Dow Tumbles 450 Points; JPMorgan Shares Drop Following Earnings Miss

U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 450 points on Thursday.

The Dow traded down 1.5% to 30,307.00 while the NASDAQ fell 1.22% to 11,110.69. The S&P also fell, dropping, 1.42% to 3,747.69.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.8% on Thursday. Meanwhile, top gainers in the sector included Yatsen Holding Limited YSG, up 17% and Bridgford Foods Corporation BRID up 8%.

In trading on Thursday, energy shares dipped by 3.8%.

Top Headline

JPMorgan Chase & Co JPM reported worse-than-expected second-quarter EPS and sales results.

JPMorgan Chase reported quarterly earnings of $2.76 per share which missed the analyst consensus estimate of $2.91. The company also reported quarterly sales of $31.63 billion which missed the analyst consensus estimate of $31.95 billion by 1%.

JPMorgan shares dropped 4.1% to trade at $107.28 on Thursday.

Equities Trading UP

Canoo Inc. GOEV shares shot up 18% to $4.2012 after the company announced it has been awarded by the U.S. Army to supply an electric vehicle for analysis and demonstration.

Shares of Biomerica, Inc. BMRA got a boost, shooting 13% to $3.3362 following news the company's breast self exam will now be available for sale in Walmart WMT.

Clene Inc. CLNN shares were also up, gaining 30% to $3.7450. Clene reported significantly improved survival in Amyotrophic lateral sclerosis (ALS) patients initially treated with CNM-Au8 compared to initially randomized placebo-treated participants during the long-term open-label extension of its RESCUE-ALS trial.

Equities Trading DOWN

ContraFect Corporation CFRX shares tumbled 81% to $0.5270 after the company announced the Data Safety Monitoring Board of the DISRUPT study recommended the trial be stopped for futility following an interim analysis.

Shares of Novavax, Inc. NVAX were down 21% to $55.14 after the EMA identified allergic reactions as a possible side effect of the company's COVID vaccine.

Industrial Logistics Properties Trust ILPT was down, falling 24% to $10.66 after the company announced a reduction in its quarterly dividend from $0.33 to $0.01 per share.

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Commodities

In commodity news, oil traded down 2.8% to $93.58, while gold traded down 1.7% to $1,705.80.

Silver traded down 5.1% to $18.22 on Thursday while copper fell 2.9% to $3.2275.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.75%, London’s FTSE 100 fell 1.66% while Spain’s IBEX 35 Index fell 2%. The German DAX dropped 2.25%, French CAC 40 fell 1.79% and Italy’s FTSE MIB Index fell 3.61%.

Wholesale prices in Germany increased by 21.2% year-over-year in June following a 22.9% increase in the prior month.

Economics

US initial jobless claims rose by 9 thousand to 244 thousand in the week ended July 9th, the highest since November 2021.

Producer prices for final demand rose 1.1% month-over-month in June, the mosy in three months and also above analysts’ expectations of 0.8%.

US natural-gas supplies climbed 58 billion cubic feet last week, the Energy Information Administration said.

Check out this: JPMorgan, Morgan Stanley And 3 Stocks To Watch Heading Into Thursday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 90,909,760 cases with around 1,047,790 deaths. India confirmed a total of at least 43,689,980 cases and 525,550 deaths, while Brazil reported over 33,076,770 COVID-19 cases with 674,550 deaths. In total, there were at least 564,289,700 cases of COVID-19 worldwide with more than 6,379,830 deaths.