Dow Tumbles Over 100 Points; American Express Earnings Beat Views

U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.32% to 40,532.98 while the NASDAQ rose 0.14% to 17,895.95. The S&P 500 also rose, gaining, 0.17% to 5,553.92.

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Leading and Lagging Sectors

Communication services shares jumped by 1% on Thursday.

In trading on Thursday, energy shares fell by 0.6%.

Top Headline

American Express Co AXP reported better-than-expected earnings for its second quarter on Friday.

The company's second-quarter revenue (net of interest expense) grew 8% year-on-year to $16.33 billion, slightly missing the analyst consensus estimate of $16.59 billion. Adjusted EPS of $3.49 beat the analyst consensus estimate of $3.26.

For FY24, Amex reiterated revenue growth of 9% – 11% or $65.96 billion – $67.17 billion (versus consensus of $66.41 billion). It has raised its EPS outlook to $13.30 – $13.80 from $12.65 – $13.15 prior, versus the consensus of $12.96.

Equities Trading UP
                       

• Augmedix, Inc. AUGX shares shot up 148% to $2.27 after the company announced it will be acquired by Commure.
• Shares of 60 Degrees Pharmaceuticals, Inc. SXTP got a boost, surging 85% to $0.4586 after the company signed clinical trial agreements with three planned trial sites for the Tafenoquine Babesiosis study.
• Virpax Pharmaceuticals, Inc. VRPX shares were also up, gaining 69% to $2.16. Maxim Group analyst Naz Rahman upgraded Virpax Pharmaceuticals from Hold to Buy and announced a price target of $3.

Equities Trading DOWN

• SunPower Corporation SPWR shares dropped 33% to $1.0100. SunPower shares dipped 40% on Thursday following the company’s announcement of a significant operational pause and a subsequent analyst downgrade.
• Shares of Hyzon Motors Inc. HYZN were down 32% to $0.1936 after the company reported pricing of $4.5 million registered direct offering.
• Nauticus Robotics, Inc. KITT was down, falling 27% to $0.0945 after the company announced a 1-for-36 reverse stock split.

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Commodities

In commodity news, oil traded down 0.8% to $82.18 while gold traded down 2% at $2,406.20.

Silver traded down 3% to $29.315 on Friday, while copper fell 0.3% to $4.2660.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.6%, Germany's DAX fell 0.7% and France's CAC 40 fell 0.7%. Spain's IBEX 35 Index fell 0.4%, while London's FTSE 100 fell 0.5%.

Construction output in the Eurozone fell 2.4% year-over-year in May compared to a revised 1.5% decline in the prior month. Passenger car registrations in the European Union climbed 4.3% year-over-year to 1.1 million units in June.

Regular pay in the U.K., excluding bonus payment, rose 5.7% year-over-year to GBP 643/week during the three months to May, while the unemployment rate came in unchanged at 4.4% from March to May.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index dipping 2.03%, China's Shanghai Composite Index gaining 0.17% and India's S&P BSE Sensex declining 0.91%.

Hong Kong’s unemployment rate came in unchanged at 3% during the three months ending June. Japan reported a trade surplus of JPY 224.04 billion in June, compared to market views for a deficit of JPY 240 billion.

Economics

The Baker Hughes rig count report for the latest week will be released at 1:00 p.m. ET.

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