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U.S. stocks traded slightly higher midway through trading, with the Nasdaq Composite gaining around 0.2% on Thursday.
The Dow traded up 0.06% to 37,829.32 while the NASDAQ rose 0.22% to 15,515.62. The S&P 500 also rose, gaining, 0.26% to 4,881.28.
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Communication services shares rose by 1.5% on Thursday.
In trading on Thursday, consumer discretionary shares fell by 1.4%.
Tesla, Inc. (NASDAQ:TSLA) shares dipped more than 12% on Thursday after the company reported worse-than-expected fourth-quarter financial results.
Tesla reported fourth-quarter revenue of $25.17 billion, which was up 3% year-over-year. The revenue missed a Street consensus estimate of $25.62 billion, according to data from Benzinga Pro. The company reported earnings per share of 71 cents, which missed a Street consensus estimate of 74 cents per share.
Vera Therapeutics, Inc. (NASDAQ:VERA) shares shot up 40% to $23.87 after the company announced 72-week data from the OLE period of its Phase 2b ORIGIN clinical trial. Also, Oppenheimer initiated coverage on the stock with an Outperform rating and announced a $26 price target.
Shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) got a boost, surging 120% to $4.5150 after the company announced the completion of the safety tolerability evaluation in its Phase 1b trial of Next Generation Capecitabine.
LAVA Therapeutics N.V. (NASDAQ:LVTX) shares were also up, gaining 38% to $2.1401 after the company announced a clinical trial collaboration and supply agreement with Merck & Co. to evaluate LAVA-1207 in combination with KEYTRUDA.
RedHill Biopharma Ltd. (NASDAQ:RDHL) shares dropped 47% to $0.5680 after the company announced an $8 million registered direct offering.
Shares of Akoustis Technologies, Inc. (NASDAQ:AKTS) were down 23% to $0.5401 after the company announced pricing of a public offering of $10 million of common stock.
Intelligent Bio Solutions Inc. (NASDAQ:INBS) was down, falling 20% to $0.2354.
Intelligent Bio Solutions reported a 1-for-12 reverse stock split.
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In commodity news, oil traded up 2% to $76.60 while gold traded down 0.1% at $2,013.50.
Silver traded down 0.15% to $22.855 on Thursday while copper fell 0.5% to $3.8670.
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.30%, London’s FTSE 100 rose 0.03% while Spain’s IBEX 35 Index fell 0.58% The German DAX rose 0.10% French CAC 40 rose 0.11% while Italy’s FTSE MIB Index fell 0.60%.
The European Central Bank kept interest rates unchanged during its recent meeting. 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.
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.
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.
U.S. natural-gas supplies fell 326 billion cubic during the week ended Jan. 19, 2024, the EIA said.
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