Market Overview

Mid-Morning Market Update: Markets Open Lower; US Unemployment Rate Drops To 10.2%

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Following the market opening Friday, the Dow traded down 0.40% to 27276.68 while the NASDAQ fell 0.17% to 11,089.11. The S&P also fell, dropping 0.15% to 3,344.11.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 4,883,650 cases with around 160,100 deaths. Brazil confirmed a total of over 2,912,210 COVID-19 cases with 98,490 deaths, while India reported a total of at least 2,027,070 confirmed cases and 41,580 deaths. In total, there were at least 19,111,120 cases of COVID-19 worldwide with over 715,160 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares gained 0.7% on Friday. Meanwhile, top gainers in the sector included Seritage Growth Properties (NYSE: SRG), up 9%, and eXp World Holdings, Inc. (NASDAQ: EXPI), up 9%.

In trading on Friday, energy shares fell by 1.4%.

Top Headline

The US unemployment rate declined to 10.2% in July compared to 11.1% in June and versus analysts’ estimates of 10.5%.

The US economy added 1.76 million jobs during July, versus addition of record 4.8 million jobs in the earlier month. However, analysts were expecting a gain of 1.6 million jobs.

Equities Trading UP

Conduent Incorporated (NASDAQ: CNDT) shares shot up 85% to $4.17 after the company reported stronger-than-expected Q2 results.

Shares of Kazia Therapeutics Limited (NASDAQ: KZIA) got a boost, shooting 74% to $7.36 after the company announced the FDA has granted the company Rare Pediatric Disease Designation to the Co.'s Paxalisib for Diffuse Intrinsic Pontine Glioma.

AnPac Bio-Medical Science Co., Ltd. (NASDAQ: ANPC) shares were also up, gaining 70% to $9.30 after the company reported that it has been validating the approved coronavirus test for commercial use in its San Jose, California lab since the second quarter.

Equities Trading DOWN

Everspin Technologies, Inc. (NASDAQ: MRAM) shares tumbled 28% to $6.17 after the company reported downbeat Q2 sales and issued weak Q3 guidance.

Shares of Alteryx, Inc. (NYSE: AYX) were down 28% to $122.34. Alteryx reported upbeat Q2 results, but issued weak sales forecast for Q3 and FY20.

Trevena, Inc. (NASDAQ: TRVN) was down, falling 25% to $1.82.

Commodities

In commodity news, oil traded down 1.3% to $41.42, while gold traded down 0.2% to $2,065.80.

Silver traded down 0.5% Friday to $28.26, while copper fell 1.1% to $2.8775.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index fell 0.7%, while Italy’s FTSE MIB Index declined 0.5%. Meanwhile, the German DAX 30 gained 0.2%, French CAC 40 fell 0.3% and UK shares fell 0.1%.

Economics

The US economy added 1.76 million jobs during July, versus addition of record 4.8 million jobs in the earlier month. The US unemployment rate declined to 10.2% in July compared to 11.1% in June.

U.S. wholesale inventories increased 8.8% for June, versus analysts’ expectations for a 4.9% rise.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Data on consumer credit for June will be released at 3:00 p.m. ET.

 

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