Dow Tumbles 150 Points; Tesla Shares Drop After Q1 Results

U.S. stocks traded lower this morning, with the Dow Jones dropping over 150 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.50% to 33,727.89 while the NASDAQ fell 0.49% to 12,097.82. The S&P 500, also fell, dropping, 0.58% to 4,130.33.

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Leading and Lagging Sectors

• Consumer staples shares fell by just 0.2% on Thursday. Meanwhile, top gainers in the sector included Inter Parfums, Inc. IPAR, up 6%, and Haleon plc HLN, up 3%.
• In trading on Thursday, energy shares dipped by 1.7%.

Top Headline

Tesla, Inc. TSLA shares dropped around 7% on Thursday after the company reported Q1 results.

Tesla posted in-line earnings for its first quarter, but sales topped estimates. The company also reported a decrease in operating margins.

Tesla turned in first-quarter revenue of $23.33 billion, which was up 24% year-over-year and came in ahead of estimates of $23.29 billion. The company reported quarterly earnings of 85 cents per share, which was in line with consensus estimates.

Equities Trading UP

• MDxHealth SA MDXH shares shot up 19% to $3.9887. MDxHealth received notice that its Select mdx for Prostate Cancer test has successfully completed a rigorous technical assessment process with the Molecular Diagnostics Services Program developed by Palmetto GBA.
• Shares of Petros Pharmaceuticals, Inc. PTPI got a boost, shooting 18% to $7.72.
• Tenaya Therapeutics, Inc. TNYA shares were also up, gaining 14% to $4.07.

Equities Trading DOWN

• Windtree Therapeutics, Inc. WINT shares dropped 57% to $2.43 after the company announced the pricing of its $10.8 million underwritten public offering.
• Shares of Nevro Corp. NVRO were down 18% to $32.18. Nevro named Kevin Thornal as new Chief Executive Officer, President. The company sees FY23 revenue of $445 million to $455 million.
• Kineta, Inc. KA was down, falling 16% to $3.98 after the company reported a $6 million registered direct offering priced at-the-market under Nasdaq rules.

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Commodities

In commodity news, oil traded down 2.2% to $77.44 while gold traded up 0.6% at $2,019.80.

Silver traded up 0.5% to $25.50 on Thursday while copper fell 0.4% to $4.0605.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index fell 0.4%. The German DAX fell 0.8%, French CAC 40 fell 0.4% and Italy’s FTSE MIB Index dipped 1.2%.

The Eurozone recorded a trade surplus of EUR 4.6 billion in February versus a year-ago deficit of EUR 9.4 billion. Spanish trade deficit shrank to EUR 2.46 billion in February from EUR 4.25 billion in the year-ago month. The manufacturing climate indicator in France dropped to 101 in April from 104 a month ago. The annual producer inflation in Germany eased for the sixth consecutive month to 7.5% in March.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.18%, Hong Kong’s Hang Seng Index rising 0.14% and China’s Shanghai Composite Index declining 0.09%. India’s S&P BSE Sensex rose 0.1%.

Japanese trade deficit widened to JPY 754.7 billion in March from JPY 464.9 billion in the year-ago month. Exports from Japan increased by 4.3% year-over-year to JPY 8,824.3 billion, while imports rose 7.3% to JPY 9,578.8 billion.

Economics

• The Philadelphia Fed Manufacturing Index dropped to -31.3 points in April from -23.2 in March.
• U.S. initial jobless claims increased by 5 thousand to 245 thousand in the week ended April 15, above market estimates of 240 thousand.
• Existing home sales in the US fell 2.4% month-over-month to an annual rate of 4.44 million in March.

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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 106,511,730 cases with around 1,158,680 deaths. India confirmed a total of at least 44,857,990 cases and 531,230 deaths, while France reported over 39,922,840 COVID-19 cases with 166,160 deaths. In total, there were at least 686,008,230 cases of COVID-19 worldwide with more than 6,844,800 deaths.