Nasdaq Surges 250 Points; Crude Oil Rises Sharply

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite jumping 250 points following the release of data on initial jobless claims.

The Dow traded up 1.04% to 31,359.65 while the NASDAQ rose 2.24% to 11,616.84. The S&P also rose, gaining, 1.47% to 3,901.54.

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Leading and Lagging Sectors

Energy shares rose by 3.7% on Thursday. Meanwhile, top gainers in the sector included SEACOR Marine Holdings Inc. SMHI, up 15% and SilverBow Resources, Inc. SBOW up 16%.

In trading on Thursday, consumer staples shares dipped by 0.4%.

Top Headline

Samsung Electronics Co, Ltd SSNLF announced its earnings guidance for the second quarter of 2022.

Samsung expects consolidated sales of 77 trillion Korean won, up 20.9% year on year (versus actual sales of 63.67 trillion Korean won in Q2 2021). It expects a consolidated operating profit of 14 trillion Korean won, up 11.4% Y/Y (versus an actual operating profit of 12.57 trillion Korean won in Q2 2021).

Equities Trading UP

Grove Collaborative Holdings, Inc. GROV shares shot up 78% to $7.11 amid news the company's products will now be available in Kohl's KSS, Midwest-based Meijer and also Giant Eagle.

Shares of United Maritime Corporation USEA got a boost, shooting 127% to $6.49. The company’s stock jumped 190% on Wednesday after completing its spin-off from Seanergy Maritime Holdings Corp.

American Rebel Holdings, Inc. AREB shares were also up, gaining 64% to $1.2550. American Rebel Holdings agreed to acquire Utah-based Champion Safe Company and its ancillary companies, in a transaction valued at $9.9 million.

Equities Trading DOWN

DiaMedica Therapeutics Inc. DMAC shares tumbled 37% to $1.2750 after the company announced the FDA has placed a clinical hold on its Phase 2/3 ReMEDy2 trial for DM199.

Shares of Avalo Therapeutics, Inc. AVTX were down 26% to $0.4001.
Avalo Therapeutics announced a one-for-twelve reverse stock split.

CytomX Therapeutics, Inc. CTMX was down, falling 34% to $1.31. CytomX Therapeutics’ Phase 2 study of praluzatamab ravtansine in hormone receptor-positive/human epidermal growth factor receptor 2-non-amplified breast cancer (Arm A) met its primary efficacy endpoint of confirmed objective response rate (ORR) of more than 10%. Piper Sandler and Mizuho downgraded the stock also.

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Commodities

In commodity news, oil traded up 5.1% to $103.51, while gold traded up 0.1% to $1,738.70.

Silver traded up 0.1% to $19.165 on Thursday while copper rose 4.3% to $3.5555.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 1.88%, London’s FTSE 100 rose 1.14% while Spain’s IBEX 35 Index rose 2.19%. The German DAX gained 1.97%, French CAC 40 climbed 1.6% and Italy’s FTSE MIB Index gained 3.05%.

Industrial production in Germany rose 0.2% month-over-month in May following a revised 1.3% rise in the previous month. The Halifax house price index in the UK climbed 13% year-over-year in June, while labor productivity in the country fell by 0.6% on quarter during the first three months of the year.

Economics

The trade deficit shrank by $1.1 billion to a five-month low level of $85.5 billion in May, versus analysts’ expectations of $84.9 billion. Exports from the US increased by 1.2%, while imports rose 0.6%.

U.S. initial jobless claims increased by 4,000 to 235,000 in the week ended July 2nd, compared to analysts’ estimates of 230,000.

US natural-gas supplies jumped 60 billion cubic feet last week, the Energy Information Administration said.

US crude-oil inventories climbed 8.2 million barrels last week, the Energy Information Administration said.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,930,460 cases with around 1,044,550 deaths. India confirmed a total of at least 43,568,880 cases and 525,300 deaths, while Brazil reported over 32,687,680 COVID-19 cases with 672,820 deaths. In total, there were at least 557,774,720 cases of COVID-19 worldwide with more than 6,367,350 deaths.