Dow Surges 200 Points; Six Flags Entertainment Shares Plummet

U.S. stocks traded higher midway through trading, following the release of PPI data.

The Dow traded up 0.61% to 33,512.58 while the NASDAQ rose 0.19% to 12,878.62. The S&P also rose, gaining, 0.49% to 4,231.06.

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Leading and Lagging Sectors

Energy shares climbed 2.4% on Thursday. Meanwhile, top gainers in the sector included Exterran Corporation EXTN, up 10% and Crescent Energy Co CRGY up 9%.

In trading on Thursday, consumer discretionary shares fell by 0.4%.

Top Headline

Producer prices dropped 0.5% month-over-month in July, following a revised 1% increase in the previous month and versus market expectations of a 0.2% rise. It is the first drop in the index in more than two years.

Equities Trading UP

Veru Inc VERU shares shot up 31% to $15.40 after the company reported Q3 earnings results.

Shares of Matterport, Inc. MTTR got a boost, shooting 24% to $6.43 after the company reported better-than-expected Q2 EPS results and issued Q3 and FY22 EPS and sales guidance above estimates.

Direct Digital Holdings, Inc. DRCT shares were also up, gaining 21% to $3.09 after the company reported better-than-expected Q2 EPS results.

Equities Trading DOWN

Invitae Corporation NVTA shares tumbled 47% to $4.58. Invitae shares surged around 277% on Wednesday after the company reported better-than-expected Q2 EPS.

Shares of Sonos, Inc. SONO were down 24% to $17.38 after the company reported worse-than-expected Q3 sales results and issued FY22 sales guidance below estimates.

Six Flags Entertainment Corporation SIX was down, falling 23% to $19.82 after the company said Q2 EPS results were down year over year and reported worse-than-expected Q2 sales results.

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Commodities

In commodity news, oil traded up 1.6% to $93.37, while gold traded down 0.6% to $1,803.40.

Silver traded down 2.4% to $20.235 on Thursday while copper rose 1.1% to $3.6905.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.03%, London’s FTSE 100 fell 0.6% while Spain’s IBEX 35 Index rose 0.22%. The German DAX fell 0.24%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index jumped 0.53%.

 

Economics

 

U.S. initial jobless claims rose by 14,000 to 262,000 the week that ended August 6th.

Producer prices dropped 0.5% month-over-month in July, following a revised 1% increase in the previous month and versus market expectations of a 0.2% rise. It is the first drop in the index in more than two years.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 94,348,500 cases with around 1,060,750 deaths. India confirmed a total of at least 44,206,990 cases and 526,870 deaths, while France reported over 34,144,960 COVID-19 cases with 152,910 deaths. In total, there were at least 592,574,990 cases of COVID-19 worldwide with more than 6,446,510 deaths.