Market Overview

Mid-Afternoon Market Update: Crude Oil Down 1%; Atreca Shares Plummet

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Toward the end of trading Thursday, the Dow traded down 0.67% to 26,691.14 while the NASDAQ fell 0.64% to 10,482.52. The S&P also fell, dropping 0.42% to 3,212.92.

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 Azure Power Global Limited (NYSE: AZRE), up 9%, and Sunnova Energy International Inc. (NYSE: NOVA), up 3%.

In trading on Thursday, information technology shares fell 1.1%.

Top Headline

Bank of America Corp (NYSE: 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 (NASDAQ: BOXL) shares shot up 53% to $3.63 after the company's website discussed a collaboration with Samsung.

Shares of ARC Document Solutions, Inc. (NYSE: ARC) got a boost, shooting 35% to $1.055. ARC said it expects Q2 adjusted EBITDA of $10 million and cash flow from operations of over $20 million following reconfiguration of operations and cost structure.

InnerWorkings, Inc. (NASDAQ: INWK) shares were also up, gaining 117% to $2.87 after HH Global announced plans to acquire the company for $3 per share.

Equities Trading DOWN

Tricida, Inc. (NASDAQ: TCDA) shares tumbled 39% to $16.02 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 INmune Bio, Inc. (NASDAQ: INMB) were down 16% to $10.91 after reporting a proposed public offering of common stock. INmune Bio shares jumped 78% on Tuesday following a positive clinical readout from the company.

Atreca, Inc. (NASDAQ: BCEL) was down, falling 20% to $14.75 after the company priced its 781,250 share common stock offering at $16 per share.

Commodities

In commodity news, oil traded down 1% to $40.78, while gold traded down 1% to $1,795.00.

Silver traded down 1.1% Thursday to $19.545, while copper rose 0.5% to $2.8995.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.47%, the Spanish Ibex Index fell 0.17%, while Italy’s FTSE MIB Index gained 0.37%. Meanwhile, the German DAX 30 declined 0.43%, French CAC 40 fell 0.46% and UK shares fell 0.67%.

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.

Domestic supplies of natural gas gained 45 billion cubic feet for the week ended July 10, the U.S. Energy Information Administration reported. However, analysts expected a rise of 50 billion cubic feet.

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.

 

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