Nasdaq Down 50 Points; Tesla Earnings Beat Expectations

U.S. stocks traded mixed this morning, with the Dow Jones gaining over 100 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.40% to 35,202.41 while the NASDAQ fell 0.35% to 14,307.57. The S&P 500, also fell, declining, 0.10% to 4 4,561.30.

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Leading and Lagging Sectors

• Energy shares climbed by 1.3% on Thursday.
• In trading on Thursday, real estate shares fell by 1.3%.

Top Headline

Tesla Inc TSLA reported better-than-expected earnings and sales results for its second quarter.

Tesla reported second quarter revenue of $24.93 billion, which was up 47% year-over-year. The revenue total beat a Street consensus estimate of $24.48 billion. Tesla reported a profit of 91 cents per share in the quarter, beating a Street estimate of 82 cents per share.

Equities Trading UP

• T2 Biosystems, Inc. TTOO shares shot up 33% to $0.1364 after the FDA granted Breakthrough Device designation for the company's Candida auris direct-from-blood molecular diagnostic test.
• Shares of PainReform Ltd. PRFX got a boost, shooting 40% to $9.95 after declining 8% on Wednesday. PaiReform recently regained compliance with Nasdaq continued listing requirements.
• SigmaTron International, Inc. SGMA shares were also up, gaining 27% to $4.4504 after the company reported results for the fourth quarter.

Equities Trading DOWN

• Vir Biotechnology, Inc. VIR shares dropped 41% to $13.55 after the company's Phase 2 PENINSULA trial of VIR-2482 for the prevention of symptomatic influenza A illness did not meet primary or secondary efficacy endpoints.
• Shares of Netcapital Inc. NCPL were down 38% to $0.7250 after the company announced pricing of a public offering.
• DURECT Corporation DRRX was down, falling 26% to $3.6550 after the company announced a $15 million registered direct offering priced at-the-market under Nasdaq rules.

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Commodities

In commodity news, oil traded up 0.4% to $75.61 while gold traded down 0.2% at $1,976.60.

Silver traded down 0.2% to $25.33 on Thursday while copper rose 1.6% to $3.8755.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 gained 0.7% while Spain’s IBEX 35 Index rose 0.6% The German DAX gained 0.2% French CAC 40 rose 0.4% and Italy’s FTSE MIB Index rose 0.3%.

The current account deficit in the Eurozone shrank to EUR 11.3 billion in May from EUR 29 million in the year-ago month. The manufacturing climate indicator in France came in unchanged at 100 in July. Annual producer inflation in Germany fell to 0.1% in June from 1% in May.

Italy posted a current account surplus of EUR 1.403 billion in May versus a year-ago deficit of EUR 1.542 billion. Spain’s trade gap shrank to €3.11 billion in May from €4.76 billion in the year-ago period.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 1.23%, China’s Shanghai Composite Index falling 0.92% and Hong Kong’s Hang Seng Index declining 0.13%. India’s S&P BSE Sensex, meanwhile, rose 0.7%.

The annual inflation rate in Hong Kong eased to 1.9% in June from 2% a month ago. The People's Bank of China held lending rates unchanged during its July fixing. Exports from Japan climbed by 1.5% year-over-year to JPY 8,744.06 billion in June, while imports declined by 12.9% year-over-year to JPY 8,701.01 billion.

Economics

• U.S. initial jobless claims declined by 9,000 from the earlier week to 228,000 in the week ending July 15, versus market expectations of 242,000.
• The Philadelphia Fed Manufacturing Index came in little changed at -13.5 in July compared to a reading of -13.7 in June.

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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 107,412,810 cases with around 1,169,020 deaths. India confirmed a total of at least 44,995,050 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 691,748,360 cases of COVID-19 worldwide with more than 6,901,510 deaths.