Dow Falls 60 Points; Crude Oil Rises Sharply

U.S. stocks traded mixed toward the end of trading, with the Dow Jones dropping around 60 points on Thursday.

The Dow traded down 0.19% to 33,917.28 while the NASDAQ rose 0.24% to 12,968.90. The S&P also rose, gaining, 0.12% to 4,279.09.

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Leading and Lagging Sectors

Energy shares climbed 2.4% on Thursday. Meanwhile, top gainers in the sector included Newpark Resources, Inc. NR, up 13% and Mammoth Energy Services, Inc. TUSK up 17%.

In trading on Thursday, real estate shares fell by 1.1%.

Top Headline

The Philadelphia Fed Manufacturing Index climbed to 6.2 in August from -12.3 in July.

Equities Trading UP

Wolfspeed, Inc. WOLF shares shot up 31% to $112.25 after the company reported better-than-expected Q4 EPS and sales results. Additionally, multiple firms raised their price target on the stock.

Shares of Curis, Inc. CRIS got a boost, shooting 27% to $1.33 after the company announced the U.S. FDA has lifted the partial clinical hold on the TakeAim Lymphoma Phase 1/2 study of emavusertib.

Mind Medicine (MindMed) Inc. MNMD shares were also up, gaining 57% to $1.1741 amid mention of the stock on Discord. Mind Medicine recently posted a Q2 loss of $0.04 per share.

Equities Trading DOWN

Unity Biotechnology, Inc. UBX shares tumbled 34% to $0.6373 after the company reported pricing of upsized underwritten public offering.

Shares of Bed Bath & Beyond Inc. BBBY were down 23% to $17.80 following a Form 144 filing by RC Ventures, which suggested the firm proposed to sell 7.78 million common shares and certain call options. Additionally, Wedbush downgraded the stock to Underperform.

America's Car-Mart, Inc CRMT was down, falling 22% to $93.36 after the company reported worse-than-expected Q1 earnings.

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Commodities

In commodity news, oil traded up 3.6% to $91.32, while gold traded down 0.3% to $1,772.00

Silver traded down 1.5% to $19.445 on Thursday while copper rose 1.6% to $3.6415.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.39%, London’s FTSE 100 rose 0.35% while Spain’s IBEX 35 Index fell 0.05%. The German DAX gained 0.52%, French CAC 40 rose 0.45% and Italy’s FTSE MIB Index climbed 1%.

Annual inflation rate in the Eurozone was confirmed at a fresh record high of 8.9% in July, versus 8.6% in June, while construction output in the Eurozone rose 0.1% year-over-year in June.

 

Economics

 

U.S. initial jobless claims dropped by 2,000 to 250,000 the week ended August 13th, compared to market expectations of 265,000.

The Philadelphia Fed Manufacturing Index climbed to 6.2 in August from -12.3 in July.

Existing home sales in the US fell 5.9% to an annual rate of 4.81 million in July.

The index of leading economic indicators fell 0.4% for July.

U.S. natural-gas supplies climbed 18 billion cubic feet last week, the Energy Information Administration said.

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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 95,065,400 cases with around 1,064,200 deaths. India confirmed a total of at least 44,298,860 cases and 527,200 deaths, while France reported over 34,276,080 COVID-19 cases with 153,330 deaths. In total, there were at least 598,289,170 cases of COVID-19 worldwide with more than 6,464,140 deaths.