Nasdaq Tumbles 100 Points; US Manufacturing PMI Drops In June

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping over 100 points on Friday.

The Dow traded down 0.54% to 33,761.78 while the NASDAQ fell 0.93% to 13,503.93. The S&P 500, also fell, dropping, 0.65% to 4,353.52.

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Leading and Lagging Sectors

• Consumer staples shares fell by just 0.2% on Friday.
• In trading on Friday, energy shares dipped by 1.2%.

Top Headline

The S&P Global manufacturing PMI dropped to 46.3 in June from 48.4 in May.

Equities Trading UP

• TRxADE HEALTH, Inc. MEDS shares shot up 14% to $8.30. Superlatus, Inc. signed a binding letter of intent to be acquired by TRxADE HEALTH.
• Shares of Conformis, Inc. CFMS got a boost, shooting 90% to $2.2084 after the company agreed to be acquired by restor3d, a leading personalized 3D-printed orthopedic company, for a purchase price of $2.27 per share in cash.
• Smith & Wesson Brands, Inc. SWBI shares were also up, gaining 16% to $13.04 after the company reported a fourth-quarter earnings beat. The company also raised its quarterly dividend.

Equities Trading DOWN

• Beyond Air, Inc. XAIR shares dropped 24% to $4.3601 after the company posted a wider-than-expected fourth-quarter loss.
• Shares of Virgin Galactic Holdings, Inc. SPCE were down 21% to $4.21 after the company announced another at-the-market stock offering of $400 million to raise capital. The offering would be dilutive to shares.
• SMX (Security Matters) Public Limited Company SMX was down, falling 58% to $0.1895 as the company reported pricing of $3.2 million public offering of 13,333,333 shares and warrants at a price of $0.24/share.

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Commodities

In commodity news, oil traded down 1.65 to $68.46 while gold traded up 0.6% at $1,934.40.

Silver traded down 0.4% to $22.38 on Friday while copper fell 2.4% to $3.7950.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.19%, London’s FTSE 100 fell 0.35% while Spain’s IBEX 35 Index fell 0.72% The German DAX dropped 0.83% French CAC 40 fell 0.46% and Italy’s FTSE MIB Index fell 0.54%.

The HCOB Eurozone services PMI declined by 1.7 points from the prior month to a reading of 52.4 in June, while manufacturing PMI slipped by 1.2 points to 43.6. The HCBO France Composite PMI declined to 47.3 in June from 51.2 a month ago, while Germany composite PMI fell to 50.8 from 53.9. Spanish quarterly economic growth was revised higher to 0.6% for the first quarter, higher than the preliminary reading of 0.5%.

The S&P Global/CIPS UK services PMI declined to 53.7 in June from 55.2 in the prior month, while manufacturing PMI fell to 46.2 from 47.1. Retail sales in the UK increased by 0.3% from the earlier month in May, compared to a 0.5% growth in April.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan’s Nikkei 225 dropping 1.45%, Hong Kong’s Hang Seng Index falling 1.71% and India’s S&P BSE Sensex falling 0.4%.

The au Jibun Bank Japan composite PMI fell to 52.3 in June versus a final reading of 54.3 in the previous month. The annual inflation rate in Japan fell to 3.2% in May versus April's three-month high level of 3.5%. The Judo Bank Australia composite PMI fell to 50.5 in June from 51.6 a month ago.

Economics

• The S&P Global services PMI fell to 54.1 in June from 54.9 in the prior month and compared with market estimates of 54.
• The S&P Global manufacturing PMI dropped to 46.3 in June from 48.4 in May.
• The Baker Hughes rig-count report for the latest week will be released 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 107,271,460 cases with around 1,167,610 deaths. India confirmed a total of at least 44,993,760 cases and 531,900 deaths, while France reported over 40,130,080 COVID-19 cases with 167,590 deaths. In total, there were at least 690,674,420 cases of COVID-19 worldwide with more than 6,893,780 deaths.