Mid-Morning Market Update: Markets Open Higher; US Economy Contracts 1.4% In Q1
U.S. stocks traded higher this morning with the Dow Jones gaining 300 points on Thursday.
Following the market opening Thursday, the Dow traded up 0.45% to 33,450.24 while the NASDAQ rose 0.88% to 12,598.27. The S&P also rose, gaining, 0.84% to 4,219.18.
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Leading and Lagging Sectors
Communication services shares rose by 1.9% on Thursday. Meanwhile, top gainers in the sector included Meta Platforms, Inc. NASDAQ:FB, up 12% and VEON Ltd. NASDAQ:VEON up 9%.
In trading on Thursday, energy shares dipped by 0.8%.
Top Headline
The US economy contracted an annualized 1.4% on quarter during the first three months of the year, following a 6.9% growth in the previous quarter. Analysts, on the other hand, were expecting for a 1.1% growth.
Equities Trading UP
T Stamp Inc. NASDAQ:IDAI shares shot up 205% to
Shares of Swvl Holdings Corp. NASDAQ:SWVL got a boost, shooting 50% to
SQZ Biotechnologies Company NYSE:SQZ shares were also up, gaining 30% to
Equities Trading DOWN
Teladoc Health, Inc. NYSE:TDOC shares tumbled 47% to
Shares of Align Technology, Inc. NASDAQ:ALGN were down 22% to
JE Cleantech Holdings Limited NASDAQ:JCSE was down, falling 28% to
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Commodities
In commodity news, oil traded up 0.3% to
Silver traded down 1.2% Thursday to
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.4%,
Spanish annual inflation rate fell to 8.4% in April from around 40-year high level of 9.8% in March, while unemployment rate rose to 13.65% in the first quarter from 13.33% in the previous three-month period. UK car production dropped 33.4% year-over-year to 76,900 units in March.
Economics
The US economy contracted an annualized 1.4% on quarter during the first three months of the year, following a 6.9% growth in the previous quarter. Analysts, on the other hand, were expecting for a 1.1% growth.
US initial jobless claims dropped by 5,000 in the week ended
The Energy Information Administration's weekly report on natural gas stocks in underground storage is scheduled for release at
The Kansas City Fed manufacturing index for April will be released at
The Treasury is set to auction 4-and 8-week bills at
The Treasury will auction 7-year notes at
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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 82,888,240 cases with around 1,019,770 deaths.