Nasdaq Dips Over 300 Points; PepsiCo Reports Weak Sales

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling more than 300 points on Thursday.

The Dow traded up 0.21% to 39,803.00 while the NASDAQ fell 1.81% to 18,310.23. The S&P 500 also fell, dropping, 0.84% to 5,586.74.

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Leading and Lagging Sectors

Real estate shares jumped by 2.8% on Thursday.

In trading on Thursday, information technology shares fell by 2.7%.

Top Headline

PepsiCo Inc PEP reported worse-than-expected second-quarter FY24 revenue.

The company reported second-quarter sales growth of 0.8% year-on-year to $22.501 billion, missing the analyst consensus estimate of $22.599 billion. Adjusted EPS of $2.28 beat the consensus estimate of $2.16.

Equities Trading UP

Biodexa Pharmaceuticals Plc BDRX shares shot up 50% to $1.0675 after the company reported 12-month Phase 2 trial results for eRapa in treating Familial Adenomatous Polyposis.
Shares of Volcon, Inc. VLCN got a boost, surging 42% to $5.20 in response to a series of buy-sell transactions by UBS Group AG UBS.
Renalytix Plc RNLX shares were also up, gaining 18% to $0.3530 after the company announced a collaboration with the Steno Diabetes Center, Copenhagen, to advance translation of precision medicine solutions for patients with Diabetes and Chronic Kidney Disease.

Equities Trading DOWN

E2open Parent Holdings, Inc. ETWO shares dropped 14% to $3.8250 after the company reported worse-than-expected first-quarter sales results.
Shares of Delta Air Lines, Inc.. DAL were down 6% to $43.91 after the company posted downbeat second-quarter earnings and issued lower-than-expected third-quarter earnings outlook.
Clene Inc. CLNN was down, falling 13% to $4.8649. Clene announced plans to submit briefing book to the U.S. FDA in connection with granted Type C interaction to obtain FDA feedback on potential pathway to accelerated approval for CNM-Au8 in ALS.

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Commodities

In commodity news, oil traded down 0.1% to $81.99 while gold traded up 1.6% at $2,416.60.

Silver traded up 2.6% to $31.805 on Thursday, while copper fell 1.2% to $4.5515.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.74%, Germany's DAX gained 0.71% and France's CAC 40 rose 0.78%. Spain's IBEX 35 Index rose 0.95%, while London's FTSE 100 rose 0.35%.

The UK’s trade deficit narrowed to £4.89 billion in May versus a revised £6.42 billion in the previous month, while British economy grew by 0.4% month-over-month in May. Industrial production in the UK increased 0.2% month-over-month for May. Annual inflation rate in Germany eased to 2.2% in June from 2.4% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.94%, Hong Kong's Hang Seng Index jumping 2.06%, China's Shanghai Composite Index climbing 1.06% and India's S&P BSE Sensex falling 0.03%.

Japanese core machinery orders declined 3.2% month-over-month to 857.8 billion yen during May versus a 2.9% decline in April.

Economics

The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.
U.S. initial jobless claims declined by 17,000 to 222,000 in the week ending July 6, compared to market estimates of 236,000.

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