Mid-Afternoon Market Update: Dow Tumbles Over 100 Points; Gevo Shares Spike Higher

Toward the end of trading Thursday, the Dow traded down 0.37% to 34,901.89 while the NASDAQ fell 0.03% to 15,281.73. The S&P also rose, gaining 0.31% to 4,499.94.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 40,456,810 cases with around 652,670 deaths. India confirmed a total of at least 33,139,980 cases and 441,740 deaths, while Brazil reported over 20,928,000 COVID-19 cases with 584,420 deaths. In total, there were at least 222,596,490 cases of COVID-19 worldwide with more than 4,596,860 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financials shares gained 0.4% on Thursday. Meanwhile, top gainers in the sector included Goosehead Insurance, Inc GSHD, up 8% and Oscar Health, Inc. OSCR up 7%.

In trading on Thursday, real estate shares fell by 1.4%.

Top Headline

US initial jobless claims dropped to 310 thousand in the week ending September 4, versus previous week's level revised level of 345,000. However, analysts were expecting a reading of 335 thousand.


Equities Trading UP

Gevo, Inc. GEVO shares shot up 36% to $7.86. The company announced with Chevron Corp. CVX that the two companies plan to invest in building and operating one or more new facilities that would process inedible cord to use in aviation fuel. This will help lower the carbon intensity in aviation fuels.

Shares of Rocket Lab USA, Inc. RKLB got a boost, shooting 36% to $20.58. Rocket Lab reported 1H sales of $29.5 million and announced it has been awarded a contract to deploy an entire satellite constellation for Kinéis. Canaccord Genuity initiated coverage on Rocket Lab USA with a Buy rating and announced a price target of $30.

Torrid Holdings Inc. CURV shares were also up, gaining 32% to $24.43 after the company reported better-than-expected Q2 EPS and sales results. Torrid sees Q3 sales of $305 million - $315 million, above the consensus of $294.74 million. The company expects FY21 sales of $1.29 billion - $1.31 billion, above the consensus of $1.26 billion.

Check out these big movers of the day

Equities Trading DOWN

Humanigen, Inc. HGEN shares tumbled 50% to $7.55 after the company said the Food and Drug Administration has declined its request for emergency use authorization of lenzilumab to treat newly hospitalized COVID-19 patients. JP Morgan downgraded Humanigen from Neutral to Underweight.

Shares of Tuesday Morning Corporation TUEM were down 39% to $2.5950 after the company reported downbeat Q4 earnings.

Invacare Corporation IVC was down, falling 34% to $5.50 after updating Q3 FY21 guidance. The Company said that headwinds related to labor, material, and freight, will continue to impact its business. For Q3 FY21, Invacare expects constant currency net sales of 0% - 4% Y/Y, against the growth rate of 4% - 7% expected earlier.


In commodity news, oil traded down 2% to $67.91, while gold traded up 0.3% to $1,798.40.

Silver traded up 0.3% Thursday to $24.135 while copper rose 1.3% to $4.2870.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 slipped 0.06%, the Spanish Ibex Index fell 0.43% and the German DAX 30 gained 0.08%. Meanwhile, the London’s FTSE 100 fell 1.01%, French CAC 40 rose 0.24% and Italy’s FTSE MIB rose 0.13%.

The trade surplus for Germany narrowed to €18.1 billion in July from €19.2 billion in the year-ago period, while current account surplus shrank to EUR 17.6 billion from EUR 20.2 billion.


US initial jobless claims dropped to 310 thousand in the week ending September 4, versus previous week's level revised level of 345,000. However, analysts were expecting a reading of 335 thousand.

US crude oil inventories dropped 1.5 million barrels last week, the Energy Information Administration said.

US natural-gas supplies climbed 52 billion cubic feet last week, the EIA said.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 4:25 p.m. ET.

Check out the full economic calendar here

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