U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 450 points on Thursday.

The Dow traded down 1.38% to 33,814.23 while the NASDAQ fell 1.37% to 13,602.19. The S&P 500, also fell, dropping, 1.29% to 4,389.59.

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Leading and Lagging Sectors

• Consumer staples shares fell by just 0.5% on Thursday.
• In trading on Thursday, energy shares dipped by 2.6%.

Top Headline

The ISM services PMI rose to 53.9 in June, from 50.3 in May and versus market expectations of 51.

Equities Trading UP

• Caribou Biosciences, Inc. (NASDAQ:CRBU) shares shot up 61% to $6.57 after the company announced a $25 million equity investment from Pfizer.
• Shares of Mullen Automotive, Inc. (NASDAQ:MULN) got a boost, shooting 43% to $0.2436 after the company on Wednesday announced the retention of a law group to investigate possible naked short selling. The company also announced a buyback on Thursday.
• Borqs Technologies, Inc. (NASDAQ:BRQS) shares were also up, gaining 27% to $0.1971. Borqs Technologies, together with SkyCentrics, launched the next generation CTA-2045 ECOPORT communication products.

Equities Trading DOWN

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Commodities

In commodity news, oil traded down 1.9% to $70.41 while gold traded down 0.8% at $1,911.10.

Silver traded down 2.5% to $22.815 on Thursday while copper fell 1% to $3.7315.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.24%, London’s FTSE 100 fell 2.16% while Spain’s IBEX 35 Index declined 2.15% The German DAX fell 2.41% French CAC 40 dipped 3% and Italy’s FTSE MIB Index dropped 2.44%.

Retail sales in the Eurozone came in unchanged for the second straight month in May, compared to market expectations for a 0.2% growth. The HCOB Eurozone construction PMI fell to 44.2 in June from 44.6 in the previous month.

The S&P Global/CIPS UK construction PMI dropped to 48.9 in June from 51.6 in the previous month, while German construction PMI declined to 41.4 in June, recording the weakest reading since Feb. 2021. French construction PMI rose to 43.7 in June from 42.6 in May.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 dropping 1.7%, Hong Kong’s Hang Seng Index falling 3.02%, China’s Shanghai Composite Index declining 0.54%. India’s S&P BSE Sensex rose 0.5%.

Australia's trade surplus increased to AUD 11.79 billion in May compared to revised AUD 10.45 billion in the prior month.

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 107,346,010 cases with around 1,168,410 deaths. India confirmed a total of at least 44,994,400 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,192,020 cases of COVID-19 worldwide with more than 6,898,070 deaths.