Crude Oil Rises Sharply; BIOLASE Shares Plunge

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 100 points on Thursday.

The Dow traded up 0.61% to 34,784.94 while the NASDAQ rose 0.71% to 13,911.78. The S&P 500, also rose, gaining, 0.64% to 4,495.82.

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Leading and Lagging Sectors

Energy shares jumped by 1.2% on Thursday.

In trading on Thursday, health care shares rose by just 0.1%.

 

Top Headline

U.S. initial jobless claims rose by 3,000 to 220,000 in the week ending Sept. 9, versus market estimates of 225,000.

 

Equities Trading UP

First Wave BioPharma, Inc. FWBI shares shot up 59% to $0.6899 after the company announced license agreement for capeserod from Sanofi.

Shares of PFSweb, Inc. PFSW got a boost, shooting 48% to $7.43 after GXO Logistics announced it will acquire the company.

MYT Netherlands Parent B.V. MYTE shares were also up, gaining 16% to $4.36 after the company reported fourth-quarter financial results.

 

Equities Trading DOWN

IBEX Limited IBEX shares dropped 21% to $14.40 after the company reported worse-than-expected fourth-quarter financial results and issued FY24 revenue guidance below estimates.

Shares of Clearmind Medicine Inc. CMND were down 56% to $0.1772. Clearmind Medicine announced pricing of $2.25 million public offering of 7.5 million shares at $0.30/share.

BIOLASE, Inc. BIOL was down, falling 40% to $1.94 after the company announced pricing of a $4.5 million underwritten public offering of Series J Convertible Redeemable Preferred Stock and warrants.

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Commodities

In commodity news, oil traded up 1.7% to $90.04 while gold traded down 0.2% at $1,928.20.

Silver traded down 1.7% to $22.785 on Thursday while copper rose 0.4% to $3.8075.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.22% London’s FTSE 100 gained 1.67% while Spain’s IBEX 35 Index rose 1.09% The German DAX rose 0.67% French CAC 40 climbed 0.97%, while Italy’s FTSE MIB Index climbed 1.08%.

The ECB raised interest rates for the 10th straight time on September 14.

 

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 1.41%, Hong Kong’s Hang Seng Index rising 0.21% and China’s Shanghai Composite Index gaining 0.11%. India’s S&P BSE Sensex, meanwhile, rose 0.1%.

India's wholesale prices fell by 0.52% year-over-year in August following a 1.36% decline in the earlier month. Industrial production in Japan fell by 1.8% month-over-month in July versus a final 2.4% increase in the prior month. Japan's core machinery orders declined 1.1% month-over-month in July following a 2.7% growth in June.

 

Economics

Producer prices in the U.S. rose by 0.7% in August 2023, higher than market expectations for a 0.4% increase.

Retail sales in the U.S. rose 0.6% month-over-month in August following a revised 0.5% increase in July.

U.S. initial jobless claims rose by 3,000 to 220,000 in the week ending Sept. 9, versus market estimates of 225,000.

Total business inventories in the U.S. came in flat month-over-month in July versus a revised 0.1% decline in the previous month.

U.S. natural gas supplies climbed 57 billion cubic feet last week, the EIA said.

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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 108,386,680 cases with around 1,174,840 deaths. India confirmed a total of at least 44,997,910 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,248,690 cases of COVID-19 worldwide with more than 6,915,120 deaths.