Crude Oil Moves Lower; Sportsman's Warehouse Shares Plummet

U.S. stocks traded mixed toward the end of trading, with the Dow Jones gaining around 40 points on Thursday.

The Dow traded up 0.12% to 34,483.80 while the NASDAQ fell 1.03% to 13,729.03. The S&P 500, also fell, dropping, 0.40% to 4,447.66.

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Leading and Lagging Sectors

Utilities shares jumped by 1.3% on Thursday.

In trading on Thursday, information technology shares fell by 1.7%.

Top Headline

Science Applications International Corp SAIC reported upbeat results for its second quarter.

The company posted a 3% revenue decline Y/Y to $1.78 billion, beating the consensus of $1.69 billion. Adjusted EPS of $2.05 beat the consensus of $1.62.

SAIC raised revenue guidance to $7.20 billion - $7.25 billion (from the prior $7.125 billion - $7.225 billion) vs. the consensus of $7.20 billion. The company increased adjusted EPS guidance to $7.20-$7.40 (from $7.00-$7.20 earlier), above the consensus of $7.16.

Equities Trading UP

Sigma Additive Solutions, Inc. SASI shares shot up 34% to $0.2851 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 59% to $7.24 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 58% to $1.41 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 49% to $0.7401 after the company announced $2 million registered direct offering.

Shares of Sportsman's Warehouse Holdings, Inc. SPWH were down 24% to $3.44 after the company reported worse-than-expected second-quarter earnings.

Yext, Inc. YEXT was down, falling 25% to $6.82 after the company reported mixed second-quarter results.

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Commodities

In commodity news, oil traded down 0.7% to $86.91 while gold traded down 0.1% at $1,942.70.

Silver traded down 1.1% to $23.24 on Thursday while copper fell 0.7% to $3.7610.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.14% London’s FTSE 100 rose 0.21% while Spain’s IBEX 35 Index fell 0.05% The German DAX fell 0.14% French CAC 40 rose 0.03%, while Italy’s FTSE MIB Index fell 0.20%.

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.