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Markets Drift Lower as Jobless Claims Beat Expectations

MarketDash Editorial Team
4 hours ago
U.S. stocks opened Wednesday with modest losses across major indices, while initial jobless claims surprised to the downside at 199,000. Technology shares provided a bright spot while real estate lagged, and individual stocks saw dramatic swings on company-specific news.

U.S. markets opened Wednesday in a subdued mood, with all three major indices trading in the red, though the losses were nothing to write home about. The Dow Jones slipped 0.09% to 48,322.35, while the Nasdaq essentially flatlined with a 0.01% dip to 23,417.48. The S&P 500 split the difference, edging down 0.04% to 6,893.58.

Sector Moves Tell the Story

Not every corner of the market was feeling pessimistic. Information technology shares climbed 0.2% on Wednesday, providing some support to the broader market. On the flip side, real estate stocks fell 0.3%, leading the laggards for the session.

Jobs Data Surprises

The headline economic news came from the labor market, where U.S. initial jobless claims declined by 16,000 to 199,000 in the week ending December 27. That came in well below market estimates of 220,000, suggesting continued resilience in the employment picture.

Individual Stock Fireworks

While the major indices barely budged, individual stocks were all over the map. Anghami Inc. (ANGH) shot up 54% to $3.84 after reporting a year-over-year increase in first-half results. Northann Corp. (NCL) surged even more dramatically, jumping 72% to $0.3332. Intelligent Bio Solutions Inc. (INBS) gained 56% to $6.38 following news of a strategic manufacturing partnership with Syrma Johari MedTech to scale production of its drug screening reader technology.

The downside was equally dramatic. Corcept Therapeutics Incorporated (CORT) dropped 47% to $37.40 after receiving a Complete Response Letter from the FDA for Relacorilant—regulatory speak for "not yet approved." Delixy Holdings Limited (DLXY) fell 29% to $1.0001, while SMX (Security Matters) Public Limited Company (SMX) declined 22% to $40.00.

Commodities and Global Markets

In commodity trading, oil edged up 0.5% to $58.24 per barrel, while gold retreated 0.7% to $4,355.20. Silver had a rough session, falling 7.5% to $72.045, and copper dropped 1.8% to $5.6805.

European markets closed lower across the board. The eurozone's STOXX 600 slipped 0.1%, Spain's IBEX 35 Index fell 0.3%, London's FTSE 100 declined 0.1%, and France's CAC 40 dropped 0.2%.

Asian markets wrapped up Wednesday with mixed results. Hong Kong's Hang Seng Index fell 0.87%, while China's Shanghai Composite gained 0.09% and India's BSE Sensex climbed 0.64%.

Back to Stock Market News

Markets Drift Lower as Jobless Claims Beat Expectations

MarketDash Editorial Team
4 hours ago
U.S. stocks opened Wednesday with modest losses across major indices, while initial jobless claims surprised to the downside at 199,000. Technology shares provided a bright spot while real estate lagged, and individual stocks saw dramatic swings on company-specific news.

U.S. markets opened Wednesday in a subdued mood, with all three major indices trading in the red, though the losses were nothing to write home about. The Dow Jones slipped 0.09% to 48,322.35, while the Nasdaq essentially flatlined with a 0.01% dip to 23,417.48. The S&P 500 split the difference, edging down 0.04% to 6,893.58.

Sector Moves Tell the Story

Not every corner of the market was feeling pessimistic. Information technology shares climbed 0.2% on Wednesday, providing some support to the broader market. On the flip side, real estate stocks fell 0.3%, leading the laggards for the session.

Jobs Data Surprises

The headline economic news came from the labor market, where U.S. initial jobless claims declined by 16,000 to 199,000 in the week ending December 27. That came in well below market estimates of 220,000, suggesting continued resilience in the employment picture.

Individual Stock Fireworks

While the major indices barely budged, individual stocks were all over the map. Anghami Inc. (ANGH) shot up 54% to $3.84 after reporting a year-over-year increase in first-half results. Northann Corp. (NCL) surged even more dramatically, jumping 72% to $0.3332. Intelligent Bio Solutions Inc. (INBS) gained 56% to $6.38 following news of a strategic manufacturing partnership with Syrma Johari MedTech to scale production of its drug screening reader technology.

The downside was equally dramatic. Corcept Therapeutics Incorporated (CORT) dropped 47% to $37.40 after receiving a Complete Response Letter from the FDA for Relacorilant—regulatory speak for "not yet approved." Delixy Holdings Limited (DLXY) fell 29% to $1.0001, while SMX (Security Matters) Public Limited Company (SMX) declined 22% to $40.00.

Commodities and Global Markets

In commodity trading, oil edged up 0.5% to $58.24 per barrel, while gold retreated 0.7% to $4,355.20. Silver had a rough session, falling 7.5% to $72.045, and copper dropped 1.8% to $5.6805.

European markets closed lower across the board. The eurozone's STOXX 600 slipped 0.1%, Spain's IBEX 35 Index fell 0.3%, London's FTSE 100 declined 0.1%, and France's CAC 40 dropped 0.2%.

Asian markets wrapped up Wednesday with mixed results. Hong Kong's Hang Seng Index fell 0.87%, while China's Shanghai Composite gained 0.09% and India's BSE Sensex climbed 0.64%.

    Markets Drift Lower as Jobless Claims Beat Expectations - MarketDash News