Dow Jumps 150 Points; JPMorgan Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones gaining over 150 points on Friday.

Following the market opening Friday, the Dow traded up 0.47% to 34,555.27 while the NASDAQ rose 0.36% to 14,189.30. The S&P 500, also rose, gaining, 0.27% to 4,522.01.

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Leading and Lagging Sectors

• Health care shares climbed by 1.4% on Friday.
• In trading on Friday, energy shares fell by 1.8%.

Top Headline

JPMorgan Chase & Co. JPM reported better-than-expected second-quarter financial results.

JPMorgan reported net revenue (managed) of $42.4 billion, up 34.1% year-over-year, beating the consensus of $38.96 billion. Adjusted EPS was $4.37, beating the consensus of $3.99.

Equities Trading UP

• PainReform Ltd. PRFX shares shot up 79% to $10.29. PainReform recently announced pricing of a $2.7 million concurrent registered direct offering and private placement.
• Shares of Ainos, Inc. AIMD got a boost, shooting 48% to $1.0799 after gaining around 7% on Thursday.
• EdtechX Holdings Acquisition Corp. II EDTX shares were also up, gaining 46% to $63.24 after jumping 203% on Thursday.

Equities Trading DOWN

• Theseus Pharmaceuticals, Inc. THRX shares dropped 68% to $3.0650 after the company announced discontinuing enrollment in Phase 1/2 study and terminating development of THE-630 for gastrointestinal stromal tumors following two dose-limiting toxicities.
• Shares of Bit Brother Limited BTB were down 37% to $0.4901 after the company announced pricing of a $50 million registered direct offering.
• Leslie's, Inc. LESL was down, falling 33% to $6.40 after the company released preliminary results for its fiscal third quarter and announced a CFO transition. The company said it expects fiscal third-quarter revenue to come in at $611 million versus estimates of $703.74 million and seed adjusted earnings in a range of 39 cents to 41 cents per share versus estimates of 69 cents per share. Leslie's also announced that CFO Steve Weddell is stepping down from his role, effective Aug. 7.

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Commodities

In commodity news, oil traded down 0.6% to $76.42 while gold traded up 0.1% at $1,964.20.

Silver traded up 1% to $25.205 on Friday while copper rose 0.1% to $3.9415.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index slipped 0.1% The German DAX declined 0.1% French CAC 40 gained 0.3% and Italy’s FTSE MIB Index fell 0.1%.

Italy recorded a trade surplus of EUR 4.7 billion in May versus a year-ago gap of EUR 62 million. Germany's wholesale prices declined for the third straight month to 2.9% year-over-year in June.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 declining 0.09%, Hong Kong’s Hang Seng Index gaining 0.33%, China’s Shanghai Composite Index rising 0.04%. India’s S&P BSE Sensex rose 0.4%.

India's wholesale prices declined by 4.12% year-over-year in June versus a 3.48% drop in the previous month, while domestic passenger vehicle sales in India rose by 1.6% year-over-year to 280,252 in June. Industrial production in Japan fell by 2.2% month-over-month in May versus the flash reading of a 1.6% decline.

Economics

• Export prices in the U.S. fell 0.9% month-over-month in June versus a 1.9% decline in May.
• Import prices in the U.S. fell 0.2% month-over-month in June versus a revised 0.4% decline in May.

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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 107,373,570 cases with around 1,168,610 deaths. India confirmed a total of at least 44,994,760 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 691,451,110 cases of COVID-19 worldwide with more than 6,899,350 deaths.