Dow Edges Higher; ABM Industries Posts Downbeat Earnings

U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite falling around 200 points on Thursday.

The Dow traded up 0.12% to 34,483.36 while the NASDAQ fell 1.35% to 13,685.87. The S&P 500, also fell, dropping, 0.52% to 4,442.47.

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Leading and Lagging Sectors

Utilities shares jumped by 0.8% on Thursday.

In trading on Thursday, information technology shares fell by 2.1%.

Top Headline

ABM Industries Incorporated ABM reported weaker-than-expected earnings for its third quarter on Thursday.

The company posted revenue growth of 3.4% Y/Y to $2.028 billion, beating the consensus of $2.01 billion. Adjusted EPS of $0.79 missed the consensus of $0.89.

ABM narrowed FY23 adjusted EPS guidance range to $3.40-$3.50, compared to the prior forecast of $3.40-$3.60 and consensus of $3.52.

Equities Trading UP

Sigma Additive Solutions, Inc. SASI shares shot up 56% to $0.3331 after the company announced plans to acquire NextTrip for around $48 million and sell assets of quality assurance software to strategic buyer.

Shares of Wheeler Real Estate Investment Trust, Inc. WHLR got a boost, shooting 69% to $7.69 after the company posted two forms that any holder of the Company's Series D Cumulative Convertible Preferred Stock is required to complete to redeem with redemption commencing in October 2023.

American Rebel Holdings, Inc. AREB shares were also up, gaining 105% to $1.83 after the company's subsidiary Champion Safe has been bombarded with calls from safe dealers and customers looking for alternatives to safes made by Liberty Safe.

Equities Trading DOWN

Palisade Bio, Inc. PALI shares dropped 47% to $0.7681 after the company announced $2 million registered direct offering.

Shares of Sportsman's Warehouse Holdings, Inc. SPWH were down 33% to $3.02 after the company reported worse-than-expected second-quarter earnings.

Edible Garden AG Incorporated EDBL was down, falling 38% to $0.8001 after the company priced a $3.0 million underwritten public offering.

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Commodities

In commodity news, oil traded down 0.2% to $87.35 while gold traded down 0.1% at $1,942.40.

Silver traded down 1.1% to $23.245 on Thursday while copper fell 0.9% to $3.7525.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.18% London’s FTSE 100 rose 0.19% while Spain’s IBEX 35 Index fell 0.04% The German DAX fell 0.2% French CAC 40 rose 0.06%, while Italy’s FTSE MIB Index fell 0.23%.

The Eurozone economy expanded 0.1% on quarter during the three months to June, versus initial reading for a 0.3% growth. The number of employed persons increased by 0.2% from the prior quarter to 166.7 million during the three months to June.

France recorded a current account deficit of EUR 2.0 billion in July versus a EUR 0.3 billion surplus in the prior month. France's trade deficit increased to EUR 8.1 billion in July from EUR 6.8 billion in the prior month.

The Halifax House Price Index in the UK fell by 4.6% year-over-year in August, while industrial production in Germany fell by 0.8% month-over-month in July.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 0.75%, Hong Kong’s Hang Seng Index fell 1.34% and China’s Shanghai Composite Index dipping 1.13%. India’s S&P BSE Sensex, meanwhile, rose 0.6%.

Chinese foreign exchange reserves declined to $3.16 trillion at the end of August, the lowest in six months. China's trade surplus shrank to $68.36 billion in August from $78.65 billion in the year-ago month. Foreign exchange reserves in Hong Kong fell to $418.4 billion from $421.6 billion in the prior month.

The index of leading economic indicators in Japan fell to 107.6 in July versus a revised 108.8 in the prior month, while index of coincident economic indicators declined to 114.5 in July, the lowest level since April.

Economics

U.S. initial jobless claims declined by 13,000 from the previous week's revised reading to 216,000 in the week ending Sept. 2, compared to market expectations of 234,000.

Nonfarm business sector labor productivity increased by 3.5% in the second quarter, while unit labor costs climbed an annualized 2.2% during the period.

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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 108,268,240 cases with around 1,174,460 deaths. India confirmed a total of at least 44,997,460 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,034,570 cases of COVID-19 worldwide with more than 6,913,060 deaths.