Following the market opening Thursday, the Dow traded up 0.56% to 27936.69 while the NASDAQ rose 1.10% to 11,290.68. The S&P also rose, gaining 0.62% to 3,383.84.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,234,320 cases with around 206,960 deaths. India confirmed a total of at least 6,312,580 confirmed cases and 98,670 deaths, while Brazil reported over 4,810,930 COVID-19 cases with 143,950 deaths. In total, there were at least 34,018,140 cases of COVID-19 worldwide with over 1,014,990 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Communication services shares jumped 1.2% on Thursday. Meanwhile, top gainers in the sector included ANGI Homeservices Inc. ANGI, up 8%, and Lizhi Inc. LIZI, up 8%.
In trading on Thursday, energy shares fell by 3%.
Top Headline
PepsiCo, Inc. PEP reported better-than-expected results for its third quarter.
PepsiCo reported quarterly earnings of $1.66 per share, exceeding analysts’ estimates of $1.49 per share. The company reported sales of $18.09 billion, surpassing expectations of $17.23 billion.
Pepsi Co said it sees FY20 organic revenue growth roughly at 4%, and FY20 EPS of $5.50 per share.
Equities Trading UP
Solid Biosciences Inc. SLDB shares shot up 128% to $4.63 after the company announced the FDA has lifted the clinical hold placed on the Company's IGNITE DMD Phase I/II clinical trial.
Shares of Enlivex Therapeutics Ltd. ENLV got a boost, shooting 55% to $9.18 after the company announced positive top-line results of an investigator-initiated clinical trial of Allocetra in COVID-19 patients in severe/critical condition.
American Equity Investment Life Holding Company AEL shares were also up, gaining 39% to $30.51 after the company said it received an unsolicited non-binding proposal from Athene to acquire all outstanding shares of its common stock at $36 per shares in cash.
Equities Trading DOWN
Selecta Biosciences, Inc. SELB shares tumbled 33% to $1.655. Selecta Biosciences and licensing partner Swedish Orphan Biovitrum AB announced negative results for the Phase 2 COMPARE trial comparing the efficacy of SEL-212 to Horizon Therapeutics’ Krystexxa, the currently approved uricase in the U.S. for the treatment of chronic refractory gout..
Shares of LogicBio Therapeutics, Inc. LOGC were down 34% to $6.01 after the company reported the pricing of its 7 million share common stock offering at $6 per share.
ChinaNet Online Holdings, Inc. CNET was down, falling 28% to $1.46 after rising 53% on Wednesday.
Commodities
In commodity news, oil traded down 2.9% to $39.07, while gold traded up 0.4% to $1,902.80.
Silver traded up 1.1% Thursday to $23.745 while copper fell 0.6% to $3.01.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.6%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index rose 0.6%. Meanwhile, the German DAX 30 gained 0.1%, French CAC 40 rose 0.7% and London’s FTSE 100 rose 0.5%.
Economics
US initial jobless claims dropped to 837,000 in the week ended September 26, from revised reading of 873,000 in the previous week.
US personal income declined 2.7% in August, while personal consumption expenditure gained 1%.
The IHS Markit manufacturing PMI declined to 53.2 in September versus a preliminary reading of 53.51.
The ISM manufacturing PMI declined to 55.4 in September versus 56 in August.
US construction spending rose 1.4% for August.
Federal Reserve Bank of New York President John Williams is set to speak at 11:00 a.m. ET.
The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
Fed Governor Michelle Bowman is set to speak at 3:00 p.m. ET.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
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