US Stocks Mixed; Jobless Claims Rise More Than Expected

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 20 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.05% to 39,035.64 while the NASDAQ rose 0.14% to 16,326.18. The S&P 500 also fell, dropping, 0.07% to 5,191.38.

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Leading and Lagging Sectors

Real estate shares rose by 1.4% on Thursday.

In trading on Thursday, financial shares fell by 0.2%.

Top Headline

U.S. initial jobless claims increased by 22,000 to 231,000 on the week ending May 4, higher than market estimates of 210,000.

Equities Trading UP
                       

• Pop Culture Group Co., Ltd CPOP shares shot up 140% to $4.07 after the company reported a year-over-year increase in H2 2023 revenue results.
• Shares of Sezzle Inc.  SEZL got a boost, surging 55% to $69.53 after the company reported a year-over-year increase in first-quarter financial results.
• Embecta Corp. EMBC shares were also up, gaining 41% to $14.52 after the company reported upbeat second-quarter results and raised FY24 guidance.

Equities Trading DOWN

• Tivic Health Systems, Inc. TIVC shares dropped 61% to $0.5251 after the company reported pricing of $4 million public offering.
• Shares of EMCORE Corporation EMKR were down 54% to $1.35 after the company reported mixed second-quarter financial results and issued third-quarter revenue guidance below estimates.
• Cardlytics, Inc. CDLX was down, falling 43% to $8.33 after the company reported mixed first-quarter financial results and issued second-quarter revenue guidance with its midpoint below estimates. Also, Needham maintained a Buy rating on the stock and lowered its price target from $17 to $12.

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Commodities

In commodity news, oil traded up 0.6% to $79.44 while gold traded up 0.2% at $2,327.50.

Silver traded up 1.3% to $27.965 on Thursday, while copper fell 0.1% to $4.5420.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX rose 0.8% and France's CAC 40 gained 0.3%. Spain's IBEX 35 Index fell 1.1%, while London's FTSE 100 rose 0.2%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei falling 0.34%, China's Composite Index gaining 1.22%, Hong Kong's Hang Seng Index gaining 0.83% and India's S&P BSE Sensex falling 1.4%.

The index of leading economic indicators in Japan fell to 111.4 in March 2024 versus a revised reading of 112.1 in the prior month, while index of coincident economic indicators climbed to 113.9 in March versus a final level of 111.5 a month ago.

Chinese trade surplus shrank to $72.35 billion in April from $86.46 billion in the year-ago period a year earlier. Imports to China rose by 8.4%, while exports from China gained 1.5% year-over-year in April.                  

Economics

U.S. initial jobless claims increased by 22,000 to 231,000 on the week ending May 4, higher than market estimates of 210,000.

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