U.S. stocks are positioned to open lower in Thursday's trading session as investors analyze critical inflation and employment data released earlier this morning. The Dow Jones Industrial Average futures are down 0.46%, S&P 500 futures have decreased by 0.6%, and Nasdaq futures are moving 0.69% lower.
Oil prices are on the rise, with front-month global benchmarks Brent crude and West Texas Intermediate crude increasing by 0.94% and 0.98%, respectively. Personal income saw a rise of 0.3% in September following August's 0.2% gain, as suggested by a survey conducted by Bloomberg as of 7:40 am ET. Personal consumption expenditures climbed by 0.5%, surpassing forecasts of a 0.4% increase.
When adjusted for inflation, real PCE rose by 0.4% after a 0.2% increase in August, outpacing expectations of a 0.3% rise. Initial jobless claims came in significantly lower than anticipated, falling to 216,000 from 228,000 the previous week, while forecasters had estimated claims to reach 229,000, according to Bloomberg. In other world markets, Japan's Nikkei dropped 0.50%, Hong Kong's Hang Seng declined by 0.31%, and China's Shanghai Composite gained 0.42%.
In Europe, the UK's FTSE 100 fell 0.67%, while Germany's DAX and France's CAC were down 0.56% and 0.87%, respectively. In the realm of equities, shares of Root ($ROOT) surged by an astounding 92% in Thursday's premarket after it reported a Q3 profit and an increase in total revenue compared to a year earlier.
Shares of Avadel Pharmaceuticals ($AVDL) rose by more than 27% as it announced a favorable court ruling against a lawsuit brought by Jazz Pharmaceuticals ($JAZZ) regarding the FDA's approval of Lumryz oxybate treatment. Alphatec ($ATEC) shares soared by 26% after reporting higher Q3 earnings and revenue, and raised its full-year guidance.
Tenon Medical's ($TNON) shares advanced by 23% after positive results from initial clinical cases using its new Catamaran SE SI Joint Fixation Device. Moreover, shares of Remitly Global ($RELY) climbed by 23% after Wells Fargo upgraded its rating on the stock. Conversely, shares of Matinas BioPharma ($MTNB) plunged by 54%, adding to a 31% loss from Wednesday, after announcing an 80% workforce reduction and halting all product development activities to conserve cash.
Equillium ($EQ) shares tumbled by 44% following the expiration of Ono Pharmaceutical's option to acquire rights to itolizumab. Shares of MDJM ($MDJH) dropped 47% after a slight gain in the previous session. COMPASS Pathways' ($CMPS) stock shed 35% after another slight loss on Wednesday. Additionally, shares of Estee Lauder ($EL.US) fell by over 23% after reporting lower net sales compared to last year, decreasing its quarterly dividend, and withdrawing its fiscal 2025 guidance..