U.S. stocks traded sharply higher midway through trading , with the Nasdaq Composite gaining 600 points on Thursday.
The Dow traded up 2.84% to 33,437.18 while the NASDAQ climbed 5.81% to 10,954.19. The S&P 500 also rose, gaining, 4.35% to 3,911.49.
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Leading and Lagging Sectors
Consumer discretionary shares jumped 7.3% on Thursday. Leading the sector was strength from Purple Innovation, Inc. (NASDAQ:PRPL) and CarParts.com, Inc. (NASDAQ:PRTS).
In trading on Thursday, energy shares rose by just 1.6%.
Top Headline
The annual inflation rate in the US fell to 7.7% in October, recording the lowest level since January, and compared to 8.2% in September. Analysts, meanwhile, were expecting a reading of 8%.
Equities Trading UP
- Magnite, Inc. (NASDAQ:MGNI) shares shot up 53% to $8.86 after the company reported better-than-expected Q3 results.
- Shares of Ebix, Inc. (NASDAQ:EBIX) got a boost, shooting 73% to $27.67. Ebix, on Wednesday, reported third-quarter FY22 revenue growth of 35% year-on-year to $257.9 million.
- Digital Turbine, Inc. (NASDAQ:APPS) shares were also up, gaining 59% to $17.16 after reporting upbeat Q2 earnings.
Equities Trading DOWN
- Apyx Medical Corporation (NASDAQ:APYX) shares tumbled 64% to $1.5891 after the company reported downbeat Q3 earnings and updated FY22 guidance.
- Shares of Edgio, Inc. (NASDAQ:EGIO) were down 51% to $1.0583 after the company reported worse-than-expected Q3 sales results and issued Q4 sales guidance below analyst estimates.
- Veru Inc. (NASDAQ:VERU) was down, falling 54% to $6.89 after the company reported that FDA’s Pulmonary-Allergy Drugs Advisory Committee voted 8-5 that the “known and potential benefits” of its sabizabulin in treating adult hospitalized COVID-19 patients at high risk of acute respiratory distress syndrome do not outweigh the “known and potential risks.”
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Commodities
In commodity news, oil traded up 0.9% to $86.64 while gold traded up 2.1% at $1,750.10.
Silver traded up 1.6% to $21.66 on Thursday while copper rose 2.2% to $3.7795.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 jumped 2.63%, London’s FTSE 100 rose 1.03% while Spain’s IBEX 35 Index rose 1.08%. The German DAX climbed 3.23%, French CAC 40 rose 1.79% and Italy’s FTSE MIB Index gained 2.34%.
Industrial production in Italy dropped 1.8% from a month ago in September.
Asia Pacific Markets
Asian markets closed lower on Thursday, with the Japan’s Nikkei dropping 0.98% and Hong Kong’s Hang Seng Index dropping 1.7%. China’s Shanghai Composite Index dropped 0.39%.
Auto sales in China surged by 6.9% year-over-year to 2.51 million units in October. Inflation expectations in Australia climbed to 6% in November versus 5.4% a month ago.
Economics
- US jobless claims climbed by 7,000 to 225,000 in the week ending November 5, the strongest growth in four weeks.
- The annual inflation rate in the US fell to 7.7% in October, recording the lowest level since January, and compared to 8.2% in September. Analysts, meanwhile, were expecting a reading of 8%.
- US natural-gas supplies climbed 79 billion cubic feet last week, the EIA said.
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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 99,809,760 cases with around 1,099,490 deaths. India confirmed a total of at least 44,663,960 cases and 530,510 deaths, while France reported over 37,041,020 COVID-19 cases with 157,610 deaths. In total, there were at least 639,014,350 cases of COVID-19 worldwide with more than 6,610,620 deaths.
