US Stocks Flat; Initial Jobless Claims Fall To 210,000

U.S. stocks traded mixed this morning, with the Dow Jones index trading almost flat on Thursday.

Following the market opening Thursday, the Dow traded down 0.02% to 39,753.17 while the NASDAQ fell 0.08% to 16,385.80. The S&P 500 also rose, gaining, 0.04% to 5,250.38.

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Leading and Lagging Sectors

 

Real estate shares jumped by 0.7% on Thursday.

In trading on Thursday, information technology shares fell by 0.2%.

 

Top Headline

 

U.S. initial jobless claims fell by 2,000 to 210,000 in the week ending March 23, compared to market estimates of 215,000.

 

Equities Trading UP

 

Avalo Therapeutics, Inc. AVTX shares shot up 435% to $24.91 after the company announced it acquired a Phase 2-ready anti-IL-1β mAb, which it refers to as AVTX-009, through the acquisition of privately held AlmataBio. The company also announced a private placement financing of up to $185 million.

Shares of Xilio Therapeutics, Inc. XLO got a boost, surging 154% to $1.62 after the company announced an exclusive license agreement with Gilead Sciences for a tumor-activated IL-12 program. The company announced a $11.3 million private placement equity financing.

Biodexa Pharmaceuticals Plc BDRX shares were also up, gaining 92% to $1.65. Biodexa's MTX110 showed promise in extending life expectancy against aggressive brain cancers.

 

Equities Trading DOWN

 

Primech Holdings Ltd. PMEC shares dropped 49% to $1.98 after the company issued financial updates and corporate highlights for the six months ended Sept. 30, 2023.

Shares of Gamida Cell Ltd. GMDA were down 27% to $0.0434. Gamida Cell shares dipped over 82% on Wednesday after the company reported fourth-quarter results and disclosed the commencement of a restructuring process.

Kodiak Sciences Inc. KOD was down, falling 24% to $5.63 after the company reported a wider-than-expected fourth-quarter loss.

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Commodities

 

In commodity news, oil traded up 1.2% to $82.34 while gold traded up 0.6% at $2,226.90.

Silver traded down 0.2% to $24.70 on Thursday, while copper fell 0.2% to $3.9905.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index fell 0.1% The German DAX rose 0.1% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index rose 0.1%.

Bank lending to households in the Eurozone rose by 0.3% year-over-year to €6.87 trillion in February. The manufacturing confidence index in Italy climbed to 88.6 in March versus a revised reading of 87.5 in the prio month. German jobless rate came in steady at 5.9% in March, while German retail sales fell by 1.9% month-over-month for February.

The British economy shrank by 0.2% year-over-year during the fourth quarter, while current account gap in the UK widened to £21.2 billion in the fourth quarter of 2023 versus a revised £18.5 billion gap in the prior period. UK car production climbed 14.6% year-over-year to 79,907 units in February.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 falling 1.46%, Hong Kong’s Hang Seng Index gaining 0.91%, China’s Shanghai Composite Index gaining 0.59% and India’s S&P BSE Sensex gaining 1.4%.

Singapore bank loans rose to SGD 801.5 billion in February from SGD 794.3 billion in the prior month. The Domestic Supply Price Index in Singapore fell 2.8% year-over-year for February.

 

Economics

 

The U.S. economy grew an annualized 3.4% in the fourth quarter, up from 3.2% previously reported.

U.S. initial jobless claims fell by 2,000 to 210,000 in the week ending March 23, compared to market estimates of 215,000.

The Chicago PMI declined to 41.4 in March from 44 in the previous month.

U.S. pending home sales climbed by 1.6% from the prior month in February versus a revised 4.7% decline in the prior month.

The University of Michigan consumer sentiment rose to 79.4 in March versus a preliminary reading of 76.5.

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