Nasdaq Dips Over 300 Points; PepsiCo Reports Weak Sales

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling more than 300 points on Thursday.

The Dow traded up 0.21% to 39,803.00 while the NASDAQ fell 1.81% to 18,310.23. The S&P 500 also fell, dropping, 0.84% to 5,586.74.

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Leading and Lagging Sectors

Real estate shares jumped by 2.8% on Thursday.

In trading on Thursday, information technology shares fell by 2.7%.

Top Headline

PepsiCo Inc PEP reported worse-than-expected second-quarter FY24 revenue.

The company reported second-quarter sales growth of 0.8% year-on-year to $22.501 billion, missing the analyst consensus estimate of $22.599 billion. Adjusted EPS of $2.28 beat the consensus estimate of $2.16.

Equities Trading UP
                       

• Biodexa Pharmaceuticals Plc BDRX shares shot up 50% to $1.0675 after the company reported 12-month Phase 2 trial results for eRapa in treating Familial Adenomatous Polyposis.
• Shares of Volcon, Inc. VLCN got a boost, surging 42% to $5.20 in response to a series of buy-sell transactions by UBS Group AG UBS.
• Renalytix Plc RNLX shares were also up, gaining 18% to $0.3530 after the company announced a collaboration with the Steno Diabetes Center, Copenhagen, to advance translation of precision medicine solutions for patients with Diabetes and Chronic Kidney Disease.

Equities Trading DOWN

• E2open Parent Holdings, Inc. ETWO shares dropped 14% to $3.8250 after the company reported worse-than-expected first-quarter sales results.
• Shares of Delta Air Lines, Inc.. DAL were down 6% to $43.91 after the company posted downbeat second-quarter earnings and issued lower-than-expected third-quarter earnings outlook.
• Clene Inc. CLNN was down, falling 13% to $4.8649. Clene announced plans to submit briefing book to the U.S. FDA in connection with granted Type C interaction to obtain FDA feedback on potential pathway to accelerated approval for CNM-Au8 in ALS.

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Commodities

In commodity news, oil traded down 0.1% to $81.99 while gold traded up 1.6% at $2,416.60.

Silver traded up 2.6% to $31.805 on Thursday, while copper fell 1.2% to $4.5515.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.74%, Germany's DAX gained 0.71% and France's CAC 40 rose 0.78%. Spain's IBEX 35 Index rose 0.95%, while London's FTSE 100 rose 0.35%.

The UK’s trade deficit narrowed to £4.89 billion in May versus a revised £6.42 billion in the previous month, while British economy grew by 0.4% month-over-month in May. Industrial production in the UK increased 0.2% month-over-month for May. Annual inflation rate in Germany eased to 2.2% in June from 2.4% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.94%, Hong Kong's Hang Seng Index jumping 2.06%, China's Shanghai Composite Index climbing 1.06% and India's S&P BSE Sensex falling 0.03%.

Japanese core machinery orders declined 3.2% month-over-month to 857.8 billion yen during May versus a 2.9% decline in April.

Economics

• The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
• On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.
• U.S. initial jobless claims declined by 17,000 to 222,000 in the week ending July 6, compared to market estimates of 236,000.

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