Gold Down 1.5%; Domino's Pizza Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping around 150 points on Thursday.

The Dow traded down 0.26% to 29,136.14 while the NASDAQ fell 1.51% to 10,259.34. The S&P 500 also fell, dropping, 0.78% to 3,548.98.

Also check this: Volatility In Markets Edges Lower Following PPI Data

Leading and Lagging Sectors

Energy shares rose by 1.9% on Thursday. Leading the sector was strength from GasLog Partners LP GLOP and Battalion Oil Corporation BATL.

In trading on Thursday, consumer discretionary shares dipped by 2.6%.

Top Headline

The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.

Equities Trading UP

• Laser Photonics Corporation LASE shares shot up 34% to $3.9093 after the company announced the Coca-Cola Company recently completed the implementation of its first CleanTech Handheld Laser Blasting system in its manufacturing facilities.
• Shares of Digital World Acquisition Corp. DWAC got a boost, shooting 22% to $19.40 following Wednesday reports suggesting Google has approved the Truth Social app on the Google Play Store. Digital World is the SPAC merger partner of Truth Social owner Trump Media & Technology.
• Domino's Pizza, Inc. DPZ shares were also up, gaining 9% to $329.24 after the company reported slightly better-than-expected Q3 sales and US same store sales growth of 2%,

Equities Trading DOWN

• Relmada Therapeutics, Inc. RLMD shares tumbled 78% to $6.99 after the company announced its RELIANCE III study did not achieve its primary endpoint.
• Shares of The Progressive Corporation PGR were down 8% to $112.19 following downbeat Q3 results
• Otonomy, Inc. OTIC was down, falling 59% to $0.1079 after the company reported higher dose cohorts for OTO-413 demonstrated no clinically meaningful improvement for patients from baseline.

Also check out: Cameco, Kinnate Biopharma And Other Big Losers From Wednesday

Commodities

In commodity news, oil traded down 0.6% to $86.77, while gold traded down 1.5% at $1,652.30.

Silver traded down 2.4% to $18.49 on Thursday while copper fell 1.3% to $3.3795.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.37%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.01%. The German DAX declined 0.02%, French CAC 40 fell 0.62% and Italy’s FTSE MIB Index gained 0.18%.

Annual inflation rate in Germany was confirmed at a rate of 10% for the month September.

Economics

• The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
• US initial jobless claims rose by 9,000 to a six-week high level of 228,000 in the week ending October 8th.
• US natural-gas supplies climbed 125 billion cubic feet last week, the Energy Information Administration said.
• Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.
• The Treasury will auction 30-year bonds at 1:00 p.m. ET.
• The U.S. Treasury budget report for September will be released at 2:00 p.m. ET.

Check out this: Fear & Greed Index Remains In 'Extreme Fear' Zone Ahead Of Inflation Data

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,727,130 cases with around 1,089,380 deaths. India confirmed a total of at least 44,621,310 cases and 528,840 deaths, while France reported over 36,038,320 COVID-19 cases with 155,670 deaths. In total, there were at least 628,463,600 cases of COVID-19 worldwide with more than 6,566,130 deaths.