Nasdaq Moves Lower; Levi Strauss Shares Slide

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 200 points on Thursday.

The Dow traded down 0.54% to 41,969.72 while the NASDAQ fell 0.22% to 17,886.45. The S&P 500 also fell, dropping, 0.30% to 5,692.35.

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Leading and Lagging Sectors

Energy shares jumped by 1.3% on Thursday.

In trading on Thursday, consumer discretionary shares dipped by 1.4%.

Top Headline

U.S. natural-gas stocks rose 55 billion cubic feet during the week ended Sept. 27, compared to market estimates of a 57 bcf gain.

Equities Trading UP
                       

• Elevai Labs Inc. ELAB shares shot up 54% to $0.1317 after the company announced its subsidiary, Elevai Biosciences, filed two patent applications for its lead candidate, EL-22, aimed at treating muscle loss in obese patients.
• Shares of Theriva Biologics, Inc. TOVX got a boost, surging 28% to $1.5843 after the company announced the Data and Safety Monitoring Committee’s review outcome for its Phase 1b/2a clinical trial of SYN-004. The DSMC has recommended the study proceed to enroll cohort 3.
• AMTD Digital Inc. HKD shares were also up, gaining 30% to $5.09.

Equities Trading DOWN

• AngioDynamics, Inc. ANGO shares dropped 18% to $6.31 following first-quarter results.
• Shares of Levi Strauss & Co. LEVI were down 7% to $19.53 after the company reported worse-than-expected third-quarter sales results and issued its FY24 adjusted EPS guidance with its midpoint below estimates. The company began a strategic review for its Dockers brand and is exploring a potential sale or other strategic transactions.
• Ingevity Corporation  NGVT was down, falling 13% to $32.73 as the company said John Fortson has departed as president and CEO and from the board of directors of the company, effective as of Oct. 2.

Commodities

In commodity news, oil traded up 4.4% to $73.15 while gold traded up 0.3% at $2,676.60.

Silver traded up 1.3% to $32.33 on Thursday, while copper fell 2.2% to $4.5450.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.93%, Germany's DAX fell 0.78% and France's CAC 40 fell 1.32%. Spain's IBEX 35 Index rose 0.07%, while London's FTSE 100 fell 0.10%.

Producer prices in the Eurozone rose 0.6% month-over-month in August compared to a revised 0.7% increase in July. The HCOB Eurozone composite PMI was revised higher to 49.6 in September versus a preliminary reading of 48.9.

The S&P Global UK services PMI declined to 52.4 in September from 53.7 in the previous month, while German services PMI fell to 50.6 in September from 51.2 a month ago.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 gaining 1.97%, Hong Kong's Hang Seng Index falling 1.47% and India's BSE Sensex dipping 2.10%.

The au Jibun Bank Japan services PMI was revised lower to 53.1 for September, versus a preliminary reading of 53.9.

Economics

• U.S. initial jobless claims increased by 6,000 from the prior week to 225,000 during the week ended Sept. 28, compared to market estimates of 220,000.
• The S&P Global services PMI was revised lower to 55.2 in September compared to a preliminary reading of 55.4, and versus a reading of 55.7 in August.
• The S&P Global U.S. composite PMI sipped to 54 in September versus a preliminary reading of 54.4, and versus 54.6 in August.
• U.S. natural-gas stocks rose 55 billion cubic feet during the week ended Sept. 27, compared to market estimates of a 57 bcf gain.

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