Dow Surges 200 Points; US GDP Contracts 0.5%

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 200 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.49% to 43,192.54 while the NASDAQ gained 0.36% to 20,045.46. The S&P 500 also rose, gaining, 0.38% to 6,115.14.

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Leading and Lagging Sectors

Materials shares jumped by 0.8% on Thursday.

In trading on Thursday, real estate stocks fell by 0.8%.

Top Headline

The U.S. economy shrank at an annualized rate of 0.5% in the first quarter, compared to a 0.2% decline as per the second estimate.

Equities Trading UP
           

• Cyngn Inc. (CYN) shares shot up 319% to $20.97 after the company announced it partnered with Nvidia to showcase its autonomous industrial vehicles at Automatica 2025.
• Shares of Ascent Solar Technologies, Inc. (ASTI) got a boost, surging 114% to $2.49 after the company entered into a collaborative agreement with NASA.
• Vor Biopharma Inc. (VOR) shares were also up, gaining 49% to $0.8545 after the company announced it signed a global license agreement with Remegen for its autoimmune asset telitacicept.

Equities Trading DOWN

• Globavend Holdings Limited (GVH) shares dropped 74% to $0.1835 after the company announced the pricing of a $15 million offering of 21,739,130 shares at $0.69 per share.
• Shares of Altimmune, Inc. (ALT) were down 60% to $3.1178 after the company announced topline results from the IMPACT Phase 2b trial of Pemvidutide in the treatment of MASH.
• Reviva Pharmaceuticals Holdings, Inc. (RVPH) was down, falling 53% to $0.3588 after the company announced a $10 million public offering of 20 million shares and dual warrants at a combined price of $0.50 per share and accompanying warrants.

Commodities

In commodity news, oil traded up 0.9% to $65.51 while gold traded down 0.6% at $3,324.20.

Silver traded up 0.4% to $36.250 on Thursday, while copper rose 2.7% to $5.1080.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.01%, while Spain's IBEX 35 Index rose 0.1%. London's FTSE 100 rose 0.3%, Germany's DAX 40 gained 0.4% and France's CAC 40 slipped 0.2% during the session.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei gaining 1.65%, Hong Kong's Hang Seng Index falling 0.61%, China's Shanghai Composite falling 0.22% and India's BSE Sensex rising 1.21%.

Economics

• The U.S. economy shrank at an annualized rate of 0.5% in the first quarter, compared to a 0.2% decline as per the second estimate.
• U.S. initial jobless claims declined by 10,000 from the previous week to 236,000 in the week ended June 21.
• U.S. durable goods orders climbed by 16.4% month-over-month to $343.6 billion in May compared to a revised 6.6% decline in April.
• The U.S. trade deficit in goods increased to $96.6 billion in May from $87.0 billion in the previous month, and versus market estimates of an $88.5 billion gap.
• The Chicago Fed National Activity Index rose to ?0.28 in May compared to a revised reading of ?0.36 in April.
• U.S. wholesale inventories declined 0.3% month-over-month to $905.4 billion in May following a revised 0.1% gain in April.

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