Crude Oil Down Over 1%; Disney Shares Tumble Following Q2 Results

U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 250 points on Thursday.

The Dow traded down 0.81% to 33,258.20 while the NASDAQ fell 0.11% to 12,294.23. The S&P 500, also fell, dropping, 0.41% to 4,120.50.

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Leading and Lagging Sectors

• Communication services shares rose by 1.9% on Thursday. Meanwhile, top gainers in the sector included Magnite, Inc. MGNI, up 23%, and Charge Enterprises, Inc. CRGE, up 8%.
• In trading on Thursday, real estate shares fell 1.4%.

Top Headline

Shares of The Walt Disney Company DIS dropped more than 8% on Thursday after the company released results for its second quarter.

Disney posted in-line earnings for its second quarter, but said Disney+ paid subscribers dropped 2% year-over-year during the quarter.

Disney said revenue increased 13% year-over-year to $21.82 billion, which beat consensus estimates of $21.79 million. The company reported earnings of 93 cents per share, which was in line with analyst estimates.

Equities Trading UP

• Polar Power, Inc. POLA shares shot up 32% to $1.3550 after the company announced the launch of a new line of mobile electric vehicle chargers.
• Shares of Sunshine Biopharma, Inc. SBFM got a boost, shooting 80% to $0.9080 after reporting a rise in Q1 sales
• Absolute Software Corporation ABST shares were also up, gaining 33% to $11.38 after the company announced it will be acquired by Crosspoint Capital Partners for an enterprise value of $870 million.

Equities Trading DOWN

• ImmunityBio, Inc. IBRX shares dropped 53% to $2.9499 after the company announced it received a complete response letter from the FDA on May 9th regarding its BLA for Anktiva in combination with Bacillus Calmette-Guérin.
• Shares of Neptune Wellness Solutions Inc. NEPT were down 42% to $0.2355 after the company reported pricing of $4 million public offering.
• Babylon Holdings Limited BBLN was down, falling 39% to $1.26. BTIG downgraded Babylon Holdings from Neutral to Sell.

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Commodities

In commodity news, oil traded down 1.3% to $71.65 while gold traded down 0.6% at $2,024.60.

Silver traded down 4.3% to $24.555 on Thursday while copper fell 3.3% to $3.7135.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 dropped 0.12%, London’s FTSE 100 fell 0.34% while Spain’s IBEX 35 Index rose 0.08% The German DAX fell 0.52%, French CAC 40 rose 0.15% and Italy’s FTSE MIB Index fell 0.67%.

The Bank of England increased the bank rate by 25bps to 4.5%, in line with expectations.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.02%, Hong Kong’s Hang Seng Index dropping 0.09% and China’s Shanghai Composite Index falling 0.29%. India’s S&P BSE Sensex slipped 0.1%.

China's annual inflation rate eased to 0.1% in April from 0.7% in the prior month, while producer prices dropped 3.6% year-over-year in April. Vehicle sales in China jumped 82.7% year-over-year to 2.16 million in April. The gauge for Japan's service sector sentiment rose 1.3 points to 54.6 in April. Japan's current account surplus fell to JPY 2,278.1 billion in March from JPY 3,235.3 billion in the year-ago month.

Economics

• Producer prices for final demand rose 0.2% month-over-month in April versus a revised 0.4% decline in the prior month.
• U.S. initial jobless claims rose by 22,000 to 264,000 in the week ending May 6, above market estimates of 245,000.
• U.S. natural gas supplies rose 78 billion cubic feet last week, the EIA said.

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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 106,787,010 cases with around 1,162,660 deaths. India confirmed a total of at least 44,976,590 cases and 531,730 deaths, while France reported over 40,029,700 COVID-19 cases with 166,860 deaths. In total, there were at least 688,091,300 cases of COVID-19 worldwide with more than 6,873,000 deaths.