US stocks traded lower toward the end of trading on Thursday, with the Dow Jones Industrial Average falling more than 200 points. The Dow closed down 0.54% at 41,969.72, while the NASDAQ fell 0.22% to 17,886.45. The S&P 500 also saw a decline, dropping 0.30% to 5,692.35.
Energy shares led the gains, jumping by 1.3% on Thursday. In contrast, consumer discretionary shares dipped by 1.4%. This sector saw a decline in part due to Levi Strauss & Co. (LEVI) reporting worse-than-expected third-quarter sales results and issuing a FY24 adjusted EPS guidance below estimates. The company also announced a strategic review for its Dockers brand, exploring potential sale or other strategic transactions.
Company Highlights:
*
Elevai Labs Inc. (ELAB)
shares surged 54% to $0.1317 after announcing 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 saw a boost, soaring 28% to $1.5843. The company reported positive news from the Data and Safety Monitoring Committee’s review of its Phase 1b/2a clinical trial of SYN-004, recommending the study proceed to enroll cohort 3.*
AMTD Digital Inc. (HKD)
shares gained 30% to $5.09.*
AngioDynamics, Inc. (ANGO)
shares plunged 18% to $6.31 after the company released its first-quarter results.*
Ingevity Corporation (NGVT)
fell 13% to $32.73 after announcing that John Fortson, the company’s president and CEO, had departed, effective October 2.Commodities Update:
In commodity news, oil traded up 4.4% to $73.15, while gold traded up 0.3% at $2,676.60. Silver traded up 1.3% to $32.33 on Thursday, while copper fell 2.2% to $4.5450.
European Markets:
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.93%, Germany’s DAX fell 0.78%, and France’s CAC 40 fell 1.32%. Spain’s IBEX 35 Index rose 0.07%, while London’s FTSE 100 fell 0.10%. Producer prices in the Eurozone rose 0.6% month-over-month in August, compared to a revised 0.7% increase in July. The HCOB Eurozone composite PMI was revised higher to 49.6 in September versus a preliminary reading of 48.9. The S&P Global UK services PMI declined to 52.4 in September from 53.7 in the previous month, while German services PMI fell to 50.6 in September from 51.2 a month ago.
Asian Markets:
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 1.97%, Hong Kong’s Hang Seng Index falling 1.47%, and India’s BSE Sensex dipping 2.10%. The au Jibun Bank Japan services PMI was revised lower to 53.1 for September, versus a preliminary reading of 53.9.
US Economic Indicators:
* U.S. initial jobless claims increased by 6,000 from the prior week to 225,000 during the week ended Sept. 28, compared to market estimates of 220,000.
* The S&P Global services PMI was revised lower to 55.2 in September compared to a preliminary reading of 55.4, and versus a reading of 55.7 in August.
* The S&P Global U.S. composite PMI sipped to 54 in September versus a preliminary reading of 54.4, and versus 54.6 in August.
* U.S. natural-gas stocks rose 55 billion cubic feet during the week ended Sept. 27, compared to market estimates of a 57 bcf gain.
