The US stock market displayed mixed trading on Thursday, with the Nasdaq Composite edging up by approximately 0.2%. Meanwhile, the Dow Jones Industrial Average saw a marginal increase of 0.16%, reaching 17,954.10, while the S&P 500 experienced a slight dip of 0.03%, settling at 5,707.82.
Information technology shares led the way, surging by 1.3% on the day. On the other hand, materials shares lagged behind, dipping by 0.9%.
Top Headline:
The S&P Global services PMI for September was revised downwards to 55.2, compared to a preliminary reading of 55.4 and a reading of 55.7 in August. Similarly, the S&P Global U.S. composite PMI dipped to 54 in September, down from a preliminary reading of 54.4 and a reading of 54.6 in August.Equities Trading UP:
* Elevai Labs Inc. (ELAB) shares soared by 67% to $0.1416 following the announcement that its subsidiary, Elevai Biosciences, filed two patent applications for its lead candidate, EL-22, aimed at treating muscle loss in obese patients.
* Theriva Biologics, Inc. (TOVX) shares experienced a significant surge of 47% to $1.8253 after the company revealed that the Data and Safety Monitoring Committee (DSMC) recommended proceeding to enroll cohort 3 in its Phase 1b/2a clinical trial of SYN-004.
* AMTD Digital Inc. (HKD) shares also saw gains, rising by 39% to $0.1601.
Equities Trading DOWN:
* AngioDynamics, Inc. (ANGO) shares plummeted by 19% to $6.21 following the release of first-quarter results.
* Kaixin Holdings (KXIN) shares experienced a decline of 11% to $0.3042.
* US-listed Chinese stocks traded lower, retreating from recent strength. These companies had rallied after the People’s Bank of China announced a new stimulus package ahead of the Golden Week holidays.
* Ingevity Corporation (NGVT) shares fell by 14% to $32.22 as the company announced the departure of John Fortson as president and CEO, effective October 2.
Commodities:
* Oil prices traded up by 4.3%, reaching $73.14 per barrel.
* Gold prices traded down by 0.1% to $2,667.50 per ounce.
* Silver prices rose by 0.3% to $32.015 per ounce.
* Copper prices fell by 2% to $4.5540 per pound.
Eurozone:
* European shares were predominantly lower on the day.
* The eurozone’s STOXX 600 fell by 0.79%.
* Germany’s DAX decreased by 0.69%.
* France’s CAC 40 declined by 0.97%.
* Spain’s IBEX 35 Index rose by 0.18%.
* London’s FTSE 100 fell by 0.07%.
* Producer prices in the Eurozone rose by 0.6% month-over-month in August, compared to a revised 0.7% increase in July.
* The HCOB Eurozone composite PMI was revised upwards to 49.6 in September, versus a preliminary reading of 48.9.
* The S&P Global UK services PMI decreased to 52.4 in September from 53.7 in the previous month.
* German services PMI fell to 50.6 in September, down from 51.2 a month ago.
Asia Pacific Markets:
* Asian markets closed mixed on Thursday.
* Japan’s Nikkei 225 gained by 1.97%.
* Hong Kong’s Hang Seng Index fell by 1.47%.
* India’s BSE Sensex dipped by 2.10%.
* The au Jibun Bank Japan services PMI was revised downwards to 53.1 for September, versus a preliminary reading of 53.9.
Economics:
* US initial jobless claims increased by 6,000 from the previous week to 225,000 during the week ended Sept. 28, compared to market estimates of 220,000.
This information provides a snapshot of the day’s market activity and key economic indicators. Remember that market conditions can fluctuate rapidly, and this analysis should not be considered investment advice.
