Mid-Afternoon Market Update: Dow Falls 180; Creative medical technology shares a higher peak

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US stocks traded lower towards the end of the session after the release of weekly jobless claims data.

The Dow fell 0.52% to 35,043.99 while the NASDAQ fell 0.22% to 14,410.57. The S&P also fell, falling 0.38% to 4,585.08.

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Leading and Lagging Sectors

Utilities stocks jumped 0.5% on Wednesday. Meanwhile, top earners in the industry included Companhia de Saneamento Básico do Estado de São Paulo – SABESP (NYSE: SBS), up 5% and Companhia Energetica de Minas Gerais (NYSE: CIG) up 4%.

In Wednesday’s trading, financial stocks fell 1.2%.

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Initial jobless claims in the United States increased by 14,000 to 202,000 in the week ended March 26. Analysts, meanwhile, expected a reading of 197,000.

Stock exchange rising

Longeveron Inc. (NASDAQ: LGVN) shares jumped 87% to $12.59 after the company announced the release of results from a Phase 1 trial testing Lomecel-B in patients with mild Alzheimer’s disease in Alzheimer’s disease and dementia: The Journal of the Alzheimer’s Association.

Shares of Creative Medical Technology Holdings, Inc. (NASDAQ: CELZ) received a boost, rising 24% to $4.19 after the company announced it had signed a collaborative framework agreement with the University of Miami to accelerate development of its platform ImmCelz Supercharged Autologous Immunotherapy.

Icosavax, Inc. (NASDAQ: ICVX) also rose, gaining 25% to $6.67 after the fourth quarter results.

Stock trading down

Rail Vision Ltd. (NASDAQ: RVSN) shares fell 33% to $2.7499 as the company priced its IPO at $4.13 per unit.

Shares of Clarus Therapeutics Holdings, Inc. (NASDAQ: CRXT) fell 29% to $1.47 after the company reported fourth quarter results.

Motorsport games inc. (NASDAQ: MSGM) was lower, falling 34% to $1.35 after the company reported fourth-quarter financial results. Canaccord Genuity and Benchmark downgraded the title.

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Merchandise

In commodities news, oil traded down 6.7% at $100.65, while gold traded up 0.4% at $1,947.10.

Silver traded down 0.3% on Thursday at $25.04 while copper fell 0.4% to $4.73.

Eurozone

European stocks closed lower today. The Eurozone STOXX 600 fell 0.94%, London’s FTSE 100 fell 0.83%, while Spain’s IBEX 35 index fell 1.23%. The German DAX fell by 1.31%, the French CAC 40 by 1.21% and the Italian FTSE MIB index by 1.1%.

Economy

Initial jobless claims in the United States increased by 14,000 to 202,000 in the week ended March 26. Analysts, meanwhile, expected a reading of 197,000.

Personal income rose 0.5% from the previous month in February, while personal spending rose 0.2% month-over-month. The personal consumption expenditure price index jumped 6.4% year-on-year in February.

The Chicago PMI for March is scheduled for release at 9:45 a.m. ET. After a slower-than-expected reading of 56.3 in February, analysts expect Chicago’s PMI to rise slightly to 57.0 in March.

U.S. natural gas supply jumped 26 billion cubic feet last week, the Energy Information Administration said.

COVID-19 Update

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,686,620 cases with around 1,005,050 deaths. India has confirmed a total of at least 43,023,210 cases and 521,130 deaths, while Brazil has reported over 29,882,390 cases of COVID-19 with 659,290 deaths. In total, there have been at least 485,724,930 cases of COVID-19 worldwide with more than 6,158,100 deaths.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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