US Stocks Mixed; Producer Prices Increase In August

Author: Avi Kapoor | September 12, 2024 09:23am

U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 50 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.18% to 40,787.46 while the NASDAQ rose 0.26% to 17,440.55. The S&P 500 also rose, gaining, 0.06% to 5,557.68.

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Leading and Lagging Sectors

Communication services shares rose by 1.3% on Thursday.

In trading on Thursday, real estate shares dipped by 0.5%.

Top Headline

U.S. producer prices rose 0.2% month-over-month in August compared to a revised flat reading in the previous month and higher than market estimates of 0.1%.

Equities Trading UP

Tenon Medical, Inc. (NASDAQ:TNON) shares shot up 139% to $7.24.
Shares of Visionary Holdings Inc. (NASDAQ:GV) got a boost, surging 191% to $5.91 after the company announced it signed an MoU with the Public Investment Fund of Saudi Arabia, investing $120 million to fully support the development of its various industry projects.
Smart for Life, Inc. (NASDAQ:SMFL) shares were also up, gaining 74% to $1.48. HRT Financial LP acquired a new stake in Smart for Life.

Equities Trading DOWN

Ryde Group Ltd. (NYSE:RYDE) shares dropped 74% to $3.47 after dipping more than 35% on Wednesday.
Shares of Fulcrum Therapeutics, Inc. (NASDAQ:FULC) were down 61% to $3.45 after the company announced that its Phase 3 REACH trial evaluating losmapimod in patients with FSHD, did not achieve its primary endpoint of change from baseline in RSA with losmapimod compared to placebo.
Oncternal Therapeutics, Inc. (NASDAQ:ONCT) was down, falling 57% to $1.7399 after the company announced termination of its clinical studies and exploration of strategic alternatives.

Commodities

In commodity news, oil traded up 1.6% to $68.36 while gold traded up 0.2% at $2,546.60.

Silver traded up 0.6% to $29.090 on Thursday, while copper rose 1.8% to $4.2170.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1%, Germany's DAX gained 1.2% and France's CAC 40 rose 0.8%. Spain's IBEX 35 Index rose 1.1%, while London's FTSE 100 rose 0.8%.

The annual inflation rate in Spain eased to 2.3% in August from 2.8% in July, while German wholesale prices fell by 1.1% year-over-year in August.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 3.41%, Hong Kong's Hang Seng Index gaining 0.77%, China's Shanghai Composite Index falling 0.17% and India's BSE Sensex surging 1.77%.

Manufacturing production in Hong Kong increased 0.7% year-over-year during the second quarter. Producer prices in Japan rose by 2.5% year-over-year in August versus a 3.0% growth in the previous month.

Economics

U.S. producer prices rose 0.2% month-over-month in August compared to a revised flat reading in the previous month and higher than market estimates of 0.1%.
U.S. initial jobless claims increased by 2,000 from the earlier week to 230,000 in the week ending Sept. 7.

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