U.S. Stocks Turn Lower; Dow Tumbles Over 100 Points

U.S. stocks turned lower midway through trading, with the Dow Jones dropping more than 100 points on Friday.

The Dow traded down 0.44% to 30,639.41 while the NASDAQ fell 0.59% to 10,936.46. The S&P also fell, dropping, 0.46% to 3,767.81.

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Leading and Lagging Sectors

Utilities shares rose by 1.4% on Friday. Meanwhile, top gainers in the sector included American Water Works Company, Inc. AWK, up 3% and Atlantica Sustainable Infrastructure plc AY up 3%.

In trading on Friday, energy shares fell by 1.6%.

Top Headline

The ISM manufacturing index fell to 53 for June from 56.1 in May. Analysts, however, were expecting a reading of 54.9.

Equities Trading UP

VerifyMe, Inc. VRME shares shot up 21% to $2.3807 after the company announced liquidation of the G3 VRM Acquisition SPAC and initiated a new share repurchase program.

Shares of Akebia Therapeutics, Inc. AKBA got a boost, shooting 18% to $0.4181 after the company executed an agreement to terminate its vadadustat Collaboration and License Agreements with Otsuka Pharmaceutical. The company will received a $55 million settlement fee.

Accolade, Inc. ACCD shares were also up, gaining 18% to $8.73 after the company reported better-than-expected Q1 results.

Equities Trading DOWN

Kohl's Corporation KSS shares tumbled 22% to $27.85 after the company called off discussions to sell its business to Franchise Group Inc.

Shares of Talaris Therapeutics, Inc. TALS were down 53% to $2.1150. SVB Leerink downgraded Talaris Therapeutics from Outperform to Market Perform and lowered the price target from $21 to $7.

Agile Therapeutics, Inc. AGRX was down, falling 44% to $0.6540 after the company priced a 26,666,666 share common stock offering at $0.90 per share.

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Commodities

In commodity news, oil traded up 1.3% to $107.08, while gold traded down 0.3% to $1,801.80.

Silver traded down 3.6% to $19.625 on Friday while copper fell 4% to $3.5625.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.18%, London’s FTSE 100 fell 0.33% while Spain’s IBEX 35 Index rose 0.47%. The German DAX slipped 0.03%, French CAC 40 fell 0.02% and Italy’s FTSE MIB Index gained 0.22%.

The S&P Global manufacturing PMI for France declined to 51.4 in June from 54.6 in the previous month, while UK manufacturing PMI dropped to a two-year low of 52.8 in June. The S&P Global Eurozone manufacturing PMI declined to 52.1 in June from 54.6 in the previous month, while Italian manufacturing PMI declined to 50.9 from 50.1.

The S&P Global/BME manufacturing PMI for Germany dropped to 52 in June from 54.8 a month ago, while Spanish manufacturing PMI dipped to 52.6 from 53.8.

Economics

The S&P Global manufacturing PMI was revised higher to 52.7 in June from a preliminary reading of 52.4.

The ISM manufacturing index fell to 53 for June from 56.1 in May. Analysts, however, were expecting a reading of 54.9.

US construction spending fell 0.1% for May, compared to analysts’ expectations for a 0.4% increase.

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

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,360,080 cases with around 1,042,670 deaths. India confirmed a total of at least 43,471,280 cases and 525,130 deaths, while Brazil reported over 32,358,450 COVID-19 cases with 671,460 deaths. In total, there were at least 552,796,530 cases of COVID-19 worldwide with more than 6,358,270 deaths.