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News

Nasdaq Jumps Over 100 Points; US Jobless Claims Edge Higher

Author: Avi Kapoor | December 07, 2023 10:49am

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 up 0.04% to 36,068.53 while the NASDAQ rose 0.86% to 14,268.90. The S&P 500 also rose, gaining, 0.51% to 4,572.56.

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Leading and Lagging Sectors

 

Communication services shares rose by 3% on Thursday.

In trading on Thursday, health care shares fell by 0.3%.

 

Top Headline

 

U.S. initial jobless claims rose by 1,000 to 220,000 in the week ending Dec. 2, compared to market estimates of 222,000.

 

Equities Trading UP

 

Save Foods, Inc. (NASDAQ:SVFD) shares shot up 189% to $6.21 after the company highlighted targeting of US carbon credit market following acquisition of majority ownership in newly- formed Nitrousink Ltd.

Shares of Cyngn Inc. (NASDAQ:CYN) got a boost, shooting 72% to $0.42 after the company announced the issuance of a new patent, US-11,837,089-B2, for the autonomous vehicle (AV) and driving solutions.

MicroAlgo Inc. (NASDAQ:MLGO) shares were also up, gaining 41% to $13.49. MicroAlgo shares jumped over 295% on Wednesday after the company announced it plans to establish a postgraduate training practice base.

 

Equities Trading DOWN

 

Troika Media Group, Inc. (NASDAQ:TRKA) shares dropped 74% to $0.4900 after the company announced it filed for Chapter 11.

Shares of ZyVersa Therapeutics, Inc. (NASDAQ:ZVSA) were down 44% to $1.2025 after the company priced its $5 million public offering.

Bit Brother Limited (NASDAQ:BETS) was down, falling 40% to $0.0208. Bit Brother recently announced the pricing of a $12 million registered direct offering.

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Commodities

 

In commodity news, oil traded up 0.8% to $69.92 while gold traded down 0.1% at $2,046.00.

Silver traded down 0.6% to $24.09 on Thursday while copper rose 1% to $3.7730.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.33%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 1.27% The German DAX fell 0.12% French CAC 40 fell 0.14%, while Italy’s FTSE MIB Index fell 0.77%.

The Eurozone economy shrank by 0.1% in the third quarter versus a revised 0.1% expansion in the prior three-month period. The number of employed persons in the Eurozone increased by 0.2% from the earlier quarter to 168.7 million in the third quarter.

French trade deficit shrank to €8.6 billion in October versus a revised €8.87 billion in the prior month, while current account deficit increased to €2.9 billion in October from a revised €2.8 billion a month ago. Industrial production in Germany declined 0.4% month-over-month for October. The Halifax House Price Index fell by 1.0% year-over-year during November.

 

Asia Pacific Markets

 

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 1.76%, Hong Kong’s Hang Seng Index falling 0.71% and China’s Shanghai Composite Index falling 0.09%. India’s S&P BSE Sensex, meanwhile, fell 0.19%.

The index of coincident economic indicators in Japan rose to 115.9 in October versus a revised 115.7 in the previous month, while index of leading economic indicators fell to 108.7 in October versus a revised 109.3 a month ago. China's trade surplus widened to $68.39 billion in November from $66.49 billion in the year-ago period.

 

Economics

 

U.S. initial jobless claims rose by 1,000 to 220,000 in the week ending Dec. 2, compared to market estimates of 222,000.

U.S.-based employers announced plans to reduce 45,510 jobs during November.

The Manheim Used Vehicle Value Index for the U.S. declined 2.1% month-over-month in November versus a 2.3% decline in October.

Posted In: BETS CYN MLGO SVFD TRKA ZVSA

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