U.S. markets opened Thursday in the red, with technology stocks bearing the brunt of selling pressure as the Nasdaq Composite tumbled more than 100 points in early trading.

The Dow Jones Industrial Average dipped 0.05% to 48,972.29, while the Nasdaq fell 0.57% to 23,448.86. The S&P 500 declined 0.14% to 6,911.57 as investors digested a mixed bag of economic data and corporate earnings.

Sector Performance: Industrials Shine While Tech Stumbles

It was a tale of two sectors Thursday. Industrials led the charge higher, gaining 1.4% as investors rotated into the space. On the flip side, information technology stocks retreated 1.4%, dragging the broader market lower and accounting for much of the Nasdaq's weakness.

Acuity Lights Up Earnings

Acuity Inc. (AYI) delivered an impressive fiscal first-quarter 2026 performance Thursday, posting double-digit revenue growth that showcased continued strength in its intelligent building solutions business.

The lighting and building management company reported quarterly net sales jumped 20.2% year-over-year to $1.14 billion, hitting analyst expectations right on the nose. More impressively, Acuity posted adjusted earnings per share of $4.69, topping the analyst consensus of $4.59. The strong performance suggests the company's intelligent building solutions momentum isn't slowing down anytime soon.

Big Movers: Winners and Losers

Several stocks made dramatic moves Thursday, with one aviation company absolutely soaring on partnership news.

Flyexclusive Inc (FLYX) shares rocketed 126% to $7.44 after the private jet charter company announced it became an authorized Starlink Aviation dealer. That's the kind of move that makes you wish you'd checked your portfolio before breakfast.

Enliven Therapeutics Inc (ELVN) surged 59% to $24.55 following positive initial data from its Phase 1b ENABLE clinical trial. The trial is evaluating ELVN-001 in patients with chronic myeloid leukemia that's relapsed, refractory, or intolerant to currently available tyrosine kinase inhibitors.

Nuvve Holding Corp (NVVE) climbed 46% to $5.11 after announcing it regained Nasdaq compliance, a relief for shareholders who'd been sweating the delisting risk.

The Downside

Not everyone had a good day. Immuneering Corp (IMRX) plunged 35% to $5.45 despite announcing updated overall survival and safety data from its Phase 2a trial of atebimetinib combined with modified gemcitabine/nab-paclitaxel in first-line pancreatic cancer patients. The data included over 13 months of median follow-up time, but apparently didn't impress investors.

Acrivon Therapeutics Inc (ACRV) dropped 29% to $2.10 after releasing ACR-368 Phase 2b endometrial cancer clinical data along with plans for EU expansion and updates on additional development candidates.

CorMedix Inc (CRMD) fell 25% to $8.33 after the company announced preliminary fourth-quarter and full-year fiscal 2025 revenue results that apparently disappointed the market.

Commodities and Global Markets

In commodity markets, oil climbed 1.9% to $57.03 per barrel. Meanwhile, precious metals retreated with gold falling 0.6% to $4,436.20. Silver had a rougher day, dropping 4.7% to $73.925, while copper declined 2.5% to $5.7120.

European markets closed mostly lower, with the eurozone's STOXX 600 slipping 0.3%. Spain's IBEX 35 bucked the trend, rising 0.2%, while London's FTSE 100 fell 0.1%, Germany's DAX declined 0.2%, and France's CAC 40 dropped 0.1%.

Asian markets finished Thursday in the red across the board. Japan's Nikkei 225 led losses with a 1.63% decline, Hong Kong's Hang Seng Index fell 1.17%, China's Shanghai Composite slipped 0.07%, and India's BSE Sensex dropped 0.92%.

Economic Data Roundup

The economic calendar delivered several notable updates Thursday. U.S. initial jobless claims increased by 8,000 from the previous week to 208,000 for the week ending January 3, coming in slightly better than market expectations of 210,000.

On the productivity front, nonfarm business sector labor productivity rose a robust 4.9% in the third quarter, building on a revised 4.1% gain in the prior quarter. Unit labor costs in the nonfarm business sector fell 1.9% in the third quarter, defying market expectations of 1.0% growth.

Perhaps most striking was the trade deficit data. The U.S. trade deficit narrowed dramatically to $29.4 billion in October, marking the smallest gap since June 2009. That's a massive improvement from the revised $48.1 billion deficit in September and well below market estimates of a $58.1 billion gap.