Wall Street Set to Open Lower Following Rate Increase, Higher Jobless Claims

Last Updated: Thursday, September 22, 2022 9:22 AM | MT Newswires

US stocks look set to open Thursday trading lower in the wake of Wednesday's 75-basis-point rate increase, and following the morning's report that weekly jobless claims rose by 5,000 to 213,000, below the consensus forecast of 220,000.

Dow Jones Industrial Average futures were down 1.7%, S&P 500 futures declined 1.7%, and Nasdaq futures dropped 1.8%.

Oil prices were sharply higher, with North Sea Brent crude and US West Texas Intermediate crude rising 2.1% and 2.4%, respectively.

In other world markets, Japan's Nikkei was down 0.6%, Hong Kong's Hang Seng ended trading down 1.6%, and China's Shanghai Composite moved 0.3% lower. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was off 0.2%, while Germany's DAX index and France's CAC 40 fell about 0.7% each.

On the winning side, shares of Spero Therapeutics (SPRO) soared 153% in premarket trading after it said it signed an exclusive license agreement with GSK (GSK) for Spero's tebipenem HBr to treat urinary tract infections. American Virtual Cloud Technologies (AVCT) shares were up 27% after Ribbon Communications disclosed the disposal of 13.7 million of the company's common shares. Sellas Life Sciences (SLS) shares surged 26%, following a 7.1% decline on Wednesday. Inventiva (IVA) shares were up 25% after it said it signed a deal to develop and market lanifibranor in mainland China, Hong Kong, Macau and Taiwan to treat non-alcoholic steatohepatitis. HeartBeam (BEAT) shares surged 17% after falling 16% the previous session.

On the losing side, shares of Aptorum Group (APM) tumbled 23% after losing 6% the previous session. Tenon Medical (TNON) shares fell 19%, continuing their 7.5% slide from Wednesday. Shares of EZFill Holdings (EZFL) dropped 16% after falling 8% the previous session. Soluna Holdings (SLNH) fell 15%, erasing Wednesday's 6% gain. TOP Ships (TOPS) shares dropped nearly 10% after saying late Wednesday it will enact a 1-for-20 reverse stock split.

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