Gold Tops 1,800; Alibaba Reports Upbeat Results

U.S. stocks traded mixed toward the end of trading, with the Dow Jones dropping around 75 points on Thursday

The Dow traded down 0.23% to 32,737.88 while the NASDAQ rose 0.25% to 12,700.02. The S&P also fell, dropping, 0.06% to 4,152.8.

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Leading and Lagging Sectors

Consumer discretionary shares climbed 0.7% on Thursday. Meanwhile, top gainers in the sector included Legacy Housing Corporation LEGH, up 28% and MercadoLibre, Inc.. MELI up 16%.

In trading on Thursday, energy shares fell 1.9%.

Top Headline

Alibaba Group Holding Limited BABA reported upbeat results for its first quarter on Thursday.

Alibaba reported first-quarter FY22 flat revenue growth year-on-year to $30.69 billion, beating the consensus of $30.05 billion. Non-GAAP earnings per ADS of $1.75 beat the consensus of $1.52.

Equities Trading UP

Yellow Corporation YELL shares shot up 44% to $6.77 after the company swung to a profit for the second quarter.

Shares of ChemoCentryx, Inc. CCXI got a boost, shooting 111% to $50.81 after the company, and Amgen, announced an agreement under which Amgen will acquire the company for $52 per share in cash.

Society Pass Incorporated SOPA shares were also up, gaining 50% to $2.80 after reporting 2Q 2022 and 1H 2022 financial results.

Equities Trading DOWN

SiTime Corporation SITM shares tumbled 32% to $142.20. SiTime posted upbeat quarterly results, but lowered its forecast for the year.

Shares of Timber Pharmaceuticals, Inc. TMBR were down 42% to $0.0995 after the company announced a public stock offering of approximately 66.67 million shares at $0.12 per share.

Vapotherm, Inc. VAPO was down, falling 31% to $1.7631 after the company reported Q2 EPS results down year over year and worse-than-expected Q2 sales results. Additionally, multiple firms downgraded the stock following the company's Q2 earnings results.

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Commodities

In commodity news, oil traded down 2.6% to $88.33, while gold traded up 1.7% to $1,807.10.

Silver traded up 1.2% to $20.13 on Thursday while copper rose 0.6% to $3.4860.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.18%, London’s FTSE 100 rose 0.03% while Spain’s IBEX 35 Index rose 0.23%. The German DAX climbed 0.55%, French CAC 40 surged 0.64% and Italy’s FTSE MIB Index gained 0.31%.

The S&P Global Eurozone construction PMI dropped to 45.7 in July from 47.0 in the previous month. UK new car registrations dropped 9% year-over-year to 121,162 units in July, while construction PMI declined to 48.9 in July from 52.6 in June.

The S&P Global Italian construction PMI declined to 46.2 in July from 50.4 in the previous month, while French construction PMI climbed to 48.6 from 46.4. The S&P Global German construction PMI declined to 43.7 in July from 45.9 in June, while factory orders in Germany fell 0.4% month-over-month in June.

Economics

The trade deficit in the US shrank by $5.3 billion to a six-month low level of $79.6 billion in June. Exports from the US rose by 1.7%, while imports declined 0.3% during the month.

US initial jobless claims rose by 6,000 to 260,000 the week that ended July 30th. However, analysts were expecting a reading of 259,000.

Check out this: Investor Fear Eases Further Following Upbeat Economic Reports

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,593,210 cases with around 1,057,230 deaths. India confirmed a total of at least 44,087,030 cases and 526,530 deaths, while France reported over 33,960,130 COVID-19 cases with 152,370 deaths. In total, there were at least 585,644,020 cases of COVID-19 worldwide with more than 6,428,470 deaths.