCSA got a boost, surging 134% to $4.79 after the company announced the completion of the safety tolerability evaluation in its Phase 1b trial of Next Generation Capecitabine.
LAVA Therapeutics N.V. LVTX shares were also up, gaining 45% to $2.2445 after the company partnered with Merck to evaluate LAVA-1207 in combination with KEYTRUDA.
RedHill Biopharma Ltd. RDHL shares dropped 43% to $0.6154 after the company announced an $8 million registered direct offering.
Shares of Akoustis Technologies, Inc. AKTS were down 32% to $0.48 after the company announced pricing of public offering of $10.0 million of common stock.
Intelligent Bio Solutions Inc. INBS was down, falling 23% to $0.2259 after the company announced a reverse stock split.
Commodities Update
In commodity news, oil traded up 1.5% to $76.25 while gold traded up 0.1% at $2,018.50.
Silver traded up 0.6% to $23.015 on Thursday while copper rose 0.1% to $3.8890.
Global Markets Roundup
European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1% The German DAX fell 0.4% French CAC 40 fell 0.3% while Italy’s FTSE MIB Index fell 0.8%.
The Ifo Business Climate indicator for Germany declined to 85.2 in January versus a revised reading of 86.3 in the prior month. Producer prices in Spain fell by 6.3% year-over-year in December, while manufacturing climate indicator in France came in unchanged at 99 for January.
Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.03%, Hong Kong’s Hang Seng Index climbing 1.96% and China’s Shanghai Composite Index gaining 3.03%. India’s S&P BSE Sensex, meanwhile, fell 0.51%.
Imports to Hong Kong jumped by 11.6% year-over-year to $446.3 billion in December, while exports from Hong Kong rose 11% year-over-year to $386.4 billion.
Economic Indicators
U.S. initial jobless claims increased by 25,000 to 214,000 in the week ending Jan. 20.
The US trade deficit in goods narrowed to $88.5 billion in December versus a revised $89.3 billion in the prior month.
The Chicago Fed National Activity Index declined to -0.15 in December versus a revised 0.01 in the previous month.
Wholesale inventories in the U.S. increased by 0.4% month-over-month in December.
New orders for manufactured durable goods in the U.S. came in unchanged for December.