Midway through trading Thursday, the Dow traded down 0.25 percent to 24,685.64 while the NASDAQ declined 0.69 percent to 7,244.81. The S&P also fell, dropping 0.55 percent to 2,693.72.
Leading and Lagging Sectors
On Thursday, the financial shares climbed 1.06 percent. Meanwhile, top gainers in the sector included American Express Company AXP 5.96%, up 7 percent, and China Internet Nationwide Financial Services Inc. CIFS 6.61%, up 8 percent.
In trading on Thursday, consumer staples shares fell 3.13 percent.
Top Headline
Philip Morris International Inc. PM 15.98% shares fell around 15 percent after the company reported better-than-expected profit for its first quarter, while revenue missed estimates.
The company said it earned $1 per share in the first quarter on revenue of $6.9 billion versus expectations of $0.90 per share on revenue of $6.99 billion.
Philip Morris raised its FY18 earnings outlook from $5.20-$5.35 per share to $5.25-$5.40 per share.
Equities Trading UP
OpGen, Inc. OPGN 21.05% shares shot up 19 percent to $2.50. OpGen completed rapid testing clinical trial in Colombia and expanded international operations.
Shares of Bio-Path Holdings, Inc. BPTH 14.16% got a boost, shooting up 11 percent to $1.84 after reporting pre-clinical data demonstrating potential of Prexigebersen presented at the annual American Association for Cancer Research meeting in Chicago.
AGM Group Holdings Inc. AGMH 30% shares were also up, gaining 40 percent to $8.78 after rising 26 percent on Wednesday.
Equities Trading DOWN
Aceto Corporation ACET 63.04% shares dropped 62 percent to $2.795 following announcement of financial challenges. The company has suspended further guidance and is evaluating strategic alternatives. Aceto also expects reduction in dividend moving forward. Canaccord Genuity downgraded Aceto from Buy to Sell.
Shares of Helios and Matheson Analytics Inc. HMNY 35.51% were down 40 percent to $2.29 after pricing public share offering.
Sears Hometown and Outlet Stores, Inc. SHOS 30.77% was down, falling around 29 percent to $2.30. Sears Hometown and Outlet Stores reported a Q4 loss of $1.46 per share on revenue of $395.77 million.
Commodities
In commodity news, oil traded up 0.70 percent to $68.95 while gold traded down 0.40 percent to $1,348.10.
Silver traded down 0.02 percent Thursday to $17.245, while copper fell 0.83 percent to $3.155.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.07 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index gained 0.01 percent. Meanwhile the German DAX fell 0.31 percent, and the French CAC 40 gained 0.19 percent while U.K. shares rose 0.11 percent.
Economics
Initial jobless claims declined 1,000 to 232,000 for the latest week.
The Philadelphia Fed’s manufacturing index rose 1 point to a reading of 23.2 for April.
The index of leading economic indicators rose 0.3 percent for March.
Domestic supplies of natural gas slipped 36 billion cubic feet for the week ended April 13, the U.S. Energy Information Administration reported. Analysts expected a drop of 25 billion cubic feet.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
Cleveland Federal Reserve Bank President Loretta Mester is set to speak in Pittsburgh at 6:45 p.m. ET.
Benzinga does not provide investment advice. All rights reserved.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.