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Mid-Morning market update: Markets open higher; jobless claims fall to 310,000

Benzinga Real-time News ·  Sep 9, 2021 11:34  · Markets

Following the market opening Thursday, the Dow traded up 0.36% to 35,158.32 while the NASDAQ rose 0.41% to 15,348.81. The S&P also rose, gaining 0.26% to 4,525.59.

Leading and Lagging Sectors

Energy shares gained 1.5% on Thursday. Meanwhile, top gainers in the sector included $Gevo(GEVO.US)$ , up 30% and $Frontline Ltd(FRO.US)$ up 5%.

In trading on Thursday, real estate shares fell by 0.9%.

Top Headline

US initial jobless claims dropped to 310 thousand in the week ending September 4, versus previous week's level revised level of 345,000. However, analysts were expecting a reading of 335 thousand.

Equities Trading UP

Gevo shares shot up 30% to $7.50. $Chevron(CVX.US)$ and Gevo announced intent to pursue sustainable aviation fuel investment.

Shares of $Offerpad Solutions(OPAD.US)$ got a boost, shooting 38% to $15.91.

$Torrid Holdings(CURV.US)$ shares were also up, gaining 26% to $23.27 after the company reported better-than-expected Q2 EPS and sales results. Torrid sees Q3 sales of $305 million - $315 million, above the consensus of $294.74 million. The company expects FY21 sales of $1.29 billion - $1.31 billion, above the consensus of $1.26 billion.

Equities Trading DOWN

$Humanigen Inc(HGEN.US)$ shares tumbled 54% to $6.89 after the company said the Food and Drug Administration has declined its request for emergency use authorization of lenzilumab to treat newly hospitalized patients. JP Morgan downgraded Humanigen from Neutral to Underweight.

Shares of $Tuesday Morning Corp(TUEM.US)$ were down 35% to $2.7576 after the company reported downbeat Q4 earnings.

$Invacare Corp(IVC.US)$ was down, falling 34% to $5.48 after updating Q3 FY21 guidance. The Company said that headwinds related to labor, material, and freight, will continue to impact its business. For Q3 FY21, Invacare expects constant currency net sales of 0% - 4% Y/Y, against the growth rate of 4% - 7% expected earlier.

Commodities

In commodity news, oil traded up 0.6% to $69.71, while gold traded down 0.2% to $1,789.40.

Silver traded up 0.1% Thursday to $24.065 while copper rose 1.2% to $4.2850.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.3%, the Spanish Ibex Index fell 0.2% and the German DAX 30 gained 0.5%. Meanwhile, the London's FTSE 100 fell 0.8%, French CAC 40 rose 0.6% and Italy's FTSE MIB rose 0.4%.

The trade surplus for Germany narrowed to €18.1 billion in July from €19.2 billion in the year-ago period, while current account surplus shrank to EUR 17.6 billion from EUR 20.2 billion.

Economics

US initial jobless claims dropped to 310 thousand in the week ending September 4, versus previous week's level revised level of 345,000. However, analysts were expecting a reading of 335 thousand.

Dallas Fed President Robert Kaplan is set to speak at 12:00 p.m. ET.

Federal Reserve Governor Michelle Bowman will speak at 1:00 p.m. ET.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 2:00 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 4:25 p.m. ET.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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