Dow Dips Over 300 Points; Provention Bio Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping more than 300 points on Thursday.

The Dow traded down 1.10% to 29,940.27 while the NASDAQ fell 0.62% to 11,080.68. The S&P 500 also fell, dropping, 0.93% to 3,748.08.

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Leading and Lagging Sectors

Energy shares jumped by 1.5% on Thursday. Leading the sector was strength from SEACOR Marine Holdings Inc. SMHI and Permianville Royalty Trust PVL.

In trading on Thursday, utilities shares fell by 3%.

Top Headline

US natural-gas supplies surged 129 billion cubic feet last week, the Energy Information Administration said.

Equities Trading UP

• Motus GI Holdings, Inc. MOTS shares shot up 56% to $2.9350 after the company was granted a US patent titled 'Cleaning Method for Prepless Colonoscopy.'
• Shares of Provention Bio, Inc. PRVB got a boost, shooting 26% to $6.26 after the company announced it has entered into a co-promotion agreement with Sanofi U.S. for the launch of its lead investigational drug candidate teplizumab.
• Kiromic BioPharma, Inc. KRBP shares were also up, gaining 33% to $0.3610 after the company announced it received feedback from the FDA pursuant to its Type B Pre-IND meeting request regarding its Deltacel development strategy.

Equities Trading DOWN

• AngioDynamics, Inc. ANGO shares tumbled 20% to $17.32 after the company reported worse-than-expected Q1 results.
• Shares of Applied Therapeutics, Inc. APLT were down 31% to $0.6599. Applied Therapeutics’ ACTION-Galactosemia Kids Phase 3 trial has demonstrated a trend in clinical benefit favoring AT-007 vs. placebo. A data review at 12 months by the monitoring committee indicated that while the study's primary endpoint has not yet reached statistical significance, a trend exists favoring AT-007 vs. placebo.
• Cyclerion Therapeutics, Inc. CYCN was down, falling 39% to $0.5752 after the company announced a mitochondrial disease-focused strategy. The plan will include a 45% workforce reduction.

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Commodities

In commodity news, oil traded up 0.8% to $88.48, while gold traded up 0.1% at $1,721.90.

Silver traded up 0.8% to $20.705 on Thursday while copper fell 1.7% to $3.4415.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.64%, London’s FTSE 100 fell 0.78% while Spain’s IBEX 35 Index fell 0.91%. The German DAX dropped 0.37%, French CAC 40 fell 0.82% and Italy’s FTSE MIB Index fell 1.03%.

The S&P Global Eurozone construction PMI rose to 45.3 in September from 44.2 in the previous month, recording contraction for the fifth straight month. The S&P Global/CIPS UK construction PMI climbed to 52.3 in September from 49.2 in the prior month.

Passenger car registrations in France surged 5.5% year-over-year to 141,142 units in September, while construction PMI rose to 49.1 in September from 48.2 a month ago. German construction PMI declined to 41.8 in September from 42.6 in August, while factory orders in Germany slipped 2.4% month-over-month in August. The S&P Global Italy construction PMI surged to 46.7 in September from 41.2 in August. Industrial production in Spain climbed 5.5% year-over-year in August.

Economics

• US-based companies announced plans to reduce 29,989 jobs from their payrolls during the month of September.
• US initial jobless claims rose by 29,000 to 219,000 in the week that ended October 1st, above market expectations of 203,000.
• US natural-gas supplies surged 129 billion cubic feet last week, the Energy Information Administration said.
• Federal Reserve Governor Christopher Waller is set to speak at 5:00 p.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester will speak at 6:30 p.m. ET.

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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 98,411,240 cases with around 1,086,680 deaths. India confirmed a total of at least 44,604,460 cases and 528,740 deaths, while France reported over 35,639,690 COVID-19 cases with 155,310 deaths. In total, there were at least 625,040,080 cases of COVID-19 worldwide with more than 6,555,810 deaths.