Nasdaq Down 50 Points; ConocoPhillips Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 300 points on Thursday.

The Dow traded down 1.19% to 33,015.85 while the NASDAQ fell 0.49% to 11,966.96. The S&P 500, also fell, dropping, 0.80% to 4,058.14.

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Leading and Lagging Sectors

• Real estate shares rose by 0.9% on Thursday. Meanwhile, top gainers in the sector included Zillow Group, Inc. ZG, up 11%, and Uniti Group Inc. UNIT, up 14%.
• In trading on Thursday, financial shares tumbled by 1.3%.

 

 

Top Headline

 

ConocoPhillips COP reported better-than-expected earnings for its first quarter.

ConocoPhillips reported Q1 adjusted EPS of $2.38, beating the consensus of $2.10. Revenues of $15.5 billion declined from $19.3 billion a year ago and missed the consensus of $15.75 billion.

 

Equities Trading UP

• Inseego Corp. INSG shares shot up 57% to $0.8482 after the company reported better-than-expected Q1 EPS and sales results.
• Shares of Soligenix, Inc. SNGX got a boost, shooting 45% to $2.06 after the company announced clinical results from a compatability study of HyBryte in the treatment of cutaneous T-cell lymphoma.
• Actelis Networks, Inc. ASNS shares were also up, gaining 48% to $5.30. Actelis Networks reported a $3.5 million private placement priced at-the-market under Nasdaq rules.

 

 

Equities Trading DOWN

• Enviva Inc. EVA shares dropped 67% to $7.08 after the company reported weak Q1 results.
• Shares of FARO Technologies, Inc. FARO were down 43% to $13.45 after the company reported worse-than-expected Q1 adjusted EPS results. Following earnings, Craig-Hallum maintained a Hold on the stock and lowered its price target from $30 to $22.
• Sensus Healthcare, Inc. SRTS was down, falling 44% to $2.7550 after the company announced downbeat Q1 results.

 

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Commodities

 

In commodity news, oil traded down 0.1% to $68.54 while gold traded up 1% at $2,057.50.

Silver traded up 2.4% to $26.305 on Thursday while copper rose 0.3% to $3.8570.

 

Euro zone

 

European shares closed lower today. The eurozone’s STOXX 600 fell 0.47%, London’s FTSE 100 fell 1.1% while Spain’s IBEX 35 Index fell 0.36% The German DAX fell 0.51%, French CAC 40 fell 0.85% and Italy’s FTSE MIB Index fell 0.61%.

The European Central Bank increased its key interest rates by 25 basis points at its May meeting. Producer prices in the Eurozone fell by 1.6% from a month ago in March versus market estimates of a 1.7% decline.

 

Asia Pacific Markets

 

Asian markets closed higher on Thursday, with Japan’s Nikkei 225 rising 0.12%, Hong Kong’s Hang Seng Index gaining 1.27% and China’s Shanghai Composite Index climbing 0.82%. India’s S&P BSE Sensex rose 0.9%.

Retail sales in Hong Kong surged to a record-high of 39.4% year-over-year in March versus a 29.7% increase in the prior month.

 

Economics

• U.S.-based employers reported job cuts of 66.995K in April.
• U.S. initial jobless claims increased by 13 thousand to 242 thousand in the week ending April 29, versus market estimates of 240 thousand.
• Nonfarm business sector labor productivity fell 2.7% in the first quarter, while unit labor costs increased an annualized 6.3% in the quarter.
• Imports to the U.S. fell by $1.1 billion to reach $320.4 billion in March, while exports rose by $5.3 billion to $256.2 billion.

 

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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 106,613,320 cases with around 1,159,690 deaths. India confirmed a total of at least 44,924,810 cases and 531,420 deaths, while France reported over 39,974,420 COVID-19 cases with 166,420 deaths. In total, there were at least 686,882,230 cases of COVID-19 worldwide with more than 6,862,560 deaths.