U.S. stocks pared losses toward the end of trading, with the Nasdaq Composite turning higher on Thursday.
The Dow traded down 0.39% to 30,653.73 while the NASDAQ rose 0.16% to 11,265.45. The S&P also fell, dropping, 0.24% to 3,792.67.
Also check this: Markets In Extreme Fear With Rising Inflation Rates
Leading and Lagging Sectors
Information technology shares rose 0.3% on Thursday. Meanwhile, top gainers in the sector included Kopin Corporation (NASDAQ:KOPN), up 14% and NextNav Inc. (NASDAQ:NN) up 12%.
In trading on Thursday, energy shares dipped by 3.3%.
Top Headline
Morgan Stanley (NYSE:MS) reported worse-than-expected earnings for its second quarter.
Earnings per share came in at $1.39, missing the analyst expectation of $1.56. Net revenues fell 11% to 13.1 billion, while investment-banking revenue fell a staggering 55%.
Morgan Stanley shares fell 1.1% to trade at $74.15 on Thursday.
Equities Trading UP
Canoo Inc. (NASDAQ:GOEV) shares shot up 23% to $4.39 after the company announced it has been awarded by the U.S. Army to supply an electric vehicle for analysis and demonstration.
Shares of Biomerica, Inc. (NASDAQ:BMRA) got a boost, shooting 11% to $3.33 following news the company's breast self exam will now be available for sale in Walmart (NYSE:WMT).
Clene Inc. (NASDAQ:CLNN) shares were also up, gaining 28% to $3.68. Clene reported significantly improved survival in Amyotrophic lateral sclerosis (ALS) patients initially treated with CNM-Au8 compared to initially randomized placebo-treated participants during the long-term open-label extension of its RESCUE-ALS trial.
Equities Trading DOWN
ContraFect Corporation (NASDAQ:CFRX) shares tumbled 83% to $0.47 after the company announced the Data Safety Monitoring Board of the DISRUPT study recommended the trial be stopped for futility following an interim analysis.
Shares of Novavax, Inc. (NASDAQ:NVAX) were down 28% to $50.40 after the EMA identified allergic reactions as a possible side effect of the company's COVID vaccine.
Industrial Logistics Properties Trust (NASDAQ:ILPT) was down, falling 24% to $10.63 after the company announced a reduction in its quarterly dividend from $0.33 to $0.01 per share.
Also check out: Why Is Ericsson Down By 9%? 22 Stocks Moving In Thursday's Pre-Market Session
Commodities
In commodity news, oil traded down 1.3% to $95.01, while gold traded down 1.6% to $1,707.80.
Silver traded down 4.8% to $18.275 on Thursday while copper fell 3.5% to $3.2060.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 1.53%, London’s FTSE 100 fell 1.63% while Spain’s IBEX 35 Index fell 1.77%. The German DAX dropped 1.86%, French CAC 40 fell 1.41% and Italy’s FTSE MIB Index fell 3.44%.
Wholesale prices in Germany increased by 21.2% year-over-year in June following a 22.9% increase in the prior month.
Economics
US initial jobless claims rose by 9 thousand to 244 thousand in the week ended July 9th, the highest since November 2021.
Producer prices for final demand rose 1.1% month-over-month in June, the mosy in three months and also above analysts’ expectations of 0.8%.
US natural-gas supplies climbed 58 billion cubic feet last week, the Energy Information Administration said.
Check out this: JPMorgan, Morgan Stanley And 3 Stocks To Watch Heading Into Thursday
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 90,909,760 cases with around 1,047,790 deaths. India confirmed a total of at least 43,689,980 cases and 525,550 deaths, while Brazil reported over 33,076,770 COVID-19 cases with 674,550 deaths. In total, there were at least 564,289,700 cases of COVID-19 worldwide with more than 6,379,830 deaths.
