Dow Tumbles 450 Points; JPMorgan Shares Drop Following Earnings Miss

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U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 450 points on Thursday.

The Dow traded down 1.5% to 30,307.00 while the NASDAQ fell 1.22% to 11,110.69. The S&P also fell, dropping, 1.42% to 3,747.69.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.8% on Thursday. Meanwhile, top gainers in the sector included Yatsen Holding Limited (NYSE:YSG), up 17% and Bridgford Foods Corporation (NASDAQ:BRID) up 8%.

In trading on Thursday, energy shares dipped by 3.8%.

Top Headline

JPMorgan Chase & Co (NYSE:JPM) reported worse-than-expected second-quarter EPS and sales results.

JPMorgan Chase reported quarterly earnings of $2.76 per share which missed the analyst consensus estimate of $2.91. The company also reported quarterly sales of $31.63 billion which missed the analyst consensus estimate of $31.95 billion by 1%.

JPMorgan shares dropped 4.1% to trade at $107.28 on Thursday.

Equities Trading UP

Canoo Inc. (NASDAQ:GOEV) shares shot up 18% to $4.2012 after the company announced it has been awarded by the U.S. Army to supply an electric vehicle for analysis and demonstration.

Shares of Biomerica, Inc. (NASDAQ:BMRA) got a boost, shooting 13% to $3.3362 following news the company’s breast self exam will now be available for sale in Walmart (NYSE:WMT).

Clene Inc. (NASDAQ:CLNN) shares were also up, gaining 30% to $3.7450. Clene reported significantly improved survival in Amyotrophic lateral sclerosis (ALS) patients initially treated with CNM-Au8 compared to initially randomized placebo-treated participants during the long-term open-label extension of its RESCUE-ALS trial.

Equities Trading DOWN

ContraFect Corporation (NASDAQ:CFRX) shares tumbled 81% to $0.5270 after the company announced the Data Safety Monitoring Board of the DISRUPT study recommended the trial be stopped for futility following an interim analysis.

Shares of Novavax, Inc. (NASDAQ:NVAX) were down 21% to $55.14 after the EMA identified allergic reactions as a possible side effect of the company’s COVID vaccine.

Industrial Logistics Properties Trust (NASDAQ:ILPT) was down, falling 24% to $10.66 after the company announced a reduction in its quarterly dividend from $0.33 to $0.01 per share.

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Commodities

In commodity news, oil traded down 2.8% to $93.58, while gold traded down 1.7% to $1,705.80.

Silver traded down 5.1% to $18.22 on Thursday while copper fell 2.9% to $3.2275.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.75%, London’s FTSE 100 fell 1.66% while Spain’s IBEX 35 Index fell 2%. The German DAX dropped 2.25%, French CAC 40 fell 1.79% and Italy’s FTSE MIB Index fell 3.61%.

Wholesale prices in Germany increased by 21.2% year-over-year in June following a 22.9% increase in the prior month.

Economics

US initial jobless claims rose by 9 thousand to 244 thousand in the week ended July 9th, the highest since November 2021.

Producer prices for final demand rose 1.1% month-over-month in June, the mosy in three months and also above analysts’ expectations of 0.8%.

US natural-gas supplies climbed 58 billion cubic feet last week, the Energy Information Administration said.

Check out this: JPMorgan, Morgan Stanley And 3 Stocks To Watch Heading Into Thursday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 90,909,760 cases with around 1,047,790 deaths. India confirmed a total of at least 43,689,980 cases and 525,550 deaths, while Brazil reported over 33,076,770 COVID-19 cases with 674,550 deaths. In total, there were at least 564,289,700 cases of COVID-19 worldwide with more than 6,379,830 deaths.