Dow Falls Over 1%; US Initial Jobless Claims Decline

U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 1% on Thursday.

Following the market opening Thursday, the Dow traded down 1.22% to 39,187.35 while the NASDAQ gained 0.28% to 16,352.96. The S&P 500 also rose, gaining, 0.11% to 5,281.74.

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Leading and Lagging Sectors

Energy shares surged by 2.2% on Thursday.

In trading on Thursday, health care shares fell by 0.3%.

Top Headline

U.S. initial jobless claims declined by 9,000 from the previous week to 215,000 during the second week of April, versus market estimates of 225,000.

Equities Trading UP
                       

• Baijiayun Group Ltd RTC shares shot up 109% to $0.4484 after the company announced it formed a partnership with Xinlantian to combine their AI video and large language model technologies with expertise in autism rehabilitation.
• Shares of Adagio Medical Holdings, Inc. ADGMgot a boost, surging 58% to $1.3820 after the FDA granted Breakthrough Device Designation for the vCLAS cryoablation system.
• Channel Therapeutics Corporation CHRO shares were also up, gaining 59% to $1.9950. Ligand Pharmaceuticals Incorporated LGND and Channel Therapeutics on Thursday signed a definitive merger agreement to combine Ligand’s wholly owned subsidiaries, Pelthos Therapeutics Inc. and LNHC, Inc. (collectively Pelthos) with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel.

Equities Trading DOWN

• Click Holdings Limited CLIK shares dropped 39% to $0.4157.
• Shares of CaliberCos Inc. CWD were down 33% to $0.3020 as the company announced the pricing of the public offering units.
• iOThree Limited IOTR was down, falling 35% to $1.20.

Commodities

In commodity news, oil traded up 1.1% to $63.14 while gold traded down 0.1% at $3,344.80.

Silver traded down 1.1% to $32.610 on Thursday, while copper fell 1% to $4.6380.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.4%, Germany’s DAX 40 declined 0.6% and France’s CAC 40 dipped 0.7%. Spain’s IBEX 35 Index slipped 0.5%, while London’s FTSE 100 fell 0.5%.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 1.35%, China’s Shanghai Composite gaining 0.13%, Hong Kong’s Gang Seng index gaining 1.61% and India’s BSE Sensex gaining 1.96%.

Economics

• U.S. housing starts dipped 11.4% month-over-month to an annualized rate of 1.324 million in March.
• U.S. initial jobless claims declined by 9,000 from the previous week to 215,000 during the second week of April, versus market estimates of 225,000.
• The Philadelphia Fed Manufacturing Index fell 39 points to a reading of -26.4 in April, and down from market estimates of 2.
• U.S. building permits climbed by 1.6% to an annualized rate of 1.482 million in March.

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