Mid-Morning Market Update: Markets Open Lower; Bank of America Earnings Top Views

Following the market opening Thursday, the Dow traded down 0.42% to 26756.93 while the NASDAQ fell 1.36% to 10,406.91. The S&P also fell, dropping 0.70% to 3,203.83.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,499,390 cases with around 137,410 deaths. Brazil confirmed a total of over 1,966,740 COVID-19 cases with 75,360 deaths, while India reported a total of at least 968,850 confirmed cases and 24,910 deaths. In total, there were at least 13,578,600 cases of COVID-19 worldwide with over 584,780 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares rose 1.1% on Thursday. Meanwhile, top gainers in the sector included Aqua America, Inc. WTRU, up 7%, and Sky Solar Holdings, Ltd. SKYS, up 2%.

In trading on Thursday, energy shares fell 1.8%.

Top Headline

Bank of America Corp BAC reported stronger-than-expected results for its second quarter.

Bank of America reported quarterly earnings of $0.37 per share, beating analysts’ estimates of $0.27 per share. The company reported sales of $22.30 billion, exceeding expectations of $22.01 billion.

Equities Trading UP

Boxlight Corporation BOXL shares shot up 75% to $4.18 after the company's website discussed a collaboration with Samsung.

Shares of Lion Financial Group Limited LGHL got a boost, shooting 74% to $5.95 after the company reported the official launch of "Lion Lu Gu Tong," its total return swap service.

AC Immune SA ACIU shares were also up, gaining 41% to $10.16 after the company disclosed that it has advanced its phospho-tau Alzheimer's vaccine in its phase 1b/2a study.

Equities Trading DOWN

Tricida, Inc. TCDA shares tumbled 36% to $16.89 after the company said it has received a notification from the FDA stating that, as part of its ongoing review of its New Drug Application for veverimer in metabolic acidosis, the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time.

Shares of CLPS Incorporation CLPS were down 19% to $2.71 aftre jumping over 55% on Wednesday.

Atreca, Inc. BCEL was down, falling 19% to $14.84 after the company priced its 781,250 share common stock offering at $16 per share.

Commodities


In commodity news, oil traded down 1.2% to $40.72, while gold traded down 0.3% to $1,807.60.

Silver traded down 0.6% Thursday to $19.645, while copper fell 0.6% to $2.868.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index slipped 0.1%. Meanwhile, the German DAX 30 declined 0.6%, French CAC 40 fell 0.7% and UK shares fell 0.6%.

Economics

U.S. initial jobless claims eased slightly to 1.30 million in the week ended July 11, versus a revised 1.31 million claims in the previous week.

The Philadelphia Fed manufacturing index declined to 24.1 in July versus 27.5 in June.

U.S. retail sales climbed 7.5% in June versus a revised increase of 18.2% in May.

U.S. business inventories declined 2.3% in May versus a revised 1.4% drop in April.

The NAHB housing market index rose 14 points to a reading of 72 in 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.

Federal Reserve Bank of New York President John Williams is set to speak at 11:10 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.

Chicago Federal Reserve chief Charles Evans is set to speak at 1:30 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 2:00 p.m. ET.

The Treasury International Capital report for May is scheduled for release at 4:00 p.m. ET.

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