Market News

U.S. Stocks Surge as Dow Gains Over 100 points; US GDP Growth Exceeds Expectations

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.

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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.