Crude Oil Jumps Over 4%; US Services PMI Revised Lower

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining around 0.2% on Thursday.

Following the market opening Thursday, the Dow traded up 0.16% to 17,954.10 while the NASDAQ gained 0.43% to 18,002.24. The S&P 500 also fell, dropping, 0.03% to 5,707.82.

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Leading and Lagging Sectors

Information technology shares jumped by 1.3% on Thursday.

In trading on Thursday, materials shares dipped by 0.9%.

Top Headline

The S&P Global services PMI was revised lower to 55.2 in September compared to a preliminary reading of 55.4, and versus a reading of 55.7 in August.

The S&P Global U.S. composite PMI sipped to 54 in September versus a preliminary reading of 54.4, and versus 54.6 in August.

Equities Trading UP
                       

• Elevai Labs Inc. ELAB shares shot up 67% to $0.1416 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 47% to $1.8253 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.
• AMTD Digital Inc. HKD shares were also up, gaining 30% to $5.09.

Equities Trading DOWN

• AngioDynamics, Inc. ANGO shares dropped 19% to $6.21 following first-quarter results.
• Shares of Kaixin Holdings  KXIN were down 11% to $0.3042. 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.
• Ingevity Corporation  NGVT was down, falling 14% to $32.22 as the company said John Fortson has departed as president and CEO and from the board of directors of the company, effective as of Oct. 2.

Commodities

In commodity news, oil traded up 4.3% to $73.14 while gold traded down 0.1% at $2,667.50.

Silver traded up 0.3% to $32.015 on Thursday, while copper fell 2% to $4.5540.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.79%, Germany's DAX fell 0.69% and France's CAC 40 fell 0.97%. Spain's IBEX 35 Index rose 0.18%, while London's FTSE 100 fell 0.07%.

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.
• The S&P Global services PMI was revised lower to 55.2 in September compared to a preliminary reading of 55.4, and versus a reading of 55.7 in August.
• The S&P Global U.S. composite PMI sipped to 54 in September versus a preliminary reading of 54.4, and versus 54.6 in August.

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