Nasdaq Turns Lower; Crude Oil Rises Sharply

Nasdaq Turns Lower; Crude Oil Rises Sharply

U.S. stocks pared gains toward the end of trading, with the Nasdaq Composite turning lower on Thursday.

The Dow traded up 0.21% to 33,380.67 while the NASDAQ fell 0.46% to 12,795.35. The S&P also rose, gaining, 0.06% to 4,212.90.

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Leading and Lagging Sectors


Energy shares climbed 3.6% on Thursday. Meanwhile, top gainers in the sector included Exterran Corporation EXTN, up 10% and Amplify Energy Corp. AMPY up 10%.


In trading on Thursday, health care shares fell by 0.3%.


Top Headline


Producer prices dropped 0.5% month-over-month in July, following a revised 1% increase in the previous month and versus market expectations of a 0.2% rise. It is the first drop in the index in more than two years.


Equities Trading UP


Veru Inc VERU shares shot up 38% to $16.21 after the company reported Q3 earnings results.


Shares of FlexShopper, Inc. FPAY got a boost, shooting 57% to $1.7552 after the company reported Q2 results.


Direct Digital Holdings, Inc. DRCT shares were also up, gaining 22% to $3.11 after the company reported better-than-expected Q2 EPS results.


Equities Trading DOWN

Athenex, Inc ATNX shares tumbled 49% to $0.5645 after the company reported pricing of $30 million public offering of common stock and warrants.


Shares of Sonos, Inc. SONO were down 25% to $17.06 after the company reported worse-than-expected Q3 sales results and issued FY22 sales guidance below estimates.


Seer, Inc. SEER was down, falling 25% to $9.94 after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $20 to $12. Seer recently reported better-than-expected Q2 EPS and sales results.


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Commodities

In commodity news, oil traded up 2.8% to $94.51, while gold traded down 0.4% to $1,806.30.


Silver traded down 2.1% to $20.305 on Thursday while copper rose 1.4% to $3.7020.



Euro zone


European shares were mixed today. The eurozone’s STOXX 600 gained 0.06%, London’s FTSE 100 fell 0.55% while Spain’s IBEX 35 Index rose 0.33%. The German DAX fell 0.05%, French CAC 40 rose 0.33% and Italy’s FTSE MIB Index jumped 0.69%.

 

Economics

 

U.S. initial jobless claims rose by 14,000 to 262,000 the week that ended August 6th.


Producer prices dropped 0.5% month-over-month in July, following a revised 1% increase in the previous month and versus market expectations of a 0.2% rise. It is the first drop in the index in more than two years.
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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 94,348,500 cases with around 1,060,750 deaths. India confirmed a total of at least 44,206,990 cases and 526,870 deaths, while France reported over 34,144,960 COVID-19 cases with 152,910 deaths. In total, there were at least 592,574,990 cases of COVID-19 worldwide with more than 6,446,510 deaths.

 

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