U.S. stocks traded lower this morning, with the Dow Jones dropping more than 90 points on Thursday.
Following the market opening Thursday, the Dow traded down 0.28% to 33,884.72 while the NASDAQ fell 0.26% to 12,904.48. The S&P also fell, dropping, 0.16% to 4,267.04.
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Leading and Lagging Sectors
Energy shares climbed 2% on Thursday. Meanwhile, top gainers in the sector included Newpark Resources, Inc. (NYSE:NR), up 13% and Hallador Energy Company (NASDAQ:HNRG) up 7%.
In trading on Thursday, health care shares fell by 0.7%.
Top Headline
U.S. initial jobless claims dropped by 2,000 to 250,000 the week ended August 13th, compared to market expectations of 265,000.
Equities Trading UP
- Wolfspeed, Inc. (NYSE:WOLF) shares shot up 25% to $106.78 after the company reported better-than-expected Q4 EPS and sales results. Additionally, multiple firms raised their price target on the stock.
- Shares of WeTrade Group, Inc. (NASDAQ:WETG) got a boost, shooting 21% to $8.65. WeTrade Group said, 'WeTrade and Zhixun are ready to launch an in-depth cooperative sales promotion of Zhixun's disinfectant.'
- Forza X1, Inc. (NASDAQ:FRZA) shares were also up, gaining 23% to $8.25 after the company, along with OneWater Marine, announced the companies have entered into a strategic partnership to create a distribution channel for the Forza X1's integrated electric sports boats.
Equities Trading DOWN
- Blue Water Vaccines, Inc. (NASDAQ:BWV) shares tumbled 40% to $4.52 on possible profit taking after the stock surged on Wednesday.
- Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) were down 26% to $17.03 following a Form 144 filing by RC Ventures, which suggested the firm proposed to sell 7.78 million common shares and certain call options. Additionally, Wedbush downgraded the stock to Underperform.
- Kirkland's, Inc. (NASDAQ:KIRK) was down, falling 22% to $4.9999. The company is scheduled to report Q2 results on August 30, 2022.
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Commodities
In commodity news, oil traded up 1.8% to $89.67, while gold traded up 0.1% to $1,778.70
Silver traded down 0.1% to $19.725 on Thursday while copper rose 1.5% to $3.6385.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.2%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.1%. The German DAX gained 0.3%, French CAC 40 rose 0.2% and Italy’s FTSE MIB Index climbed 0.7%.
Annual inflation rate in the Eurozone was confirmed at a fresh record high of 8.9% in July, versus 8.6% in June, while construction output in the Eurozone rose 0.1% year-over-year in June.
Economics
- U.S. initial jobless claims dropped by 2,000 to 250,000 the week ended August 13th, compared to market expectations of 265,000.
- The Philadelphia Fed Manufacturing Index climbed to 6.2 in August from -12.3 in July.
- Existing home sales in the US fell 5.9% to an annual rate of 4.81 million in July.
- The index of leading economic indicators fell 0.4% for July.
- The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
- The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
- Federal Reserve Bank of Kansas City President Esther George is set to speak at 1:20 p.m. ET.
- Minneapolis Fed President Neel Kashkari will speak at 1:45 p.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,065,400 cases with around 1,064,200 deaths. India confirmed a total of at least 44,298,860 cases and 527,200 deaths, while France reported over 34,276,080 COVID-19 cases with 153,330 deaths. In total, there were at least 598,289,170 cases of COVID-19 worldwide with more than 6,464,140 deaths.
