US stocks experienced a surge on Thursday, with the Nasdaq Composite leading the charge, gaining over 400 points. The Dow Jones Industrial Average also closed in the green, up by 1.44%. This positive market sentiment was fueled by a combination of factors, including a stronger-than-expected economic report and a rebound in technology shares.
The tech sector, particularly information technology shares, saw a significant 2.7% jump on Thursday. This rally propelled the Nasdaq higher, contributing substantially to the overall market gains. On the other hand, utilities shares experienced a slight decline of 0.1% during the trading session.
One of the key economic indicators that boosted market optimism was the drop in initial jobless claims. The figure fell by 12,000 to 219,000 for the week ending September 14, outperforming market expectations of 230,000. This positive data point suggests a resilient labor market, which is generally considered a positive sign for economic growth.
While the overall market trend was upward, several individual stocks experienced significant price swings. Telesis Bio, Inc. (TBIO) shares skyrocketed by 245% to $4.67, following the company’s announcement of its decision to delist from the Nasdaq Stock Market. Signing Day Sports, Inc. (SGN) witnessed a surge of 185% to $0.3702, propelled by the company’s acquisition of sports gaming technology company Swifty Global.
Zeo Energy Corp. (ZEO) shares also closed in the green, gaining 153% to $2.96. This strong performance came after a decline of around 9% on Wednesday. In contrast, Haoxi Health Technology Limited (HAO) shares plummeted by 74% to $0.77 following the company’s announcement of a $12 million underwritten follow-on public offering of 4 million units.
Progyny, Inc. (PGNY) shares experienced a significant drop of 39% to $14.96 after one of its clients exercised an option to terminate their services agreement with the company. Vivos Therapeutics, Inc. (VVOS) also saw a decline of 23% to $3.19, following the company’s announcement of a registered offering of 1.36 million shares of common stock.
Commodities markets also saw some movement on Thursday. Oil prices rose by 1.1% to $71.71 per barrel, while gold prices gained 0.2% to $2,602.70 per ounce. Silver prices experienced a notable increase of 2.2% to $31.355 per ounce, and copper prices climbed 1.7% to $4.3720 per pound.
In Europe, equity markets also closed in positive territory. The eurozone’s STOXX 600 climbed 1.4%, Germany’s DAX gained 1.6%, and France’s CAC 40 jumped 2%. Spain’s IBEX 35 Index rose 0.7%, and London’s FTSE 100 gained 1%. The Bank of England maintained the Bank Rate at 5% during its September meeting, following a 25 basis point cut in August.
The Eurozone reported a current account surplus of €48 billion in July, a significant increase from €25.5 billion in the year-ago period. In Asia Pacific, markets also closed higher. Japan’s Nikkei 225 gained 2.13%, Hong Kong’s Hang Seng Index surged 2%, China’s Shanghai Composite Index gained 0.69%, and India’s BSE Sensex gained 0.29%. Hong Kong’s unemployment rate remained unchanged at 3% for the three months ending in August. The Hong Kong Monetary Authority cut its base rate by 50 basis points to 5.25% at its recent meeting.
In the US, the current account deficit reached $266.8 billion in the second quarter, higher than the previous period’s gap of $241 billion and exceeding market estimates of a $260 billion gap. The Philadelphia Fed Manufacturing Index climbed to 1.7 in September, a significant improvement from -7 in the previous month and surpassing market estimates of -1. This indicates a potential recovery in the manufacturing sector.
