Crude Oil Down 1%; Disney Profit Tops Expectations

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Thursday.

The Dow traded up 0.78% to 35,396.50 while the NASDAQ rose 0.84% to 13,837.91. The S&P 500, also rose, gaining, 0.75% to 4,501.35.

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Leading and Lagging Sectors

• Communication services shares jumped by 1.1% on Thursday.
• In trading on Thursday, utilities shares rose by just 0.1%.

Top Headline

The Walt Disney Company DIS reported better-than-expected earnings for its third quarter, while sales missed expectations.

Disney reported third-quarter revenue of $22.33 billion, which was up 4% year-over-year. The revenue missed a Street consensus estimate of $22.33 billion. The company reported earnings per share of $1.03, which beat a Street consensus estimate of 97 cents per share.

Equities Trading UP

• Edible Garden AG Incorporated EDBL shares shot up 39% to $1.66 after the company reported better-than-expected second-quarter financial results.
• Shares of Capri Holdings Limited CPRI got a boost, shooting 56% to $54.07 after Tapestry announced a definitive agreement to acquire the company.
• Holley Inc. HLLY shares were also up, gaining 23% to $7.64 after the company posted upbeat second-quarter results and raised FY23 revenue outlook.

Equities Trading DOWN

• Galera Therapeutics, Inc. GRTX shares dropped 85% to $0.3381 after the company announced it received a Complete Response Letter from the FDA for avasopasem manganese.
• Shares of Amyris, Inc. AMRS were down 74% to $0.0881 after the company announced it filed for Chapter 11 bankruptcy.
• Origin Materials, Inc. ORGN was down, falling 67% to $1.4092 after the company reported mixed second-quarter financial results.

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Commodities

In commodity news, oil traded down 1.1% to $83.51 while gold traded down 0.2% at $1,947.60.

Silver traded up 0.1% to $22.745 on Thursday while copper fell 0.2% to $3.7760.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.78%, London’s FTSE 100 rose 0.27% while Spain’s IBEX 35 Index rose 1.56% The German DAX gained 0.88% French CAC 40 rose 1.59% and Italy’s FTSE MIB Index gained 0.98%.

The annual inflation rate in Italy eased to 5.9% in July from 6.4% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.84%, China’s Shanghai Composite Index gaining 0.31% and Hong Kong’s Hang Seng Index gaining 0.01%. India’s S&P BSE Sensex, meanwhile, fell 0.5%.

The Reserve Bank of India maintained its benchmark policy repo at 6.5% for the third straight meeting in August. Producer prices in Japan increased by 3.6% year-over-year in July following a revised 4.3% increase in June.

Economics

• U.S. initial jobless claims increased by 21,000 from the previous week to 248,000 in the week ended August 5, sharply above market estimates of 230,000.
• Annual inflation rate in the U.S. rose to 3.2% in July from 3% in June, but down from market estimates of 3.3%. The monthly inflation rate, however, held steady at 0.2% in July, matching market estimates.

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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 107,583,080 cases with around 1,170,860 deaths. India confirmed a total of at least 44,996,110 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 693,025,830 cases of COVID-19 worldwide with more than 6,905,740 deaths.