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Dow Jumps Over 100 Points; Alcoa Profit Beats Estimates

Benzinga ·  Oct 17 21:57

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.33% to 43,220.63 while the NASDAQ rose 0.46% to 18,451.67. The S&P 500 also rose, gaining, 0.34% to 5,862.20.

Leading and Lagging Sectors
Information technology shares jumped by 1% on Thursday.

In trading on Thursday, real estate shares fell by 0.5%.

Top Headline

Alcoa Corporation (NYSE:AA) reported better-than-expected earnings for the third quarter.

The company reported third quarter sales of $2.904 billion, missing the consensus of $2.967 billion. Adjusted EPS of 57 cents exceeded the consensus of 28 cents.

Equities Trading UP

  • Staffing 360 Solutions, Inc. (NASDAQ:STAF) shares shot up 242% to $4.68.
  • Shares of Nixxy, Inc. (NASDAQ:NIXX) got a boost, surging 162% to $6.18 after the company provided updates on the business including its acquisition strategy in traditional markets and enhancing operations through technology and data analytics.
  • Brera Holdings PLC (NASDAQ:BREA) shares were also up, gaining 92% to $1.34.

Equities Trading DOWN

  • Santech Holdings Limited (NASDAQ:STEC) shares dropped 44% to $1.5207 after jumping around 647% on Wednesday.
  • Shares of 180 Life Sciences Corp. (NASDAQ:ATNF) were down 33% to $4.3262. 180 Life Sciences shares jumped 325% on Wednesday after the company announced it is planning to enter the online gaming industry with its newly acquired gaming technology platform.
  • Fangdd Network Group Ltd (NASDAQ:DUO) was down, falling 28% to $1.0308 after jumping 55% on Wednesday. Fangdd Network Group, last week, said it regained compliance status with the Nasdaq regarding its minimum bid price requirement.

Commodities
In commodity news, oil traded down 0.1% to $70.38 while gold traded up 0.3% at $2,699.20.

Silver traded down 0.2% to $31.90 on Thursday, while copper fell 1% to $4.3245.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 1%, Germany's DAX rose 1% and France's CAC 40 climbed 1.6%. Spain's IBEX 35 Index fell 0.3%, while London's FTSE 100 gained 0.6%.

The European Central Bank cut its three key interest rates by 25 bps in October. Annual inflation rate in the Eurozone fell to 1.7% in September versus initial estimates of 1.8% and compared to 2.2% in August.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei 225 falling 0.69%, Hong Kong's Hang Seng Index falling 1.02%, China's Shanghai Composite Index dipping 1.05% and India's BSE Sensex falling 0.61%.

Economics

  • Industrial production in the U.S. declined 0.3% from a month ago in September.
  • U.S. initial jobless claims fell by 19,000 in the week ending Oct. 12.
  • The Philadelphia Fed Manufacturing Index climbed to 10.3 in October compared to 1.7 in September and topping market estimates of 3.
  • U.S. retail sales rose 0.4% month-over-month in September compared to a 0.1% increase in August and higher than market estimates of a 0.3% rise.

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