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Dow Tumbles 1%; US Crude Oil Stocks Fall

Author: Avi Kapoor | September 05, 2024 12:26pm

U.S. stocks traded lower midway through trading, with the Dow Jones index falling over 1% on Thursday.

The Dow traded down 1.10% to 40,525.28 while the NASDAQ fell 0.14% to 17,060.42. The S&P 500 also fell, dropping, 0.71% to 5,481.03.

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Leading and Lagging Sectors

Consumer discretionary shares climbed by 0.8% on Thursday.

In trading on Thursday, health care shares fell by 1.8%.

Top Headline

U.S. crude oil inventories fell by 6.9 million barrels during the final week of August, compared to market estimates of a 1.1 million-barrel decline.

Equities Trading UP
                       

  • Eastside Distilling, Inc. (NASDAQ:EAST) shares shot up 208% to $2.3287 following the disclosure of a merger agreement with Beeline Financial Holdings, Inc., a private mortgage technology firm.
  • Shares of Hoth Therapeutics, Inc. (NASDAQ:HOTH) got a boost, surging 64% to $1.1365 after the company announced data from the treatment of epidermal growth factor receptor inhibitor associated papulopustular eruptions with its novel therapeutic HT-001.
  • Applied Digital Corporation (NASDAQ:APLD) shares were also up, gaining 74% to $5.64 after the company entered agreements for a $160 million private placement financing priced at market, from a group of institutional and accredited investors including NVIDIA and Related Companies.

Equities Trading DOWN

  • Singularity Future Technology Ltd. (NASDAQ:SGLY) shares dropped 49% to $3.4075.
  • Shares of Qualigen Therapeutics, Inc. (NASDAQ:QLGN) were down 18% to $0.1499 after the company announced a $3.46 million public offering of 14,724,058 shares at $0.13 per share and pre-funded warrants.
  • Sify Technologies Limited (NASDAQ:SIFY) was down, falling 12% to $0.5722.

Commodities

In commodity news, oil traded down 0.4% to $68.96 while gold traded up 0.4% at $2,537.10.

Silver traded up 1.7% to $29.045 on Thursday, while copper rose 1.3% to $4.1330.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.54%, Germany's DAX fell 0.08% and France's CAC 40 fell 0.92%. Spain's IBEX 35 Index rose 0.53%, while London's FTSE 100 fell 0.34%.

Retail sales in the Eurozone rose by 0.1% from the previous month in July compared to a revised 0.4% decline in the earlier month. The HCOB Eurozone construction PMI came in unchanged at 41.4 in August. The S&P Global UK construction PMI declined to 53.6 in August compared to 55.3 in July.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 falling 1.05%, Hong Kong's Hang Seng Index falling 0.08%, China's Shanghai Composite Index gaining 0.14% and India's BSE Sensex falling 0.18%.

Average cash earnings in Japan rose by 3.6% year-over-year in July versus a 4.5% increase in the prior month.

Economics

  • U.S. private businesses added 99,000 workers to their payrolls in August compared to a revised 111,000 gain in July and versus market estimates of 145,000.
  • U.S. initial jobless claims fell by 5,000 from the prior week to 227,000 in the week ending August 31, compared to market estimates of 230,000.
  • U.S. non-farm business sector labor productivity rose by 2.5% in the second quarter versus the preliminary estimate of 2.3% and compared to the 0.4% gain recorded in the first quarter.
  • Unit labor costs in the nonfarm business sector rose by an annualized rate of 0.4% during the second quarter.
  • U.S. crude oil inventories fell by 6.9 million barrels during the final week of August, compared to market estimates of a 1.1 million barrel decline.

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Posted In: APLD EAST HOTH QLGN SGLY SIFY


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