U.S. stocks traded lower midway through trading, with the Dow Jones dropping around 300 points on Thursday.

The Dow traded down 0.92% to 32,990.29 while the NASDAQ fell 1.32% to 10,812.10. The S&P 500 also fell, dropping, 1.07% to 3,886.83.
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Procter & Gamble Co (NYSE:PG) reported in-line earnings for its second quarter on Thursday.

The company reported a second-quarter FY23 sales decline of 1% year-on-year to $20.77 billion, marginally beating the consensus of $20.73 billion. Adjusted EPS of $1.59 was in-line with the analyst consensus.

P&G raised FY23 organic sales outlook from 3% - 5% to a growth of 4% - 5%.

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Commodities

In commodity news, oil traded up 0.3% to $79.74 while gold traded up 0.7% at $1,921.20.

Silver traded up 0.3% to $23.725 on Thursday while copper fell 0.4% to $4.2190.

Stocks of crude oil in the US rose by 7.615 million barrels in the latest week, the American Petroleum Institute said Wednesday. Stocks of crude oil in the US increased by 8.408 million barrels in the week ended January 13, versus market estimates of a 0.593 million declined, according to the US Energy Information Administration.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 1.42%, London’s FTSE 100 fell 0.97% while Spain’s IBEX 35 Index fell 1.45%. The German DAX declined 1.53% French CAC 40 dropped 1.74% and Italy’s FTSE MIB Index fell 1.59%.

The current account surplus in the Eurozone narrowed to EUR 13.4 billion in November compared to EUR 13.8 billion in the year-ago month. Spanish trade deficit narrowed to EUR 3.31 billion in November from EUR 4.21 billion in the year-ago month.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with the Hong Kong’s Hang Seng Index falling 0.12%, and China’s Shanghai Composite Index rising 0.49%. Japan’s Nikkei 225 dropped 1.44%.

Japan recorded a trade deficit of JPY 1,448.5 billion in December, wider from JPY 603.1 billion in the year-ago period. Hong Kong’s unemployment rate dropped to 3.5% during the three months ending December 2022, versus 3.7% in the prior September-November period. The unemployment rate in Australia came in steady at 3.5% in December.

Economics

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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 103,701,160 cases with around 1,127,050 deaths. India confirmed a total of at least 44,681,880 cases and 530,720 deaths, while France reported over 39,467,280 COVID-19 cases with 163,640 deaths. In total, there were at least 672,336,840 cases of COVID-19 worldwide with more than 6,736,630 deaths.