Dow Jumps Over 1,000 Points; Digital Turbine Shares Spike Higher

U.S. stocks traded sharply higher toward the end of trading, with the NASDAQ Composite jumping over 6% on Thursday.

The Dow traded up 3.15% to 33,536.81 while the NASDAQ climbed 6.24% to 10,999.19. The S&P 500 also rose, gaining, 4.68% to 3,923.87.

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Leading and Lagging Sectors

Consumer discretionary shares jumped 7% on Thursday. Leading the sector was strength from Purple Innovation, Inc. PRPL and YETI Holdings, Inc. YETI.

In trading on Thursday, energy shares rose by just 1.4%.

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 60% to $9.23 after the company reported better-than-expected Q3 results.
• Shares of TG Therapeutics, Inc. TGTX got a boost, shooting 62% to $8.34 following narrower-than-expected Q3 loss.
• Digital Turbine, Inc. APPS shares were also up, gaining 59% to $17.10 after reporting upbeat Q2 earnings.

Equities Trading DOWN

• Apyx Medical Corporation APYX shares tumbled 57% to $1.9050 after the company reported downbeat Q3 earnings and updated FY22 guidance.
• Shares of Edgio, Inc. EGIO were down 46% to $1.1650 after the company reported worse-than-expected Q3 sales results and issued Q4 sales guidance below analyst estimates.
• Veru Inc. VERU was down, falling 52% to $7.21 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 up 1.3% to $86.90 while gold traded up 2.4% at $1,753.90.

Silver traded up 1.7% to $21.685 on Thursday while copper rose 1.7% to $3.7635.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 jumped 2.75%, London’s FTSE 100 rose 1.08% while Spain’s IBEX 35 Index rose 1.15%. The German DAX climbed 3.15%, French CAC 40 rose 1.96% and Italy’s FTSE MIB Index gained 2.58%.

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%.
• US natural-gas supplies climbed 79 billion cubic feet last week, the EIA 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 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.