Dow Drops Over 100 Points; U.S. Trade Deficit Shrinks To This Level In June

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U.S. stocks traded lower this morning, with the Dow Jones falling more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.42% to 32,673.64 while the NASDAQ fell 0.49% to 12,605.89. The S&P also fell, dropping, 0.43% to 4,137.18.

Also check this: Starbucks, Yum! Brands And 3 Stocks To Watch Heading Into Wednesday

Leading and Lagging Sectors

Utilities shares climbed 0.5% on Thursday. Meanwhile, top gainers in the sector included NRG Energy, Inc. (NYSE:NRG), up 5% and Enel Chile S.A. (NYSE:ENIC) up 4%.

In trading on Thursday, energy shares fell 1.7%.

Top Headline

The trade deficit in the US shrank by $5.3 billion to a six-month low level of $79.6 billion in June. Exports from the US rose by 1.7%, while imports declined 0.3% during the month.

Equities Trading UP

InVivo Therapeutics Holdings Corp. (NASDAQ:NVIV) shares shot up 166% to $11.76 after gaining over 12% on Wednesday.

Shares of ChemoCentryx, Inc. (NASDAQ:CCXI) got a boost, shooting 108% to $50.25 after the company, and Amgen, announced an agreement under which Amgen will acquire the company for $52 per share in cash.

GreenLight Biosciences Holdings (NASDAQ:GRNA) shares were also up, gaining 57% to $5.13 after jumping over 25% on Wednesday. Samsung Biologics and the company recently announced the completion of the first commercial-scale engineering run for the companies’ mRNA production partnership.

Equities Trading DOWN

SiTime Corporation (NASDAQ:SITM) shares tumbled 33% to $139.48. SiTime posted upbeat quarterly results, but lowered its forecast for the year.

Shares of Aris Water Solutions, Inc. (NYSE:ARIS) were down 26% to $16.62 after the company reported Q2 results and announced acquisition of the assets of Delaware Energy Services, LLC.

Gannett Co., Inc. (NYSE:GCI) was down, falling 28% to $2.3050 after the company reported worse-than-expected Q2 sales results.

Also check out: Markets Bet On U.S. Stock Futures With Easing Fear Levels

Commodities

In commodity news, oil traded down 1.3% to $89.53, while gold traded up 1.4% to $1,801.50.

Silver traded up 1.3% to $20.16 on Thursday while copper rose 0.4% to $3.4790.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.3%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.3%. The German DAX climbed 0.6%, French CAC 40 surged 0.6% and Italy’s FTSE MIB Index gained 0.4%.

The S&P Global Eurozone construction PMI dropped to 45.7 in July from 47.0 in the previous month. UK new car registrations dropped 9% year-over-year to 121,162 units in July, while construction PMI declined to 48.9 in July from 52.6 in June.

The S&P Global Italian construction PMI declined to 46.2 in July from 50.4 in the previous month, while French construction PMI climbed to 48.6 from 46.4. The S&P Global German construction PMI declined to 43.7 in July from 45.9 in June, while factory orders in Germany fell 0.4% month-over-month in June.

Economics

The trade deficit in the US shrank by $5.3 billion to a six-month low level of $79.6 billion in June. Exports from the US rose by 1.7%, while imports declined 0.3% during the month.

US initial jobless claims rose by 6,000 to 260,000 the week that ended July 30th. However, analysts were expecting a reading of 259,000.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 12:00 p.m. ET.

Check out this: Investor Fear Eases Further Following Upbeat Economic Reports

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,593,210 cases with around 1,057,230 deaths. India confirmed a total of at least 44,087,030 cases and 526,530 deaths, while France reported over 33,960,130 COVID-19 cases with 152,370 deaths. In total, there were at least 585,644,020 cases of COVID-19 worldwide with more than 6,428,470 deaths.