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Benzinga
Benzinga
Business
Lisa Levin

Nasdaq Drops Over 100 Points; Spero Therapeutics Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping more than 100 points on Thursday.

The Dow traded down 0.01% to 30,180.59 while the NASDAQ fell 1.13% to 11,093.30. The S&P 500 also fell, dropping, 0.45% to 3,772.95

Also check this: Volatility In Markets Increases After Fed Raises Interest Rates


Leading and Lagging Sectors


Energy shares rose by 0.4% on Thursday. Meanwhile, top gainers in the sector included BP CVR Energy, Inc. (NYSE:CVI), up 4% and PBF Energy Inc. (NYSE:PBF) up 6%.


In trading on Thursday, consumer discretionary shares fell by 2.1%.


Top Headline


The US current account deficit shrank to $251.1 billion in the second quarter, following a record gap of $282.5 billion in the first quarter.


Equities Trading UP

 

  • ShiftPixy, Inc. (NASDAQ:PIXY) shares shot up 33% to $18.20. ShiftPixy, on Wednesday, announced pricing of $5 million private placement.
  • Shares of Inventiva S.A. (NASDAQ:IVA) got a boost, shooting 23% to $4.71 after the company reported its 2022 first-half financial results and provided a corporate update.
  • Spero Therapeutics, Inc. (NASDAQ:SPRO) shares were also up, gaining 240% to $2.7999 after the company announced it has entered into an exclusive license agreement with GSK for Spero's late-stage antibiotic asset, tebipenem HBr. Spero Therapeutics will receive $66 million upfront, with potential for future milestone payments, and tiered royalties.

 

Equities Trading DOWN

  • Luminar Technologies, Inc. (NASDAQ:LAZR) shares tumbled 17% to $7.76 after Northland Capital downgraded the stock from Outperform to Market Perform and lowered its price target from $13 to $10.
  • Shares of MediWound Ltd. (NASDAQ:MDWD) were down 21% to $1.39 after the company announced concurrent registered direct and private placement offerings priced at-the-market of roughly $30 million
  • Top Ships Inc. (NASDAQ:TOPS) was down, falling 25% to $0.1610 after the company announced a 1-for-20 reverse stock split


Also check out: Chemours, Alcoa And Other Big Losers From Wednesday


Commodities

In commodity news, oil traded up 0.7% to $83.53, while gold traded up 0.2% at $1,679.20.


Silver traded up 0.2% to $19.525 on Thursday while copper rose 0.2% to $3.4735.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 1.46%, London’s FTSE 100 fell 0.86% while Spain’s IBEX 35 Index fell 1.05%. The German DAX dropped 1.45%, French CAC 40 fell 1.46% and Italy’s FTSE MIB Index fell 0.77%.


The manufacturing climate indicator in France declined for a third month to a reading of 102 in September from a revised 103 in August. The consumer confidence indicator in the Eurozone declined by 3.8 points to -28.8 in September. The Bank of England increased its key interest rate by 50bps to 2.25% during its September meeting.

 

Economics

 

  • US initial jobless claims increased by 5,000 to 213,000 in the week ended September 17th, compared to market estimates of 218,000.
  • The US current account deficit shrank to $251.1 billion in the second quarter, following a record gap of $282.5 billion in the first quarter.
  • US natural-gas supplies climbed 103 billion cubic feet last week, the Energy Information Administration said.


Check out this: Bitcoin Rises Above This Major Level Following Fed's Rate Decision; Here Are The Top Crypto Movers For Thursday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,721,710 cases with around 1,080,350 deaths. India confirmed a total of at least 44,553,040 cases and 528,420 deaths, while France reported over 35,011,660 COVID-19 cases with 154,820 deaths. In total, there were at least 618,773,810 cases of COVID-19 worldwide with more than 6,535,010 deaths.

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