Mid-Day Market Update: Crude Oil Down 2.9%; Co-Diagnostics Shares Spike Higher

Midway through trading Thursday, the Dow traded down 0.34% to 27127.24 while the NASDAQ fell 0.33% to 8158.02. The S&P also fell, dropping 0.12% to 2,980.87.

Leading and Lagging Sectors

Financial shares rose 0.7% on Thursday. Meanwhile, top gainers in the sector included Puyi Inc. PUYI, up 12%, and Triumph Bancorp, Inc. TBK, up 8%.

In trading on Thursday, communication services shares fell 1.5%.

Top Headline

Morgan Stanley MS reported better-than-expected earnings for its second quarter.

Morgan Stanley reported second-quarter earnings of $1.23 per share, which beat the analyst consensus estimate of $1.16. The company reported quarterly sales of $10.244 billion, which beat the analyst consensus estimate of $10.03 billion.

Equities Trading UP

SilverCrest Metals Inc. SILV shares shot up 13% to $5.01 after receiving operating permit for Las Chispas.

Shares of Neptune Wellness Solutions Inc. NEPT got a boost, shooting up 15% to $5.63 after closing US$41 million private placement. Neptune Wellness said private placement will help finance M&A deals.

Co-Diagnostics, Inc. CODX shares were also up, gaining 40% to $1.2438 after the company reported 'favorable' results from its study to detect cancer mutations using its CoPrimer technology.

Equities Trading DOWN

ADTRAN, Inc. ADTN shares tumbled 24% to $12.10 after the company reported preliminary results for the second quarter.

Shares of Taronis Technologies, Inc. TRNX were down 22% to $0.3255 after the company announced it entered into a Distribution and License Agreement with its Taronis Fuels subsidiary.

Eagle Bancorp, Inc. EGBN was down, falling 12% to $46.95 after reporting downbeat Q2 results.

Commodities

In commodity news, oil traded down 2.9% to $55.13, while gold traded up 0.4% to $1,428.60.

Silver traded up 1.4% Thursday to $16.195, while copper fell 0.3% to $2.7085.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.22%, the Spanish Ibex Index fell 0.63%, while Italy’s FTSE MIB Index gained 0.05%. Meanwhile, the German DAX declined 0.92%, and the French CAC 40 fell 0.38% while UK shares fell 0.56%.

Economics

U.S. initial jobless claims rose 8,000 to 216,000 in the latest week. However, economists were expecting a reading of 216,000.

The Philadelphia Fed manufacturing index rose to a reading of 21.8 in July, compared to 0.3 in June.

The index of leading economic indicators declined 0.3% for June.

Domestic supplies of natural gas climbed 62 billion cubic feet for the week ended July 12, the U.S. Energy Information Administration reported. However, economists projected a gain of 65 billion cubic feet.

New York Federal Reserve Bank President John Williams is set to speak in New York at 2:15 p.m. ET.

Data on money supply for the latest week will be released at 4:30 p.m. ET.