US stocks traded lower midway through trading on Thursday following the release of several economic reports.
The Dow traded down 1.31% to 34,474.90 while the NASDAQ fell 1.56% to 13,903.83. The S&P also fell, dropping, 1.34% to 4,415.03.
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Leading and Lagging Sectors
Consumer staples shares climbed 0.1% on Thursday. Meanwhile, top gainers in the sector included Local Bounti Corporation (NYSE:LOCL), up 5% and Zevia PBC (NYSE:ZVIA) up 4%.
In trading on Thursday, information technology shares tumbled by 1.9%.
Top Headline
U.S initial jobless claims increased by 23,000 to 248,000 in the week ended February 12th. However, analysts were expecting a reading of 219,000.
Equities Trading UP
Inspirato Incorporated (NASDAQ:ISPO) shares shot up 232% to $42.80. The company had a high redemption rate on its SPAC merger.
Shares of Marin Software Incorporated (NASDAQ:MRIN) got a boost, shooting 26% to $4.1150 after the company announced TikTok integration.
Global-e Online Ltd. (NASDAQ:GLBE) shares were also up, gaining 24% to $45.73 after the company reported Q4 adjusted EBITDA results were higher year over year and better-than-expected Q4 sales results. The company also issued Q1 and FY22 sales guidance above estimates.
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Equities Trading DOWN
Amplitude, Inc. (NASDAQ:AMPL) shares tumbled 51% to $20.83 after the company reported Q4 earnings results and issued Q1 and FY22 sales guidance below estimates.
Shares of Fastly, Inc. (NYSE:FSLY) were down 28% to $20.83 after the company reported Q4 earnings results and issued Q1 and FY22 guidance.
Informatica Inc. (NYSE:INFA) was down, falling 29% to $19.86 after the company reported downbeat quarterly earnings.
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Commodities
In commodity news, oil traded down 2.2% to $91.60, while gold traded up 1.4% to $1,897.10.
Silver traded up 0.6% Thursday to $23.74 while copper fell 0.5% to $4.5155.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 slipped 0.91%, London’s FTSE 100 fell 1.18%, while Spain’s IBEX 35 Index fell 1.11%. The German DAX dropped 0.93%, French CAC 40 fell 0.66% and Italy’s FTSE MIB Index fell 1.21%.
Italy’s trade surplus shrank to EUR 1.103 billion in December from EUR 6.789 billion in the year-ago month, while Spain's trade deficit widened to €5.3 billion in December from €1.1 billion. Passenger car sales in the European Union dropped 6% year-over-year to 682,596 in January.
Economics
Housing starts in the US dropped 4.1% to an annual rate of 1.638 million in January, while building permits increased 0.7% to an annual rate of 1.899 million.
U.S initial jobless claims increased by 23,000 to 248,000 in the week ended February 12th. However, analysts were expecting a reading of 219,000.
The Philadelphia Fed Manufacturing Index fell to 16 in February from 23.2 in January.
U.S. natural-gas supplies dropped 190 billion cubic feet last week, the Energy Information Administration said.
Federal Reserve Bank of Cleveland President Loretta Mester will speak at 5:00 p.m. ET.
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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 79,808,640 cases with around 952,600 deaths. India confirmed a total of at least 42,754,310 cases and 510,440 deaths, while Brazil reported over 27,812,210 COVID-19 cases with 640,860 deaths. In total, there were at least 418,657,700 cases of COVID-19 worldwide with more than 5,871,220 deaths.
