U.S. stocks traded lower midway through trading, with the Dow Jones index falling around 800 points on Thursday.

The Dow traded down 1.64% to 47,939.44 while the NASDAQ fell 0.39% to 22,717.79. The S&P 500 also fell, dropping, 0.74% to 6,818.63.

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Leading and Lagging Sectors

Energy shares rose by 0.7% on Thursday.

In trading on Thursday, health care stocks dipped by 2.6%.

Top Headline

BJ’s Wholesale Club Holdings Inc (NYSE:BJ) reported upbeat earnings for the fourth quarter.

The company posted quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 92 cents per share. The company reported quarterly sales of $5.575 billion which beat the analyst consensus estimate of $5.539 billion.

Equities Trading UP
           

  • Impact Biomedical Inc (NYSE:IBO) shares shot up 49% to $0.61 following a Securities and Exchange Commission filing disclosing amendments to its pending merger with Cayman Islands-based global pharmaceutical company Dr Ashleys Bio Labs Limited.
  • Shares of Palladyne AI Corp (NASDAQ:PDYN) got a boost, surging 31% to $9.76 after the company reported better-than-expected quarterly sales results.
  • Gaxos.ai Inc. (NASDAQ:GXAI) shares were also up, gaining 71% to $2.12. Gaxos.ai Inc. announced that America First Defense secured a license for the Detachable Drone Highjacker to counter and defeat hostile Unmanned Aircraft Systems.

Equities Trading DOWN

  • Medicus Pharma Ltd (NASDAQ:MDCX) shares dropped 48% to $0.71 following the release of topline data from its Phase 2 clinical trial for SKNJCT-003.
  • Shares of FTC Solar Inc (NASDAQ:FTCI) were down 26% to $5.48 following quarterly earnings.
  • Classover Holdings Inc (NASDAQ:KIDZ) was down, falling 19% to $0.078. Classover announced a 1-for-50 reverse stock split.

Commodities

In commodity news, oil traded up 6% to $79.11 while gold traded down 1.1% at $5,076.90.

Silver traded down 1.4% to $82.000 on Thursday, while copper fell 1.1% to $5.8410.

Euro zone

European shares were lower today. The eurozone's STOXX 600 declined 1.38%, while Spain's IBEX 35 Index fell 1.61%. London's FTSE 100 fell 1.54%, Germany's DAX dipped 1.78% and France's CAC 40 fell 1.68% during the session.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 1.90%, Hong Kong's Hang Seng index gaining 0.28%, China's Shanghai Composite rising 0.64% and India's BSE Sensex gaining 1.14%.

Economics

  • U.S. initial jobless claims came in unchanged from the previous week at 213,000 in the final week of February, compared to market estimates of 215,000.
  • Unit labor costs in the nonfarm business sector increased by 2.8% in the fourth quarter, following a 1.8% decline in previous quarter.
  • Labor productivity in the nonfarm business sector increased 2.8% in the fourth quarter following 5.2% growth in the previous quarter.
  • U.S. export prices increased by 0.6% in January, while import prices climbed by 0.2% from the previous month.
  • U.S.-based employers announced 48,307 job cuts in February compared to 108,435 in the previous month.
  • U.S. natural-gas stocks fell 132 billion cubic feet in the week ended Feb. 27, compared to market estimates of a 121 bcf draw.

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