Dow Jumps Over 700 Points; US Inflation Rate Falls In October

U.S. stocks traded sharply higher this morning , following the release of inflation data on Thursday.

Following the market opening Thursday, the Dow traded up 2.37% to 33,283.4 while the NASDAQ climbed 4.63% to 10,832.27. The S&P 500 also rose, gaining, 3.58% to 3,882.63.

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Leading and Lagging Sectors

Real estate shares jumped 5.4% on Thursday. Leading the sector was strength from Redfin Corp RDFN and Opendoor Technologies Inc. OPEN.

In trading on Thursday, energy shares rose by just 1.6%.

Top Headline

 

The annual inflation rate in the US fell to 7.7% in October, recording the lowest level since January, and compared to 8.2% in September. Analysts, meanwhile, were expecting a reading of 8%.

 

Equities Trading UP

 

• Magnite, Inc. MGNI shares shot up 44% to $8.30 after the company reported better-than-expected Q3 results.
• Shares of Repay Holdings Corporation RPAY got a boost, shooting 38% to $6.06 after the company reported upbeat Q3 results.
• Digital Turbine, Inc. APPS shares were also up, gaining 41% to $15.22 after reporting upbeat Q2 earnings.

 

 

Equities Trading DOWN

• Apyx Medical Corporation APYX shares tumbled 61% to $1.7150 after the company reported downbeat Q3 earnings and updated FY22 guidance.
• Shares of Edgio, Inc. EGIO were down 55% to $0.9763 after the company reported worse-than-expected Q3 sales results and issued Q4 sales guidance below analyst estimates.
• Veru Inc. VERU was down, falling 56% to $6.67 after the company reported that FDA’s Pulmonary-Allergy Drugs Advisory Committee voted 8-5 that the “known and potential benefits” of its sabizabulin in treating adult hospitalized COVID-19 patients at high risk of acute respiratory distress syndrome do not outweigh the “known and potential risks.”

 

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Commodities

In commodity news, oil traded down 0.8% to $85.16 while gold traded up 1.8% at $1,743.70.

Silver traded up 2.1% to $21.765 on Thursday while copper rose 1.8% to $3.7670.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 jumped 2.2%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 0.9%. The German DAX climbed 2.9%, French CAC 40 rose 1.7% and Italy’s FTSE MIB Index gained 2.1%.

Industrial production in Italy dropped 1.8% from a month ago in September.

 

Asia Pacific Markets

Asian markets closed lower on Thursday, with the Japan’s Nikkei dropping 0.98% and Hong Kong’s Hang Seng Index dropping 1.7%. China’s Shanghai Composite Index dropped 0.39%.

Auto sales in China surged by 6.9% year-over-year to 2.51 million units in October. Inflation expectations in Australia climbed to 6% in November versus 5.4% a month ago.

Economics

 

• US jobless claims climbed by 7,000 to 225,000 in the week ending November 5, the strongest growth in four weeks.
• The annual inflation rate in the US fell to 7.7% in October, recording the lowest level since January, and compared to 8.2% in September. Analysts, meanwhile, were expecting a reading of 8%.

 

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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 99,809,760 cases with around 1,099,490 deaths. India confirmed a total of at least 44,663,960 cases and 530,510 deaths, while France reported over 37,041,020 COVID-19 cases with 157,610 deaths. In total, there were at least 639,014,350 cases of COVID-19 worldwide with more than 6,610,620 deaths.