Dow Dips Over 300 Points; US Initial Claims Rise

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 300 points on Thursday.

The Dow traded down 0.74% to 43,864.15 while the NASDAQ fell 0.27% to 21,113.04. The S&P 500 also fell, dropping, 0.45% to 6,316.34.

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Leading and Lagging Sectors

Utilities shares jumped by 1.2% on Thursday.

In trading on Thursday, health care stocks fell by 1.2%.

Top Headline

U.S. initial jobless claims surged by 7,000 to 226,000 in the final week of July, compared to market expectations of a reading of 221,000.

Equities Trading UP

Aveanna Healthcare Holdings Inc AVAH shares shot up 42% to $5.54 after the company reported better-than-expected second-quarter financial results and issued FY25 revenue guidance above estimates.
Shares of Brilliant Earth Group, Inc. BRLT got a boost, surging 31% to $1.81 after the company announced better-than-expected quarterly results.
Jumia Technologies AG – ADR JMIA shares were also up, gaining 33% to $6.07 following second-quarter results.

Equities Trading DOWN

Sabre Corporation SABR shares dropped 42% to $1.74 after the company reported worse-than-expected quarterly financial results.
Shares of Sana Biotechnology, Inc. SANA were down 24% to $3.22 after the company reported the pricing of public offering.
Redwire Corporation RDW was down, falling 30% to $9.52 after the company reported worse-than-expected second-quarter financial results and cut its FY25 sales guidance.

Commodities

In commodity news, oil traded down 0.1% to $64.34 while gold traded up 0.6% at $3,453.80.

Silver traded up 1.1% to $38.305 on Thursday, while copper fell 0.1% to $4.4095.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.92%, while Spain's IBEX 35 Index gained 1.06%. London's FTSE 100 fell 0.69%, Germany's DAX 40 gained 1.12% and France's CAC 40 rose 0.97% during the session.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 0.65%, Hong Kong's Hang Seng gaining 0.69%, China's Shanghai Composite gaining 0.16% and India's BSE Sensex rising 0.1%.

Economics

U.S. wholesale inventories increased by 0.1% month-over-month to $906.3 billion in June following a 0.3% decline in the previous month.
U.S. unit labor costs in the nonfarm business sector climbed by 1.6% in the second quarter.
U.S. labor productivity in the nonfarm business sector surged by 2.4% in second quarter.
U.S. initial jobless claims surged by 7,000 to 226,000 in the final week of July, compared to market expectations of a reading of 221,000.
U.S. consumer inflation expectations for the year ahead accelerated to 3.1% in July versus 3% in June.
U.S. natural-gas stocks rose 7 billion cubic feet in the week ending Aug. 1.

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