Dow Tumbles Over 200 Points Following Jobless Claims Data

U.S. stocks traded lower this morning, with the Dow Jones dropping over 200 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.70% to 33,318.50 while the NASDAQ fell 1.25% to 11,044.04. The S&P 500 also fell, dropping, 1.08% to 3,915.88.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.4% on Thursday. Leading the sector was strength from RLX Technology Inc. RLX and Dole plc DOLE.

In trading on Thursday, communication services dipped by 1.9%.

Top Headline

US jobless claims dropped by 4,000 to 222,000 on the week ending November 12th, compared to market estimates of 225,000.

Equities Trading UP

• Bath & Body Works, Inc. BBWI shares shot up 21% to $37.82 after the company reported better-than-expected Q3 results.
• Shares of Kiora Pharmaceuticals, Inc. KPRX got a boost, shooting 18% to $7.04. Kiora Pharmaceuticals dosed first patient in ABACUS Phase 1b study evaluating KIO-301 for retinitis pigmentosa.
• Cartesian Growth Corporation GLBL shares were also up, gaining 16% to $10.00 after dropping over 15% on Wednesday.

Equities Trading DOWN

• Singularity Future Technology Ltd. SGLY shares tumbled 45% to $1.15.
• Shares of Tenaya Therapeutics, Inc. TNYA were down 24% to $2.41 after the company announced pricing of a public offering of 22,613,307 shares of common stock at a price of $2.60 per share.
• EZCORP, Inc. EZPW was down, falling 11% to $8.68 after the company reported Q4 results.

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Commodities

In commodity news, oil traded down 1.9% to $83.98 while gold traded down 0.8% at $1,761.90.

Silver traded down 2.7% to $20.94 on Thursday while copper fell 2.3% to $3.6860.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 1.1%. The German DAX fell 0.2%, French CAC 40 fell 0.9% and Italy’s FTSE MIB Index fell 1.1%.

The Eurozone consumer price inflation fell to 10.6% year-over-year in versus a preliminary estimate of 10.7%, while construction output in the region increased 1% year-over-year in September. Passenger car registrations in the European Union surged 12.2% year-over-year to 745,855 units in October.

Spanish trade deficit increased to EUR 6.98 billion in September from EUR 2.39 billion in the year-ago.

Asia Pacific Markets

Asian markets closed lower on Thursday, with the Japan’s Nikkei dropping 0.35% and Hong Kong’s Hang Seng Index falling 1.15%. China’s Shanghai Composite Index fell 0.15%.

Hong Kong’s unemployment rate dropped to 3.8% in the three months ending October. Foreign direct investment into China jumped 14.4% from a year ago to CNY 1.09 trillion during the first ten months of the year. The unemployment rate in Australia fell to 3.4% in October from 3.5% in September. Exports from Japan jumped by 25.3% year-over-year to JPY 9,001.5 billion, while imports to the country climbed 53.5% to a new high of JPY 11,164.8 billion during October.

Economics

• US jobless claims dropped by 4,000 to 222,000 on the week ending November 12th, compared to market estimates of 225,000.
• The Philadelphia Fed Manufacturing Index declined to -19.4 in November from -8.7 in the previous month, recording the weakest level since May 2020.
• Housing starts in the US dropped 4.2% month-over-month to an annualized rate of 1.425 million in October, while building permits fell 2.4% to an annual rate of 1.526 million.

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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 100,054,790 cases with around 1,101,370 deaths. India confirmed a total of at least 44,668,290 cases and 530,540 deaths, while France reported over 37,217,030 COVID-19 cases with 158,000 deaths. In total, there were at least 641,668,210 cases of COVID-19 worldwide with more than 6,620,360 deaths.