Dow Drops 250 Points; Rapid Micro Biosystems Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Dow Jones dropping around 250 points on Thursday.

The Dow traded down 0.84% to 30,769.00 while the NASDAQ fell 0.96% to 11,070.17. The S&P also fell, dropping, 0.75% to 3,790.23.

Also check this: RH, Walgreens And 3 Stocks To Watch Heading Into Thursday

Leading and Lagging Sectors

Utilities shares rose by 0.8% on Thursday. Meanwhile, top gainers in the sector included Consumer Discretionary CWCO, up 2% and Macquarie Infrastructure Holdings, LLC MIC up 2%.

In trading on Thursday, consumer discretionary shares fell by 2.7%.

Top Headline

US initial jobless claims fell by 2,000 to 231,000 in the week ended June 25th, compared with analysts’ estimates of 228,000.

Equities Trading UP

NeuroSense Therapeutics Ltd. NRSN shares shot up 39% to $3.8185 after the company announced results from a biomarker study to evaluate the potential of CogniC, a combination drug for Alzheimer's disease (AD).

Shares of Rapid Micro Biosystems, Inc. RPID got a boost, shooting 37% to $4.3650 after Kennedy Lewis Investment Management LLC announced an offer to acquire Rapid Micro Biosystems.

Revlon, Inc. REV shares were also up, gaining 15% to $5.28 on continued post-bankruptcy volatility. The stock has been mentioned on social media as a potential short squeeze candidate.

Equities Trading DOWN

Angion Biomedica Corp.. ANGN shares tumbled 35% to $1.12. Angion Biomedica discontinued the JUNIPER Phase 2 trial of ANG-3070, an oral tyrosine kinase inhibitor, in primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis and immunoglobulin A nephropathy.

Shares of Akerna Corp. KERN were down 52% to $0.1415 after the company announced pricing of a $10 million public offering.

Duck Creek Technologies, Inc. DCT was down, falling 24% to $13.99 after the company issued Q4 and FY22 sales guidance below estimates. The company also reported a year-over-year decrease in Q3 EPS results.

Also check out: This Healthcare Stock Surges Around 115%, Here's 74 Biggest Movers From Yesterday

Commodities

In commodity news, oil traded down 4% to $105.43, while gold traded down 0.6% to $1,807.50.

Silver traded down 2.2% to $20.205 on Thursday while copper fell 2.4% to $3.6890.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.8%, London’s FTSE 100 fell 2.15% while Spain’s IBEX 35 Index fell 1.4%. The German DAX dropped 2.08%, French CAC 40 fell 2.28% and Italy’s FTSE MIB Index fell 2.69%.

Retail sales in Spain rose by 1.4% year-over-year in May compared to revised 1.6% increase in the prior month, while annual inflation rate increased to 10.2% in June from 8.7% in May. Loans to households in the Eurozone increased 4.6% year-over-year in May.

Economics

US initial jobless claims fell by 2,000 to 231,000 in the week ended June 25th, compared with analysts’ estimates of 228,000.

The personal consumption expenditure price index rose 0.6% month-over-month in May.

Personal spending in the US rose 0.2% month-over-month in May, while personal income rose 0.5% from a month ago in May.

The Chicago PMI fell to 56 for June compared to 60.3 in May.

US natural-gas supplies climbed 82 billion cubic feet last week, the Energy Information Administration said.

Data on farm prices for May will be released at 3:00 p.m. ET.

Check out this: US Jobless Claims And Other Macro Issues For Thursday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,236,440 cases with around 1,042,290 deaths. India confirmed a total of at least 43,452,160 cases and 525,110 deaths, while Brazil reported over 32,283,340 COVID-19 cases with 671,190 deaths. In total, there were at least 551,913,790 cases of COVID-19 worldwide with more than 6,356,510 deaths.