Nasdaq Down 100 Points; Wholesale Prices Rise More Than Expected

U.S. stocks traded lower this morning, following the release of PPI data on Friday.

Following the market opening Friday, the Dow traded down 0.16% to 35,121.51 while the NASDAQ fell 0.84% to 13,622.68. The S&P 500, also fell, dropping, 0.49% to 4,446.98.

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Leading and Lagging Sectors

Energy shares jumped by 0.3% on Friday.

In trading on Friday, information technology shares fell by 0.7%.

Top Headline

Producer prices in the U.S. increased 0.3% month-over-month in July, recording the biggest rise since January, following a revised flat reading for June. However, analysts were expecting a 0.2% increase in prices.

Equities Trading UP

Amyris, Inc. AMRS shares shot up 97% to $0.1311. Amyris shares dipped over 80% on Thursday after the company announced it filed for Chapter 11 bankruptcy.

Shares of Telesat Corporation TSAT got a boost, shooting 48% to $12.54 after the company reported second-quarter results and tapped MDA under a $2.1 billion deal as prime satellite manufacturer of advanced Telesat Lightspeed Low Earth Orbit constellation.

WeWork Inc. WE shares were also up, gaining 43% to $0.2649 after jumping 43% on Thursday. The stock has been volatile after the company recently said there was substantial doubt over its ability to stay in business.

Equities Trading DOWN

Yield10 Bioscience, Inc. YTEN shares dropped 58% to $0.42 after the company announced pricing of a $3.7 million public offering.

Shares of Cano Health, Inc. CANO were down 59% to $0.6170 after the company reported worse-than-expected second-quarter financial results, withdrew its guidance and said it is pursuing a sale process. The company also expressed doubt over its ability to continue as a going concern.

The Joint Corp. JYNT was down, falling 26% to $9.40 after the company reported posted operating highlights for the second quarter.

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Commodities

In commodity news, oil traded up 0.1% to $82.86 while gold traded down 0.1% at $1,947.30.

Silver traded down 0.5% to $22.71 on Friday while copper fell 1.5% to $3.7085.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.2%, London’s FTSE 100 fell 1.3% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 1% French CAC 40 fell 1.4% and Italy’s FTSE MIB Index fell 1%.

Italy recorded a trade surplus of EUR 7.7 billion in June, compared to a EUR 2.5 billion deficit in June. Annual inflation rate in Spain rose to 2.3% in July from 1.9% in the prior month, while annual inflation rate in France eased to 4.3% in July from 4.5% in the previous month

The British economy grew 0.4% year-over-year in the second quarter, versus a 0.2% expansion in the first three months of the year. The UK trade deficit narrowed to £4.79 billion in June versus a revised £7.66 billion gap in May. Industrial production in the UK rose 1.8% month-over-month in June.

Asia Pacific Markets

Asian markets closed lower on Friday, with China’s Shanghai Composite Index falling 2.01% and Hong Kong’s Hang Seng Index falling 0.90%. India’s S&P BSE Sensex, meanwhile, fell 0.56%.

Hong Kong’s economic growth slowed to 1.5% year-over-year in the second quarter, from 2.9% in the previous period. Vehicle sales in China declined 1.4% year-over-year to 2.387 million units in July.

Economics

Producer prices in the U.S. increased 0.3% month-over-month in July, recording the biggest rise since January, following a revised flat reading for June. However, analysts were expecting a 0.2% increase in prices.

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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 107,708,990 cases with around 1,171,690 deaths. India confirmed a total of at least 44,996,150 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,161,540 cases of COVID-19 worldwide with more than 6,906,720 deaths.