Gold Rises Sharply; Methode Electronics Shares Spike Higher

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite dipping 2% on Thursday.

The Dow traded up 0.07% to 39,748.00 while the NASDAQ fell 2% to 18,274.88 . The S&P 500 also fell, dropping, 0.94% to 5,581.00.

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Leading and Lagging Sectors

Real estate shares jumped by 2.4% on Thursday.

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

Top Headline

Delta Air Lines, Inc. DAL posted downbeat second-quarter earnings and issued lower-than-expected third-quarter earnings outlook.

Delta Air Lines reported quarterly earnings of $2.36 per share which missed the analyst consensus estimate of $2.37 per share. The company reported quarterly sales of $16.658 billion which beat the analyst consensus estimate of $15.452 billion, according to data from Benzinga Pro.

Equities Trading UP
                       

• Biodexa Pharmaceuticals Plc BDRX shares shot up 40% to $0.9888 after the company reported 12-month Phase 2 trial results for eRapa in treating Familial Adenomatous Polyposis.
• Shares of Methode Electronics, Inc. MEI got a boost, surging 47% to $13.84 after the company reported better-than-expected fourth-quarter sales results.
• QuantumScape Corporation QS shares were also up, gaining 32% to $7.13 after the company announced it entered into an agreement with PowerCo to industrialize solid-state batteries.

Equities Trading DOWN

• E2open Parent Holdings, Inc. ETWO shares dropped 11% to $3.97 after the company reported worse-than-expected first-quarter sales results.
• Shares of Delta Air Lines, Inc.. DAL were down 6% to $44.09 after the company posted downbeat second-quarter earnings and issued lower-than-expected third-quarter earnings outlook.
• Clene Inc. CLNN was down, falling 12% to $4.9508. 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 up 0.8% to $82.78 while gold traded up 1.7% at $2,420.20.

Silver traded up 2.2% to $31.695 on Thursday, while copper fell 2.1% to $4.5120.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.60%, Germany's DAX gained 0.69% and France's CAC 40 rose 0.71%. Spain's IBEX 35 Index rose 0.89%, while London's FTSE 100 rose 0.36%.

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.
• The EIA said U.S. natural gas supplies increased by 65 billion cubic feet in the week ended July 5.
• The U.S. government recorded a budget deficit of $347 billion in May compared to the $228 billion gap posted in the year-ago month.

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