U.S. stocks traded lower this morning, with the Nasdaq Composite dropping around 150 points on Thursday.

Following the market opening Thursday, the Dow traded down 1.14% to 33,738.17 while the NASDAQ fell 1.31% to 11,912.91. The S&P 500 also fell, dropping, 1.23% to 4,096.54.

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Leading and Lagging Sectors

• Energy shares traded fell by just 0.7% on Thursday. Meanwhile, top gainers in the sector included NexTier Oilfield Solutions Inc. (NYSE:NEX), up 11%, and PBF Energy Inc. (NYSE:PBF), up 10%.
• In trading on Thursday, real estate shares dipped by 1.7%.

Top Headline

Producer prices for final demand rose 0.7% month-over-month in January, the most in seven months and also above market estimates of 0.4%.

Equities Trading UP

• TravelCenters of America Inc. (NASDAQ:TA) shares shot up 71% to $84.36 after BP announced it will acquire the company for $86 per share in cash.
• Shares of Inozyme Pharma, Inc. (NASDAQ:INZY) got a boost, shooting 38% to $3.0562 after the company reported topline data from its onging Phase 1/2 trials of INZ-701.
• Community Health Systems, Inc. (NYSE:CYH) shares were also up, gaining 28% to $6.49 after the company reported better-than-expected Q4 earnings.

Equities Trading DOWN

• Toast, Inc. (NYSE:TOST) shares tumbled 20% to $20.88 after the company reported worse-than-expected Q4 EPS earnings.
• Shares of RingCentral, Inc. (NYSE:RNG) were down 19% to $39.10 after the company reported worse-than-expected Q4 revenue and issued weak revenue guidance for the first quarter.
• Shopify Inc. (NYSE:SHOP) was down, falling 16% to $45.03 despite better-than-expected Q4 results. The company also guided revenue growth in the high-teen percentages for Q1.

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Commodities

In commodity news, oil traded up 0.5% to $79.00 while gold traded down 0.4% at $1,837.70.

Silver traded down 0.5% to $21.46 on Thursday while copper rose 1.5% to $4.0685.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 slipped 0.2% while Spain’s IBEX 35 Index rose 0.1%. The German DAX declined 0.4% French CAC 40 gained 0.5% and Italy’s FTSE MIB Index rose 0.5%.

Spanish trade deficit shrank to EUR 4.51 billion in December from EUR 5.34 billion in the year-ago month.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.71%, Hong Kong’s Hang Seng Index gaining 0.84% and China’s Shanghai Composite Index declining 0.96%. India’s S&P BSE Sensex gained 0.1%.

Hong Kong’s unemployment rate fell to 3.4% during the three months ending Jan. 2023, from 3.5% in the October-December period. Average new home prices in China fell by 1.5% year-over-year in January. Consumer inflation expectations in Australia declined to 5.1% in February versus 5.6% in January, while unemployment rate in the country rose to 3.7% in January.

Japanese core machinery orders increased 1.6% month-over-month in December. Exports from Japan rose by 3.5% year-over-year to JPY 6,551.2 billion in January, while imports increased 17.8% to JPY 10,047.8 billion.

Economics

• US jobless claims dropped to 194,000 in the week ending Feb. 11, down from the revised level of 195,000 in the prior week. However, analysts were expecting a reading of 200,000.
• Housing starts in the US dropped by 4.5% from a month ago to an annualized rate of 1.309 million in January, while building permits increased 0.1% to 1.3 million.
• Producer prices for final demand rose 0.7% month-over-month in January, the most in seven months and also above market estimates of 0.4%.
• The Philadelphia Fed Manufacturing Index fell to -24.3 in February from -8.9 in the prior month.

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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 104,872,870 cases with around 1,141,220 deaths. India confirmed a total of at least 44,684,500 cases and 530,750 deaths, while France reported over 39,574,440 COVID-19 cases with 164,650 deaths. In total, there were at least 678,109,910 cases of COVID-19 worldwide with more than 6,786,220 deaths.