Dow Dips Over 500 Points; ISM Manufacturing PMI Falls In July

U.S. stocks traded lower midway through trading, with the Dow Jones index dipping more than 500 points on Thursday.

The Dow traded down 1.26% to 40,327.48 while the NASDAQ fell 1.57% to 17,322.26. The S&P 500 also fell, dropping, 1.05% to 5,464.56.

Leading and Lagging Sectors

Communication services shares gained by 1.1% on Thursday.

In trading on Thursday, information technology shares fell by 2.3%.

Top Headline

The ISM manufacturing PMI declined to 46.6 in July versus 48.5 in the prior month, below market estimates of 48.8.

Equities Trading UP
                       

• RedHill Biopharma Ltd. RDHL shares shot up 56% to $0.6008 after the company announced a new publication showed data demonstrating that triple antimicrobial therapy with RHB-104 plus standard of care, targeting Mycobacterium avium subspecies paratuberculosis, is 64% more effective than SoC alone in Crohn’s disease.
• Shares of Exact Sciences Corporation EXAS got a boost, surging 24% to $56.70 after the company reported better-than-expected second-quarter financial results. Also, the company announced an exclusive license agreement with TwinStrand Biosciences.
• Omnicell, Inc. OMCL shares were also up, gaining 28% to $37.29 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.

Equities Trading DOWN

• Vintage Wine Estates, Inc. VWE shares dropped 34% to $0.0342 after the company announced a bankruptcy filing and a voluntary delisting and SEC deregistration.
• Shares of ALX Oncology Holdings Inc. ALXO were down 37% to $3.0250. The company released topline data from its Phase 2 ASPEN-06 clinical trial.
• Alphatec Holdings, Inc. ATEC was down, falling 23% to $7.80 after the company reported mixed second-quarter financial results.

Commodities

In commodity news, oil traded down 0.8% to $77.26 while gold traded up 0.7% at $2,489.90.

Silver traded down 1% to $28.655 on Thursday, while copper fell 1.9% to $4.0975.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.23%, Germany's DAX fell 2.32% and France's CAC 40 fell 2.14%. Spain's IBEX 35 Index fell 1.9%, while London's FTSE 100 fell 1.01%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan's Nikkei 225 dipping 2.49%, Hong Kong's Hang Seng Index falling 0.23% and S&P BSE Sensex gaining 0.15%.

Economics

• The ISM manufacturing PMI declined to 46.6 in July versus 48.5 in the prior month, below market estimates of 48.8.
• Construction spending declined by 0.3% month-over-month to an annual rate of $2,148 billion in June.
• U.S. initial jobless claims by 14,000 to 249,000 in the week ending July 27th, beating market estimates of 236,000.
• Nonfarm business sector labor productivity increased by 2.3% in the second quarter, compared to a revised 0.4% rise in the prior period.

Now Read This:

• Top 3 Health Care Stocks That Are Set To Fly This Quarter