Wall Street Mixed At Open; US Weekly Jobless Claims Decline

Benzinga
Mar 03, 2023

U.S. stocks traded mixed this morning, with the Dow Jones gaining around 80 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.24% to 32,740.88 while the NASDAQ fell 0.58% to 11,313.95. The S&P 500 also fell, dropping, 0.30% to 3,939.53.

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Leading and Lagging Sectors

  • Consumer staples shares rose 0.4% on Thursday. Meanwhile, top gainers in the sector included Utz Brands, Inc. (NYSE:UTZ), up 10%, and Sprouts Farmers Market, Inc. (NASDAQ:SFM), up 12%.
  • In trading on Thursday, financial shares fell by 1.4%.

Top Headline

US jobless claims fell by 2,000 from the prior week to 190,000 for the week ending Feb. 25, compared to market estimates of 195,000.

Equities Trading UP

  • BioRestorative Therapies, Inc. (NASDAQ:BRTX) shares shot up 32% to $3.6900 after the company announced the United States Patent and Trademark Office has issued a notice of allowance for a patent application related to the Company's metabolic ThermoStem program.
  • Shares of OncoSec Medical Incorporated (NASDAQ:ONCS) got a boost, shooting 29% to $2.6350. OncoSec Medical shares jumped around 89% on Wednesday after the company requested the withdrawal of its registration statement, saying it has opted not to pursue the offering at this time.
  • Frontdoor, Inc. (NASDAQ:FTDR) shares were also up, gaining 19% to $33.24 after the company posted Q4 results.

Equities Trading DOWN

  • ZimVie Inc. (NASDAQ:ZIMV) shares tumbled 46% to $5.61 after the company reported worse-than-expected Q4 adjusted EPS and sales results and issued FY23 adjusted EPS and net sales guidance below estimates.
  • Shares of Silvergate Capital Corporation (NYSE:SI) were down 39% to $8.32 after the company delayed the filing of its Form 10-K with the SEC.
  • Cardlytics, Inc. (NASDAQ:CDLX) was down, falling 25% to $3.98 after the company posted downbeat Q4 sales and issued weak sales forecast for the first quarter.

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Commodities

In commodity news, oil traded up 0.4% to $77.96 while gold traded down 0.4% at $1,837.90.

Silver traded down 1.3% to $20.82 on Thursday while copper fell 2.6% to $4.0530.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.01%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 0.15%. The German DAX declined 0.43% French CAC 40 fell 0.02% and Italy’s FTSE MIB Index gained 0.07%.

France’s government budget deficit increased to EUR 21.2 billion in January from EUR 16 billion in the year-ago period.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 dropping 0.06%, Hong Kong’s Hang Seng Index dropping 0.92% and China’s Shanghai Composite Index declining 0.05%. India’s S&P BSE Sensex dropped 0.8%.

Retail sales in Hong Kong rose 5.1% year-over-year in January following a revised 0.6% drop in the prior month. The consumer confidence index in Japan rose to 31.1 in February from 31.0 in the prior month.

Economics

  • US jobless claims fell by 2,000 from the prior week to 190,000 for the week ending Feb. 25, compared to market estimates of 195,000.
  • Unit labor costs rose by an annualized 3.2% in the fourth quarter, while nonfarm business sector labor productivity growth was revised lower to 1.7% in the quarter.

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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 105,345,990 cases with around 1,146,140 deaths. India confirmed a total of at least 44,686,870 cases and 530,770 deaths, while France reported over 39,626,750 COVID-19 cases with 164,980 deaths. In total, there were at least 680,206,720 cases of COVID-19 worldwide with more than 6,801,720 deaths.

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