Dow Dips Over 400 Points; Apple Posts Upbeat Earnings

Author: Avi Kapoor | August 02, 2024 09:52am

U.S. stocks traded lower this morning, with the Dow Jones index dipping more than 400 points on Friday.

Following the market opening Friday, the Dow traded down 1.04% to 39,926.48 while the NASDAQ fell 2.29% to 16,801.13. The S&P 500 also fell, dropping, 1.52% to 5,363.64.

Leading and Lagging Sectors

Utilities shares gained by 1.7% on Friday.

In trading on Friday, consumer discretionary shares fell by 4.9%.

Top Headline

Apple, Inc. (NASDAQ:AAPL) reported better-than-expected earnings and sales results for its third quarter on Thursday.

Services revenue reached a new record but was a tad below the forecast.

Equities Trading UP
                       

• VSee Health, Inc. (NASDAQ:VSEE) shares shot up 114% to $5.24 after the company announced an agreement with Ava Robotics to develop telepresence solutions for the inpatient intensive care market.
• Shares of Exicure, Inc. (NASDAQ:XCUR) got a boost, surging 46% to $0.7257 after the company announced it received a continued listing determination from the Nasdaq.
• OS Therapies Incorporated (NASDAQ:OSTX) shares were also up, gaining 53% to $3.8458. OS Therapies reported the pricing of its IPO of 1.60 million shares at $4.00 per share, raising gross proceeds of $6.4 million.

Equities Trading DOWN

• bioAffinity Technologies, Inc. (NASDAQ:BIAF) shares dropped 47% to $1.26 after the company announced pricing of registered direct offering and concurrent private placement and warrant inducement for aggregate gross proceeds of $1.75 million.
• Shares of Gamer Pakistan Inc. (NASDAQ:GPAK) were down 36% to $0.1070 after the company announced it received a delisting notice from the Nasdaq.
• Fresh Vine Wine, Inc. (NASDAQ:VINE) was down, falling 35% to $0.2848 after the company announced that it terminated the merger agreement with Notes Live.

Commodities

In commodity news, oil traded down 2.8% to $74.09 while gold traded up 1.3% at $2,513.90.

Silver traded up 2.1% to $29.085 on Friday, while copper rose 0.7% to $4.11.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 2.2%, Germany's DAX fell 2% and France's CAC 40 fell 1.2%. Spain's IBEX 35 Index fell 1%, while London's FTSE 100 fell 1%.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 dipping 5.81%, Hong Kong's Hang Seng Index falling 2.08%, China's Shanghai Composite Index falling 0.92% and S&P BSE Sensex declining 1.08%.

Economics

• Nonfarm payrolls came in at 114,000 last month, a slowdown of 65,000 from June, and well below the economist consensus estimate of 175,000 according to TradingEconomics.
• The unemployment rate rose from 4.1% to 4.3%, contrary to expectations of it remaining unchanged.
• Wage growth showed further signs of cooling, with average hourly earnings rising by 0.2% month-over-month, down from 0.3% in June and slightly below expectations.

Now Read This: Amazon, Apple And 3 Stocks To Watch Heading Into Friday

Posted In: AAPL BIAF GPAK OSTX VINE VSEE XCUR