U.S. stock markets experienced a downward trend early Thursday, notably with the Nasdaq Composite index decreasing by more than 100 points. At the opening bell, the Dow Jones Industrial Average marginally declined 0.05%, trading around 48,972.29. Meanwhile, the Nasdaq Composite dropped 0.57%, standing at 23,448.86. The benchmark S&P 500 index followed suit, slipping 0.14% to 6,911.57.
Industry sector performance was bifurcated. Industrials advanced by 1.4%, marking one of the few bright spots in the session. In contrast, information technology stocks saw a decrease of 1.4%, contributing to the broader market weakness.
Corporate Earnings and Market Movers
Among publicly traded companies, Acuity Inc. (NYSE: AYI) reported its fiscal first-quarter results for 2026 on Thursday. The lighting solutions company recorded a 20.2% increase in quarterly net sales year-over-year, reaching $1.14 billion. This figure met analyst consensus expectations. The company's adjusted earnings per share (EPS) stood at $4.69, surpassing the analyst forecast of $4.59. The positive earnings outcome was primarily attributed to continued robust demand in Acuity's intelligent building solutions segment.
Ticker activity saw notable gainers and decliners. Shares of Flyexclusive Inc (NYSE: FLYX) surged by an impressive 126%, closing at $7.44. The jump followed the company being authorized as a Starlink Aviation dealer. Similarly, Enliven Therapeutics Inc (NASDAQ: ELVN) shares rose 59% to $24.55 after releasing initial Phase 1b clinical data from its ENABLE trial assessing ELVN-001 in patients with relapsed, refractory, or intolerant chronic myeloid leukemia.
Nuvve Holding Corp (NASDAQ: NVVE) also reported gains, climbing 46% to $5.11 after announcing it had regained compliance with Nasdaq listing standards.
Conversely, several biotechnology stocks dropped sharply. Immuneering Corp (NASDAQ: IMRX) shares were down 35% to $5.45 after the company presented updated survival and safety data from an ongoing Phase 2a trial of atebimetinib combined with modified chemotherapy in first-line pancreatic cancer patients, with a median follow-up exceeding 13 months.
Acrivon Therapeutics Inc (NASDAQ: ACRV) shares fell 29% to $2.10 following multiple clinical developments, including Phase 2b endometrial cancer trial data, plans to expand European Union patient enrollment to accelerate recruitment, initial clinical data from the ACR-2316 program, and updates on ACR-6840, a next-generation AP3-enabled CDK11-targeting candidate under development.
CorMedix Inc (NASDAQ: CRMD) experienced a 25% share price decrease to $8.33 after releasing preliminary fourth-quarter and fiscal year 2025 revenue results.
Commodity Movements and Global Markets
In commodities, crude oil prices gained 1.9%, reaching $57.03 per barrel. Gold prices declined moderately by 0.6%, settling at $4,436.20. Silver and copper prices fell sharply, down 4.7% to $73.925 and 2.5% to $5.7120 respectively.
Global equity markets also reflected widespread retreats. In Europe, the STOXX 600 fell 0.3%, Germany's DAX dropped 0.2%, France's CAC 40 dipped 0.1%, and London's FTSE 100 decreased 0.1%. Spain's IBEX 35 was an exception, posting a slight increase of 0.2%.
Asian markets closed mostly lower, with Japan's Nikkei 225 down 1.63%, Hong Kong's Hang Seng Index down 1.17%, China's Shanghai Composite down 0.07%, and India's BSE Sensex down 0.92% as of Thursday's close.
Economic Data Highlights
Latest U.S. economic reports showed initial unemployment claims rose by 8,000 to a total of 208,000 for the week ending January 3, narrowly below market expectations of 210,000. Labor productivity in the nonfarm business sector increased 4.9% in the third quarter, a step up from a previously revised 4.1% gain in the prior quarter.
Unit labor costs declined 1.9% in the third quarter, contrasting with consensus forecasts projecting a 1.0% increase. Trade balance data for October revealed a narrowing U.S. trade deficit, shrinking to $29.4 billion—the smallest deficit since June 2009. This figure improved markedly compared to September's revised deficit of $48.1 billion and was well below the anticipated $58.1 billion deficit.