US Stocks Edge Higher; Tesla Reports Downbeat Results

U.S. stocks traded slightly higher this morning, following the release of jobless claims data.

Following the market opening Thursday, the Dow traded up 0.03% to 33,675.56 while the NASDAQ rose 0.09% to 13,326.17. The S&P 500 also rose, gaining, 0.04% to 4,316.43.

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Leading and Lagging Sectors

 

Communication services shares climbed by 1.2% on Thursday.

In trading on Thursday, energy shares fell by 1%.

 

Top Headline

 

Tesla Inc TSLA reported weaker-than-expected earnings and sales results for its third quarter on Wednesday.

Tesla reported third-quarter revenue of $23.35 billion, which was up 9% year-over-year. The revenue total missed a Street consensus estimate of $24.38 billion. The company reported adjusted earnings per share of 66 cents in the third quarter, which missed a Street consensus estimate of 73 cents.

The company also said Cybertruck began pilot production in the third quarter at Gigafactory Texas, with deliveries anticipated for November 2023.

 

Equities Trading UP

 

SeaStar Medical Holding Corporation ICU shares shot up 41% to $1.09. SeaStar medical shares jumped 70% on Wednesday after the FDA granted the company's Selective Cytopheretic Device Breakthrough Device Designation for hepatorenal syndrome.

Shares of Spectral AI, Inc. MDAI got a boost, shooting 57% to $4.07. Spectral AI said that its DeepView SnapShot® Wound Imaging System is now UK Conformity Assessed (UKCA)-marked for use in the United Kingdom and has received Class 1 medical device classification with the United States Food and Drug Administration (FDA).

Zapp Electric Vehicles Group Limited ZAPP shares were also up, gaining 25% to $0.6875 after gaining around 7% on Wednesday.

 

Equities Trading DOWN

 

Nxu, Inc. NXU shares dropped 38% to $0.0430 after the company announced a $3 million public offering of common stock of 86 million shares at $0.035 per share.

Shares of Grindrod Shipping Holdings Ltd. GRIN were down 15% to $10.50.

Mullen Automotive, Inc. MULN was down, falling 25% to $0.2570. Mullen Automotive filed preliminary proxy statement to the SEC to hold a stockholders meeting on Dec. 15, to effect a reverse stock split of the company's common stock at an exchange ratio between 1-for-2 to 1-for-100.

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Commodities

 

In commodity news, oil traded down 0.8% to $87.66 while gold traded down 0.3% at $1,963.20.

Silver traded down 0.3% to $23.04 on Thursday while copper rose 0.4% to $3.60.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 1% while Spain’s IBEX 35 Index fell 0.7% The German DAX fell 0.2% French CAC 40 declined 0.7%, while Italy’s FTSE MIB Index declined 1%.

The Eurozone recorded a current account surplus of EUR 30.67 billion in August versus a year-ago deficit of EUR 26.57 billion. Spain's trade deficit narrowed to EUR 4.4 billion in August from EUR 7.9 billion in the year-ago month. The manufacturing climate indicator in France fell to 98 in October versus 99 in the prior month.

 

Asia Pacific Markets

 

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 1.91%, China’s Shanghai Composite Index falling 2.46% and Hong Kong’s Hang Seng Index falling 1.74%. India’s S&P BSE Sensex, meanwhile, fell 0.25%.

Japan posted a trade surplus of JPY 62.44 billion in September compared to a deficit of JPY 2,099 billion in the year-ago period. Hong Kong's unemployment rate came in unchanged at 2.8% in the three months ending September. Average new home prices in China declined by 0.1% year-over-year in September.

 

Economics

 

The Philadelphia Fed Manufacturing Index rose -9 in October from -13.5 a month ago, versus market estimates of -6.4.

U.S. jobless claims declined by 13,000 from the previous week to 198,000 in the week ending October 14, compared to market expectations of 212,000.

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