Nasdaq Surges 100 Points; US Initial Jobless Claims Fall

U.S. stocks rose, with the Nasdaq gaining over 100 points. Initial jobless claims fell by 33,000 to 231,000, better than expected. Notable stock movements included 89bio, Inc. surging 85% after an acquisition announcement, while Replimune Group, Inc. dropped 40% amid FDA feedback evaluations. In commodities, oil rose 0.5%, while gold and silver saw slight declines. European markets were mostly up, and Asian markets closed mixed. The Philadelphia Fed Manufacturing Index improved significantly in September.

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.04% to 46,000.59 while the NASDAQ rose 0.49% to 22,370.12. The S&P 500 also rose, gaining, 0.29% to 6,619.34.

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Leading and Lagging Sectors

Information technology shares jumped by 0.8% on Thursday.

In trading on Thursday, materials stocks fell by 0.7%.

Top Headline

U.S. initial jobless claims declined by 33,000 from the previous week to 231,000 in the second week of September, compared to market estimates of 240,000.

Equities Trading UP

89bio, Inc. ETNB shares shot up 85% to $14.97 after the company announced an agreement to be acquired by Roche.
Shares of Aeries Technology, Inc AERT got a boost, surging 85% to $1.0500. Aeries Technology signed a partnership with up to $8m annual contract value to establish its India footprint.
Aptevo Therapeutics Inc. APVO shares were also up, gaining 57% to $2.2201 following breakthrough clinical results demonstrating its drug's potential to redefine frontline AML treatment.

Equities Trading DOWN

Replimune Group, Inc. REPL shares dropped 40% to $3.4288 as the company evaluates FDA feedback to determine next steps. A path forward under the accelerated approval pathway has not been determined.
Shares of BioCardia, Inc. BCDA were down 34% to $1.02 after the company announced the pricing of up to $12 million public offering and disclosed primary endpoint results of open label roll-in cohort of CardiAMP cell therapy in chronic myocardial ischemia trial.
Office Properties Income Trust OPI was down, falling 28% to $0.4066.

Commodities

In commodity news, oil traded up 0.5% to $64.37 while gold traded down 0.4% at $3,701.70.

Silver traded down 0.1% to $42.110 on Thursday, while copper fell 0.5% to $4.6135.

Euro zone

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

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei gaining 1.15%, Hong Kong's Hang Seng falling 1.35%, China's Shanghai Composite declining 1.15% and India's BSE Sensex gaining 0.39%.

Economics

U.S. initial jobless claims declined by 33,000 from the previous week to 231,000 in the second week of September, compared to market estimates of 240,000.
The Philadelphia Fed Manufacturing Index rose to +23.2 in September, recording its highest level since January, and compared to -0.3 in August.

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