Dow Dips Over 100 Points; US Crude Oil Inventories Surge

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 100 points on Thursday.

The Dow traded down 0.30% to 46,113.98 while the NASDAQ slipped 0.21% to 22,622.73. The S&P 500 also fell, dropping, 0.34% to 6,648.52.

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Leading and Lagging Sectors

Real estate shares jumped by 0.5% on Thursday.

In trading on Thursday, financial stocks fell by 1.5%.

Top Headline

U.S. crude oil inventories surged by 3.524 million barrels in the week ending Oct. 10, compared to market estimates of a 0.12-million gain.

Equities Trading UP
           

• Praxis Precision Medicines Inc (NASDAQ:PRAX) shares shot up 208% to $176.74. The clinical-stage biopharmaceutical company released topline results for the Phase 3 Essential3 program of ulixacaltamide in essential tremor (ET).
• Shares of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) got a boost, surging 20% to $166.65 after the company reported better-than-expected quarterly financial results. Also, multiple firms raised their respective price targets on the stock.
• Mira Pharmaceuticals Inc (NASDAQ:MIRA) shares were also up, gaining 57% to $2.07 after the company announced new preclinical data for Mira-55.

Equities Trading DOWN

• UTime Ltd (NASDAQ:WTO) shares dropped 88% to $0.1496 after the company reported pricing of $25 million registered direct offering.
• Shares of Theriva Biologics Inc (NYSE:TOVX) were down 46% to $0.4495 after the company announced a $4 million warrant inducement agreement for the immediate exercise of warrants to purchase up to 7,360,460 of common stock at a reduced exercise price of $0.54 per share.
• Hyperfine Inc (NASDAQ:HYPR) was down, falling 41% to $1.3050 after the company announced the pricing of its $17.5 million public offering of 14 million shares at a price of $1.25 per share.

Commodities

In commodity news, oil traded up 0.1% to $58.32 while gold traded up 2.3% at $4,296.60.

Silver traded up 4.2% to $53.515 on Thursday, while copper fell 0.1% to $5.0115.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.69%, while Spain’s IBEX 35 Index rose 0.48%. London’s FTSE 100 rose 0.12%, Germany’s DAX 40 gained 0.38% and France’s CAC 40 surged 1.38% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 surging 1.27%, Hong Kong’s Hang Seng index falling 0.09%, China’s Shanghai Composite rising 0.10% and India’s BSE Sensex rising 1.04%.

Economics

• The Philadelphia Fed Manufacturing Index declined to a six-month low level of -12.8 in October from 23.2 in the previous month and missing market estimates of 10.
• U.S. crude oil inventories surged by 3.524 million barrels in the week ending Oct. 10, compared to market estimates of a 0.12-million gain.
• U.S. natural-gas stocks rose by 80 billion cubic feet in the week ending Oct. 10.

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