U.S. stocks traded higher this morning as the Nasdaq Composite gained more than 100 points on Thursday.
Following the market opening, the Dow traded up 0.14% to 38,204.88 while the NASDAQ rose 0.77% to 15,281.03. The S&P 500 also rose, gaining 0.49% to 4,869.54.
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Market Sector Performance
Communication services shares rose by 1.5% on Thursday, while utilities shares fell by 0.6% in trading on the same day.
Notable Headlines
Initial jobless claims in the U.S. increased to 224,000 in the week ended January 27, versus a revised 215,000 in the prior week and compared to market estimates of 212,000.
Stock Movement
Minim, Inc. MINM shares shot up 83% to $7.50 as David E. Lazar recently disclosed a 51% active stake in Minim.
Shares of NeuroBo Pharmaceuticals, Inc. NRBO surged 40% to $4.58 as NeuroBo Pharmaceuticals announced FDA clearance of IND for Phase 1 clinical trial of DA-1726 for the treatment of obesity.
FibroBiologics, Inc. FBLG shares were also up 20% to $35.00 after FibroBiologics announced direct listing on the NASDAQ.
On the downside, Revelation Biosciences, Inc. REVB shares dropped 61% to $3.40 after the company announced pricing of $6.2 million public offering. Meanwhile, shares of InVivo Therapeutics Holdings Corp. NVIV were down 57% to $0.2722. InVivo Therapeutics Holdings and subsidiary filed for Chapter 11 bankruptcy in Delaware, while CareMax, Inc. CMAX was down 26% to $7.67.
Commodity Movement
In commodity news, oil traded up 1% to $76.57 while gold traded down 0.5% at $2,057.30. Silver traded down 1.9% to $22.735 on Thursday, while copper fell 0.8% to $3.8745.
Euro zone Update
European shares were mixed with the eurozone’s STOXX 600 falling 0.1%, London’s FTSE 100 rising 0.1%, Spain’s IBEX 35 Index rising 0.2%, the German DAX falling 0.1%, French CAC 40 falling 0.5%, and Italy’s FTSE MIB Index climbing 0.1%. The inflation rate in the Eurozone fell to 2.8% year-over-year in January from 2.9% in the prior month. The HCOB Eurozone manufacturing PMI climbed to 46.6 in January, marking the highest level in ten months. The S&P Global UK manufacturing PMI fell to 47 in January versus the preliminary reading of 47.3, while German manufacturing PMI rose to 45.5 in January from 43.3 in December. The HCOB France manufacturing PMI climbed to 43.1 in January from 42.1 in the prior month.
Asia Pacific Markets Snapshot
Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 0.76%, Hong Kong’s Hang Seng Index gaining 0.52%, and China’s Shanghai Composite Index falling 0.64%. India’s S&P BSE Sensex fell 0.14%. The Hong Kong Monetary Authority maintained its base rate at 5.75%. Retail sales in Hong Kong rose 4.8% year-over-year in December compared to a revised 12.4% surge in the earlier month. The au Jibun Bank Japan manufacturing PMI edged higher to 48.0 in January from 47.9 in December. The HSBC India manufacturing PMI fell to 56.5 in January versus a flash reading of 56.9. The Caixin China general manufacturing PMI came in unchanged at 50.8 in January.
Economics Update
Nonfarm business sector labor productivity rose by 3.2% in the fourth quarter compared to a revised 4.9% increase in the third quarter. Unit labor costs rose an annualized 0.5% in the fourth quarter versus a revised 1.1% decline in the prior period. U.S. initial jobless claims increased to 224,000 in the week ended January 27, versus a revised 215,000 in the prior week and compared to market estimates of 212,000.
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