Dow Tumbles 1%; US Initial Jobless Claims Decline

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 1% on Thursday.

Following the market opening Thursday, the Dow traded down 1.08% to 42,543.11 while the NASDAQ dipped 1.52% to 18,270.27. The S&P 500 also fell, dropping, 1.34% to 5,764.33.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.6% on Thursday.

In trading on Thursday, real estate shares dipped by 2.5%.

Top Headline

Initial jobless claims declined by 21,000 from the previous week to 221,000 during the last week of February, compared to market estimates of 235,000.

Equities Trading UP
                       

• AGM Group Holdings Inc. (AGMH)  shares shot up 154% to $0.2601 after the company completed a $5.4 million public offering to expand bitcoin mining operations.
• Shares of Visionary Holdings Inc. (GV) got a boost, surging 60% to $5.93. Visionary Holdings (GV) recently reached a financing consent letter worth $1 billion from Alfardan Group of Qatar to fund product R&D and the development of PEGASUS new energy vehicles.
• Scienture Holdings, Inc. (SCNX) shares were also up, gaining 49% to $3.29 after the company partnered with Kindeva to launch the 10mg REZENOPY nasal spray for opioid overdose treatment.

Equities Trading DOWN

• Aclarion, Inc. (ACON) shares dropped 84% to $1.1050.
• Shares of Pinstripes Holdings Inc. (PNST) were down 16% to $0.1540 as the NYSE announced plans to begin delisting proceedings against Pinstripes Holdings (PNST).
• PMGC Holdings Inc. (ELAB) was down, falling 37% to $0.7759 after the company announced a 1-for-7 reverse stock split to maintain Nasdaq listing.

Commodities

In commodity news, oil traded up 0.8% to $66.84 while gold traded up 0.1% at $2,929.50.

Silver traded up 0.7% to $33.350 on Thursday, while copper rose 0.5% to $4.8200.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.4%, Germany's DAX 40 gained 0.7% and France's CAC 40 slipped 0.1%. Spain's IBEX 35 Index fell 0.1%, while London's FTSE 100 fell 1%.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei gaining 0.77%, China's Shanghai Composite Index gaining 1.17% and Hong Kong's Hang Seng Index surging 3.29%.

Economics

• U.S. exports of goods and services rose by $3.3 billion from the previous month to $269.8 billion in January.
• Imports of goods and services rose by 10% to a record high of $401.2 billion in January.
• The US reported a record trade deficit of $131.4 billion in January compared to a revised $98.1 billion gap in the previous month.
• Unit labor costs in the nonfarm business sector rose 2.2% in the fourth quarter compared to preliminary expectations of 3%.
• Initial jobless claims declined by 21,000 from the previous week to 221,000 during the last week of February, compared to market estimates of 235,000.

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