Nasdaq Drops Over 100 Points; Genius Sports Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping over 100 points on Thursday.

The Dow traded down 1.09% to 33,913.56 while the NASDAQ fell 0.96% to 13,659.77. The S&P 500, also fell, dropping, 0.87% to 4,408.14.

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Leading and Lagging Sectors

• Consumer staples shares fell by just 0.3% on Thursday.
• In trading on Thursday, energy shares dipped by 2.7%.

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. CRBU shares shot up 62% to $6.62 after the company announced a $25 million equity investment from Pfizer.
• Shares of Mullen Automotive, Inc. MULN got a boost, shooting 35% to $0.2315 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.
• Genius Sports Limited GENI shares were also up, gaining 21% to $7.00 after the company agreed to a multi-year extension of the National Football League partnership.

Equities Trading DOWN

• 22nd Century Group, Inc. XXII shares dropped 23% to $2.90. 22nd Century announced a $3 million registered direct offering priced above market.
• Shares of VBI Vaccines Inc. VBIV were down 50% to $1.22. VBI Vaccines reported pricing of $18 million public offering and $3 million concurrent registered direct offering.
• ASLAN Pharmaceuticals Limited ASLN was down, falling 22% to $2.97 after the company said the eblasakimab 400mg Q4W dosing arm did not meet the primary or secondary endpoints with statistical significance.

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Commodities

In commodity news, oil traded down 0.8% to $71.20 while gold traded down 0.6% at $1,915.60.

Silver traded down 2.2% to $22.895 on Thursday while copper fell 1% to $3.7310.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 2.34%, London’s FTSE 100 fell 2.17% while Spain’s IBEX 35 Index declined 2.12% The German DAX fell 2.57% French CAC 40 dipped 3.13% and Italy’s FTSE MIB Index dropped 2.53%.

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

• U.S. mortgage applications dropped 4.4% in the week ended June 30, 2023.
• Private businesses in the U.S. added 497,000 jobs in June, the most since Feb. 2022, and higher than market estimates of 228,000.
• U.S. initial jobless claims increased by 12,000 from the previous week to 248,000 in the week ending July 1, versus market estimates of 245,000.
• The U.S. trade gap narrowed to $69 billion in May from $74.4 billion in the previous month.
• The S&P Global services PMI was revised higher to 54.4 in June versus a preliminary reading of 54.1.
• The number of job vacancies declined by 496,000 from the prior month to 9.824 million in May.
• The ISM services PMI rose to 53.9 in June, from 50.3 in May and versus market expectations of 51.

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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.