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 Friday.
In trading on Friday, 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. (NASDAQ: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 (NASDAQ: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. (NASDAQ: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. (NASDAQ: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. (NASDAQ:ALXO) were down 37% to $3.0250. The company released topline data from its Phase 2 ASPEN-06 clinical trial.
- Alphatec Holdings, Inc. (NASDAQ: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