Dow flat, S&P 500 and Nasdaq dip; ADMA Biologics slumps 20%, DJT eyes best week since March

The US equity benchmarks were little changed after opening significantly lower on Thursday, following a hotter-than-expected inflation report. 

At the time of writing, the Dow Jones Industrial Average was largely flat at 42,479.58, while the S&P 500 was down 0.3% from the previous close.

The Nasdaq Composite average was also down 0.1% from the previous session's close. 

“Clearly today is being driven mostly by the CPI report,” Luke O’Neill, portfolio manager at Cookson Peirce told CNBC. 

US CPI data mixed

The US CPI index showed a rise of 2.4% annually in September compared with 2.5% in August. However, the reading was higher than 2.3% expected by economists. 

CPI index, excluding food and energy, rose 3.3% annually last month, compared with 3.2% in August, and also beat forecasts of 3.2% by economists. 

Meanwhile, the jobs data showed that people filing for unemployment claims for the first time in the US rose to 258,000 in the week ending Tuesday from 225,000 in the previous week. The unemployment claims data also beat analysts’ expectations of 230,000. 

The data came amid concerns that the US Federal Reserve may slow the pace of rate cuts in its upcoming meeting in November. Fed funds futures trading data suggests an 87% likelihood of a quarter-point cut, according to CME Group’s FedWatch tool. 

ADMA Biologics plunge 20%

Shares of ADMA Biologics, a leading biopharmaceutical company, plunged 20% on Thursday after CohnReznik LLP resigned as the company’s auditor. 

The company added in a regulatory filing on Thursday that the auditor transition will not impact its previously disclosed financial guidance for 2024-2025. 

The company said that it has started a process to find a new accounting firm to audit its financials for the year ending December 31, 2024. 

Trump Media set for best week since March

Shares of Trump Media and Technology Group Corp surged by nearly 17% on Thursday. 

The stock has enjoyed a very positive last five sessions out of six and is set to end the week with its best finish since March 28, when it rose 67%. 

Shares have jumped 42% this week, and have gained 34% in 2024 so far. 

Big-name Tech stocks mixed

Shares of heavyweight technology stocks were mixed on Thursday. NVIDIA’s stock gained 2%, while Amazon and Google also rose. 

However, Microsoft, Apple, and Meta Platforms were down slightly. 

Tesla shares are little changed after reversing losses from earlier in the session. The stock is flat ahead of the EV maker’s eagerly anticipated robotaxi event this evening. 

Meanwhile, shares of Advanced Micro Devices were down slightly ahead of the chipmaker’s Advancing AI event today. 

Oil prices rebound over 3%, Brent nears $80/barrel again

Global oil prices rebounded from two straight days of losses as Hurricane Milton disrupted supply in Florida and the Gulf of Mexico region. 

Additionally, tensions surrounding Israel and Iran further boosted sentiments in the oil market on Thursday. 

Investors are waiting for Israel’s response to Iran’s attack on the former last week. However, reports suggest that US President Joe Biden has urged Israel to avoid hitting Tehran’s oil facilities. 

At the time of writing, the price of Brent crude was $79.33 per barrel, up 3.5% from the previous close. The West Texas Intermediate crude was at $75.87 per barrel, up 3.6%.