Nasdaq Down Over 1%; US Producer Inflation Surges In September

U.S. stocks traded mixed this morning, with the Nasdaq Composite falling over 300 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.45% to 51,852.58 while the NASDAQ fell 1.25% to 26,358.56. The S&P 500 also fell, dropping, 0.47% to 7,682.50.

Leading and Lagging Sectors

Consumer staples shares jumped by 2.4% on Thursday.

In trading on Thursday, information technology stocks fell by 1.8%.

Top Headline

U.S. producer prices jumped 1.3% month over month in September, more than double the 0.5% pace economists expected, according to Bureau of Labor Statistics data released Thursday.

On an annual basis, headline producer inflation came in at 6.3%, sharply above the consensus estimate of 5.3% and accelerating from August’s upwardly revised 5.6%. The outcome marks the highest annual producer inflation rate since December 2022.

Equities Trading UP
           

• Bradbury Capital Inc. (NASDAQ:BBCI) shares shot up 61% to $4.24.
• Shares of Stardust Power Inc. (NASDAQ:SDST) got a boost, surging 64% to $0.0426.
• Wetour Robotics Limited (NASDAQ:WETO) shares were also up, gaining 60% to $1.33 after the company announced it has voluntarily paused further sales of its ordinary shares under its existing at-the-market equity offering program.

Equities Trading DOWN

• SHF Holdings, Inc. (NASDAQ:SHFS) shares dipped 34% to $0.1531.
• Shares of FMC Corporation (NYSE:FMC) were down 34% to $5.33 after the company lowered its third-quarter revenue guidance and said commercial actions will result in $625 million to $675 million in charges.
• Treasure Global Inc. (NASDAQ:TGL) was down, falling 33% to $0.2950 after the company announced a $1.2 million private placement to board members.

Commodities 

In commodity news, oil traded up 0.8% to $95.88 while gold traded up 1.6% at $4,172.40.

Silver traded up 1.7% to $56.815 on Thursday, while copper fell 1.7% to $6.5465.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, while Spain’s IBEX 35 Index gained 0.3%, London’s FTSE 100 rose 1%, Germany’s DAX slipped 0.1%, while France’s CAC 40 gained 0.6%.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 dipping 4.90%, Hong Kong’s Hang Seng Index declining 1.03%, China’s SSE Composite Index tumbling 1.59% and India’s BSE Sensex gaining 2.11%.

Economics

• U.S. producer prices jumped 1.3% month over month in September, more than double the 0.5% pace economists expected, according to Bureau of Labor Statistics data released Thursday.
• U.S. retail sales climbed 0.8% month-over-month in September, compared to a revised 1.3% gain in August and topping market estimates of a 0.3% gain.
• The NY Empire State Manufacturing Index rose to 25.5 in October from 7.6 in the previous month, and topping market estimates of 10.3.
• The Philadelphia Fed Manufacturing Index declined to 20.9 in October from 37.8 in the previous month, down from market estimates of 28.4.
• U.S. initial jobless claims climbed by 1,000 to 199,000 in the week ending Oct. 10, compared to market expectations of 200,000.

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