Dow Dips Over 100 Points; US Jobless Claims Increase To 225,000

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.34% to 42,053.78 while the NASDAQ slipped 0.14% to 17,900.80. The S&P 500 also fell, dropping, 0.13% to 5,701.91.

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Leading and Lagging Sectors

Information technology shares jumped by 0.4% on Thursday.

In trading on Thursday, materials shares dipped by 0.8%.

Top Headline

U.S. initial jobless claims increased by 6,000 from the prior week to 225,000 during the week ended Sept. 28, compared to market estimates of 220,000.

Equities Trading UP
                       

• Elevai Labs Inc. ELAB shares shot up 79% to $0.1530 after the company announced its subsidiary, Elevai Biosciences, filed two patent applications for its lead candidate, EL-22, aimed at treating muscle loss in obese patients.
• Shares of Theriva Biologics, Inc. TOVX got a boost, surging 51% to $1.8699 after the company announced the Data and Safety Monitoring Committee’s review outcome for its Phase 1b/2a clinical trial of SYN-004. The DSMC has recommended the study proceed to enroll cohort 3.
• Pineapple Energy Inc. PEGY shares were also up, gaining 40% to $0.1601.

Equities Trading DOWN

• Cemtrex, Inc. CETX shares dropped 43% to $2.99.
• Shares of Kaixin Holdings  KXIN were down 27% to $0.2497. Shares of US-listed Chinese stocks traded lower as the sector pulled back from recent strength. These companies rallied after the People’s Bank of China announced a new stimulus package ahead of the Golden Week holidays.
• MMTec, Inc. MTC was down, falling 26% to $0.5692.

Commodities

In commodity news, oil traded up 2% to $71.47 while gold traded up 0.1% at $2,670.80.

Silver traded down 0.4% to $31.80 on Thursday, while copper fell 1.9% to $4.5620.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.7%, Germany's DAX fell 0.6% and France's CAC 40 fell 0.9%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 gained 0.1%.

Producer prices in the Eurozone rose 0.6% month-over-month in August compared to a revised 0.7% increase in July. The HCOB Eurozone composite PMI was revised higher to 49.6 in September versus a preliminary reading of 48.9.

The S&P Global UK services PMI declined to 52.4 in September from 53.7 in the previous month, while German services PMI fell to 50.6 in September from 51.2 a month ago.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 gaining 1.97%, Hong Kong's Hang Seng Index falling 1.47% and India's BSE Sensex dipping 2.10%.

The au Jibun Bank Japan services PMI was revised lower to 53.1 for September, versus a preliminary reading of 53.9.

Economics

U.S. initial jobless claims increased by 6,000 from the prior week to 225,000 during the week ended Sept. 28, compared to market estimates of 220,000.

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