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

Author: Avi Kapoor | August 01, 2024 12:06pm

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. (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: