Mid-Day Market Update: Nasdaq Tumbles 200 Points; GBS Shares Spike Higher

Midway through trading Thursday, the Dow traded down 1.42% to 34,189.28 while the NASDAQ fell 1.43% to 14,455.66. The S&P also fell, dropping 1.42% to 4,296.30.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,771,940 cases with around 606,220 deaths. India confirmed a total of at least 30,709,550 cases and 405,020 deaths, while Brazil reported over 18,909,030 COVID-19 cases with 528,540 deaths. In total, there were at least 185,125,230 cases of COVID-19 worldwide with more than 4,002,920 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares rose by 0.1% on Thursday. Meanwhile, top gainers in the sector included Eversource Energy ES, up 1%, and Consolidated Edison, Inc. ED, up 1%.

In trading on Thursday, financial shares fell 2%.

Top Headline

US initial jobless claims rose to 373,000 in the latest week, from a revised level of 371,000 in the previous week. However, analysts were expecting a reading of 350,000.

 

Equities Trading UP

Carver Bancorp, Inc. CARV shares shot up 149% to $26.37 after gaining 8% on Wednesday.

Shares of GBS Inc. GBS got a boost, shooting 40% to $4.12 after the company announced it was awarded a $4.7 million Australian Federal Government scientific grant to manufacture biosensor technology.

Digital Brands Group, Inc. DBGI shares were also up, gaining 27% to $6.70 after the company said it estimates Q2 revenue increased by approximately 100% over Q1 2021 figures.

Check out these big movers of the day

Equities Trading DOWN

Vista Gold Corp. VGZ shares tumbled 17% to $1.00 after the company increased its earlier announced bought deal offering to $13.5 million.

Shares of Pop Culture Group Co., Ltd CPOP were down 21% to $20.86 after dropping around 17% on Wednesday on continued post-IPO volatility.

360 DigiTech, Inc. QFIN was down, falling 23% to $25.39 as traders circulated a finance.sinia.com report titled "The 360 IOU APP, the core product of 360 Digital, has been removed."

Commodities

In commodity news, oil traded down 0.7% to $71.67, while gold traded up 0.2% to $1,806.10.

Silver traded down 0.2% Thursday to $26.08 while copper fell 1.6% to $4.2550.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 tumbled 1.99%, the Spanish Ibex Index fell 2.58% and the German DAX 30 declined 2.1%. Meanwhile, the London’s FTSE 100 dropped 2.02%, French CAC 40 dipped 2.38% and Italy’s FTSE MIB declined 2.93%.

German current account surplus increased to EUR 13.1 billion in May from EUR 7.1 billion in the year-ago month, while trade surplus widened to EUR 12.3 billion from EUR 7 billion.

Economics

US initial jobless claims rose to 373,000 in the latest week, from a revised level of 371,000 in the previous week.

Data on consumer credit for May will be released at 3:00 p.m. ET.

Check out the full economic calendar here