Mid-Afternoon Market Update: Dow Falls 1%; Digital Brands Shares Jump

Toward the end of trading Thursday, the Dow traded down 1.05% to 34,317.76 while the NASDAQ fell 0.75% to 14,554.76. The S&P also fell, dropping 1.01% to 4,314.10.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,771,940 cases with around 606,220 deaths. India confirmed a total of at least 30,709,550 cases and 405,020 deaths, while Brazil reported over 18,909,030 COVID-19 cases with 528,540 deaths. In total, there were at least 185,125,230 cases of COVID-19 worldwide with more than 4,002,920 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares rose by 0.2% on Thursday. Meanwhile, top gainers in the sector included GAN Limited GAN, up 15%, and Group 1 Automotive, Inc. GPI, up 9%.

In trading on Thursday, financial shares fell 1.8%.

Top Headline

US initial jobless claims rose to 373,000 in the latest week, from a revised level of 371,000 in the previous week. However, analysts were expecting a reading of 350,000.

 

Equities Trading UP

Carver Bancorp, Inc. CARV shares shot up 240% to $35.93 as traders play the stock as a high-short interest name.

Shares of GBS Inc. GBS got a boost, shooting 16% to $3.4250 after the company announced it was awarded a $4.7 million Australian Federal Government scientific grant to manufacture biosensor technology.

Digital Brands Group, Inc. DBGI shares were also up, gaining 16% to $6.09 after the company said it estimates Q2 revenue increased by approximately 100% over Q1 2021 figures.

Check out these big movers of the day

Equities Trading DOWN

Vista Gold Corp. VGZ shares tumbled 20% to $0.9606 after the company increased its earlier announced bought deal offering to $13.5 million.

Shares of Pop Culture Group Co., Ltd CPOP were down 26% to $19.45 after dropping around 17% on Wednesday on continued post-IPO volatility.

360 DigiTech, Inc. QFIN was down, falling 24% to $25.27 as traders circulated a finance.sinia.com report titled "The 360 IOU APP, the core product of 360 Digital, has been removed."

Commodities

In commodity news, oil traded up 0.7% to $72.68, while gold traded down 0.1% to $1,800.10.

Silver traded down 0.4% Thursday to $26.015 while copper fell 1.4% to $4.2615.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 tumbled 1.72%, the Spanish Ibex Index fell 2.31% and the German DAX 30 declined 1.73%. Meanwhile, the London’s FTSE 100 dropped 1.68%, French CAC 40 dipped 2.01% and Italy’s FTSE MIB declined 2.55%.

German current account surplus increased to EUR 13.1 billion in May from EUR 7.1 billion in the year-ago month, while trade surplus widened to EUR 12.3 billion from EUR 7 billion.

Economics

US initial jobless claims rose to 373,000 in the latest week, from a revised level of 371,000 in the previous week.

Crude stockpiles fell by 6.866 million barrels in the July 2nd week, the EIA said.

Working gas held in storage facilities rose by 16 billion cubic feet in the week ending July 2.

Data on consumer credit for May will be released at 3:00 p.m. ET.

Check out the full economic calendar here