U.S. stocks traded higher midway through trading, with the Nasdaq Composite adding around 100 points on Thursday.
The Dow traded up 0.08% to 32,994.41 while the NASDAQ rose 0.82% to 12,533.09. The S&P 500 also rose, gaining, 0.50% to 4,161.51.
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Leading and Lagging Sectors
Communication services shares rose by 1% on Thursday. Meanwhile, top gainers in the sector included Bilibili Inc. (NASDAQ:BILI), up 11% and Hello Group Inc. (NASDAQ:MOMO) up 9%.
In trading on Thursday, consumer staples shares fell by 0.2%.
Top Headline
The US economy shrank an annualized 0.6% on quarter in the second quarter, compared to a 0.9% decline in the advance estimate.
Equities Trading UP
Cosmos Holdings Inc. (NASDAQ:COSM) shares shot up 16% to $0.4551 after the company's subsidiary SkyPharm launched its first Sky Premium Life products on Amazon in the U.S.
Shares of Snowflake Inc. (NYSE:SNOW) got a boost, shooting 20% to $191.12 after the company reported better-than-expected Q2 sales results and issued product revenue guidance.
Kiora Pharmaceuticals, Inc. (NASDAQ:KPRX) shares were also up, gaining 85% to $0.2445 after Ladenburg Thalmann initiated coverage on the stock with a Buy rating and announced a price target of $6.50.
Equities Trading DOWN
Peloton Interactive, Inc. (NASDAQ:PTON) shares tumbled 18% to $11.11 after the company reported worse-than-expected Q4 sales results and issued Q1 sales guidance below estimates.
Shares of Grab Holdings Limited (NASDAQ:GRAB) were down 12% to $3.17 after the company reported Q2 results and issued FY22 sales guidance.
ERYTECH Pharma S.A. (NASDAQ:ERYP) was down, falling 16% to $1.04 after the company announced it will stop its plans to pursue a Biologics License Application seeking approval for Graspa in hypersensitive acute lymphoblastic leukemia following feedback from the FDA..
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Commodities
In commodity news, oil traded down 0.5% to $94.42, while gold traded up 0.4% to $1,768.00.
Silver traded up 0.8% to $19.055 on Thursday while copper rose 1.3% to $3.6930.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 rose 0.11% while Spain’s IBEX 35 Index fell 0.15%. The German DAX gained 0.39%, French CAC 40 fell 0.08% and Italy’s FTSE MIB Index rose 0.1%.
The Ifo Business Climate indicator for Germany fell to 88.5 in August versus a revised 88.7 in July, while the country’s economy unexpectedly grew 0.1% on quarter in the second quarter. Manufacturing climate indicator in France declined for a second month to a reading of 104 in August.
UK’s car production surged 8.6% from a year ago to 58,043 units in July. Spanish annual producer inflation declined to 40.4% in July from a revised 43.1% annual surge in the prior month.
Economics
The three-day Jackson Hole economic symposium starts today, with Federal Reserve chief Jerome Powell scheduled to speak on Friday.
The US economy shrank an annualized 0.6% on quarter in the second quarter, compared to a 0.9% decline in the advance estimate.
U.S. initial jobless claims fell by 2,000 to 243,000 in the week ended August 20th from a revised 245,000 in the prior period. Analysts, however, were expecting a reading of 253,000.
Corporate profits climbed 9.1% to a new record high of $2.62 trillion in the second quarter.
U.S. natural-gas supplies climbed 60 billion cubic feet last week, the Energy Information Administration said.
The Kansas City Fed’s Manufacturing Production Index declined to -9 in August from 7 in the previous month.
The Treasury will auction 7-year notes at 1:00 p.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,734,080 cases with around 1,067,540 deaths. India confirmed a total of at least 44,378,920 cases and 527,480 deaths, while France reported over 34,408,900 COVID-19 cases with 153,760 deaths. In total, there were at least 603,660,390 cases of COVID-19 worldwide with more than 6,480,810 deaths.
