US Stocks Edge Lower; Applied Materials Earnings Top Views

Author: Avi Kapoor | August 16, 2024 09:56am

U.S. stocks traded lower this morning, with the S&P 500 falling around 0.2% on Friday.

The Dow traded down 0.09% to 40,525.20 while the NASDAQ fell 0.22% to 17,555.15. The S&P 500 also fell, dropping, 0.21% to 5,531.63.

Check This Out: More Than $30M Bet On This Stock? Check Out These 3 Stocks Insiders Are Buying

Leading and Lagging Sectors

Communication services shares climbed by 0.2% on Friday.

In trading on Friday, energy shares fell 0.7%.

Top Headline

Applied Materials, Inc. (NASDAQ:AMAT) reported better-than-expected results for its third quarter, after the closing bell on Thursday.

The company said it anticipates fourth-quarter revenue of $6.53 billion, plus or minus $400 million, versus estimates of $6.91 billion. The company expects fourth-quarter adjusted earnings to be between $2 and $2.36 per share, versus estimates of $2.14 per share.

Equities Trading UP
                       

• Cingulate Inc. (NASDAQ:CING) shares shot up 115% to $10.33 after the company on Thursday was granted European patent No. 3261625 for CTx-1301, its lead asset for the treatment of ADHD.
• Shares of Zoomcar Holdings, Inc. (NASDAQ:ZCAR) got a boost, surging 93% to $0.2135 after the company reported first-quarter results.
• Seelos Therapeutics, Inc. (NASDAQ:SEEL) shares were also up, gaining 42% to $0.3842 after jumping 15% on Thursday.

Equities Trading DOWN

• Novo Integrated Sciences, Inc. (NASDAQ:NVOS) shares dropped 34% to $0.3321.
• Shares of Shimmick Corporation (NASDAQ:SHIM) were down 22% to $2.55 after the company reported worse-than-expected quarterly financial results.
• ENDRA Life Sciences Inc. (NASDAQ:NDRA) was down, falling 21% to $0.0410 after the company announced a 1-for-50 reverse stock split, effective on August 20.

Commodities

In commodity news, oil traded down 1.7% to $76.86 while gold traded up 1.5% at $2,529.70.

Silver traded up 0.1% to $28.425 on Friday, while copper fell 1% to $4.1080.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX rose 0.5% and France's CAC 40 rose 0.1%. Spain's IBEX 35 Index rose 0.3%, while London's FTSE 100 fell 0.6%.

The Eurozone recorded a trade surplus of EUR 22.3 billion in June, higher than market expectations of EUR 13.3 billion. Retail sales in the UK climbed 0.5% month-over-month in July compared to a revised 0.9% decline in the prior month.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 jumping 3.64%, Hong Kong's Hang Seng Index climbing 1.88%, China's Shanghai Composite Index gaining 0.07% and India's BSE Sensex gaining 1.68%.

Hong Kong's economy grew by 3.3% year-over-year in the second quarter compared to a 2.8% increase in the previous period, while unemployment rate came in unchanged at 3% in the three months ending July.

Economics

Housing starts in the U.S. declined by 6.8% from the prior month to an annualized rate of 1.238 million in July.

Building permits dropped by 4% to an annual rate of 1.396 million in July.

Now Read This:

• How To Earn $500 A Month From Estée Lauder Stock Ahead Of Q4 Earnings

Posted In: AMAT CING NDRA NVOS SEEL SHIM ZCAR