U.S. stocks began the day on a positive note, with the Nasdaq Composite surging approximately 300 points on Thursday.
Shortly after the market opened, the Dow Jones Industrial Average climbed 0.63% to reach 38,857.02, while the NASDAQ surged 1.95% to 15,884.67. However, the S&P 500 experienced a decline, dropping 1.20% to 5,041.45.
On Thursday, the information technology sector led the market, experiencing a notable increase of 3.1%. Meanwhile, utilities shares lagged behind, falling by 0.8% during trading.
Top Headlines
Equities Trading UP
- La Rosa Holdings Corp. (NASDAQ: LRHC) saw a significant surge of 186% in its share price, reaching $4.00. This surge followed the company’s announcement of acquiring a 100% interest in its franchisee, La Rosa Realty Winter Garden LLC, located in Winter Garden, Florida.
- BuzzFeed, Inc. (NASDAQ: BZFD) experienced a notable boost, with its shares soaring 78% to $0.3901. The surge came after the company disclosed the sale of Complex Networks to NTWRK, a live-streaming video commerce platform, in a deal valued at $108.6 million. Additionally, the sale will lead to a 16% reduction in BuzzFeed’s workforce.
- Venus Concept Inc. (NASDAQ: VERO) witnessed a rise in its share price, climbing 45% to $1.8606. This increase followed the company’s receipt of the CE Mark from DEKRA Certification B.V., allowing it to market Venus Versa Pro in Europe.
Equities Trading DOWN
- Draganfly Inc. (NASDAQ: DPRO) saw a significant decline of 46% in its share price, dropping to $0.1951. The drop followed the company’s announcement of pricing a $3.6 million underwritten public offering.
- Greenbrook TMS Inc. (NASDAQ: GBNH) experienced a notable decrease, with its shares falling 42% to $0.2201. This decline came after the company announced a $1.2 million registered direct offering of 6 million shares at a purchase price of $0.20 per share.
- Bel Fuse Inc. (NASDAQ: BELFA) witnessed a downturn, with its shares falling 23% to $57.00. The drop followed the company’s report of weak fourth-quarter financial results.
Commodities
- In commodity news, oil prices edged up by 0.1%, reaching $77.94 per barrel.
- Gold prices also saw a modest increase of 0.2%, reaching $2,038.10 per ounce.
- Silver prices experienced a more notable rise, climbing 0.9% to $23.09 per ounce.
- However, copper prices fell slightly by 0.1%, reaching $3.8740 per pound on Thursday.
Eurozone
- European shares showed strength today, with the eurozone’s STOXX 600 climbing 0.8%. London’s FTSE 100 also saw a modest rise of 0.3%, while Spain’s IBEX 35 Index advanced by 0.5%. The German DAX exhibited notable gains, jumping 1.4%, while the French CAC 40 rose by 1%. Italy’s FTSE MIB Index outperformed, rising by 1.2%.
- Inflation in the Eurozone moderated to 2.8% in January from 2.9% in December. The IHS Markit Eurozone Manufacturing PMI dipped to 46.1 in February from 46.6 in January, while the Services PMI improved to 50 in February. In France, the Composite PMI rose to 47.7 in February from 44.6 in the previous month, while in Germany, the Composite PMI declined to 46.1 in February from 47.0 in January.
- In the UK, the S&P Global Services PMI held steady at 54.3 in February, while the Manufacturing PMI increased to 47.1 in February from 47 in January.
Asia Pacific Markets
- Asian markets concluded trading on Wednesday with a mixed performance. Japan’s Nikkei 225 surged by 2.19%, reflecting strong gains. Hong Kong’s Hang Seng Index also saw an uptick, rising by 1.45%, while China’s Shanghai Composite Index gained 1.27%. In India, the S&P BSE Sensex jumped by 0.74%.
- In Hong Kong, the annual inflation rate eased to 1.7% in January from 2.4% in the previous month. Meanwhile, in India, the HSBC Composite PMI rose to 61.5 in February from a final reading of 61.2 in the prior month. Conversely, the au Jibun Bank Japan Composite PMI declined to 50.3 in February compared to a final reading of 51.5 in January.
Economics
- The Chicago Fed National Activity Index declined to -0.30 in January, down from a revised reading of 0.02 in the previous month. This decrease suggests a slowdown in economic activity compared to the prior period.
- In the United States, initial jobless claims decreased by 12,000 to 201,000 in the week ending February 17th. This figure came in below market expectations, which anticipated 218,000 initial jobless claims. The decline in initial jobless claims indicates continued strength in the labor market, with fewer individuals filing for unemployment benefits.