Nasdaq Dips Over 100 Points; Unity Software Shares Jump
U.S. stocks experienced a downturn midway through the trading session on Thursday, with the Nasdaq Composite dropping over 100 points. The Dow Jones Industrial Average declined, trading down by 0.62% to 42,280.33. The Nasdaq fell by 0.70% to 19,175.52, and the S&P 500 saw a decrease of 0.59% to 5,846.80.
Leading and Lagging Sectors
Energy shares were among the few bright spots, rising by 1.2% on Thursday. In contrast, real estate shares faced a slight decline, falling by 0.6%.
Key Headlines
The S&P Global manufacturing PMI reflected a decline, measuring at 49.4 in December compared to 49.7 in the previous month and a revised preliminary reading of 48.3. This indicator suggests a slight contraction in the manufacturing sector.
Equities on the Move
Soaring on Thursday’s trading board was Carmell Corporation (NASDAQ: CTCX), whose shares rocketed 156% to $0.7371 after announcing an agreement to acquire Elevai Skincare. Another major move was made by N2OFF, Inc., which saw an impressive surge of 257% to $0.8471 following the approval of a joint solar project venture in Meltz, Germany. Also noteworthy was Unity Software Inc. (NYSE: U), with shares climbing 9% to $24.47. This spike followed speculation incited by a recent post from meme stock trader Keith Gill, popularly known as “Roaring Kitty,” potentially indicating his investment interest in Unity Software.
In contrast, shares of Neumora Therapeutics, Inc. (NASDAQ: NMRA) plummeted 81% to $2.0250 after its Phase 3 KOASTAL study failed to show statistically significant primary endpoint improvements. Meanwhile, Exodus Movement, Inc. (AMEX: EXOD) shares dropped 12% to $27.00, alongside Jayud Global Logistics Limited (NASDAQ: JYD), which also fell 12% to $2.82.
Commodities Update
In commodity markets, oil prices rose by 2.2%, reaching $73.31, while gold increased by 1% to $2,666.60. Silver experienced a rise of 2.2% to $29.880, whereas copper saw a minor decline of 0.1% to $4.0220.
European Market Overview
European shares ended the day on a positive note. The STOXX 600 for the eurozone rose by 0.54%, with Germany’s DAX 40 advancing by 0.39% and France’s CAC 40 increasing by 0.15%. Spain’s IBEX 35 Index increased by 0.55%, while London’s FTSE 100 enjoyed a 1.13% rise.
Asia-Pacific Market Recap
Markets across Asia presented a mixed picture on Thursday. China’s Shanghai Composite Index experienced a decline of 2.66%, and Hong Kong’s Hang Seng Index fell by 2.18%. On the other hand, India’s BSE Sensex showed gains, rising by 1.83%.
U.S. Economic Indicators
In the U.S., initial jobless claims recorded a decrease of 9,000 from the previous week, resulting in 211,000 claims for the last week of 2024—a figure lower than market expectations of 222,000. The S&P Global manufacturing PMI indicated a decline, settling at 49.4 for December, down from November’s figure of 49.7. American construction spending remained stagnant, displaying no growth month-over-month for November but falling short of market predictions for a 0.3% rise.
