U.S. stocks traded lower this morning, with the Dow Jones index falling more than 500 points on Friday.
Following the market opening Friday, the Dow traded down 0.98% to 52,037.01 while the NASDAQ dipped 1.77% to 25,422.98 The S&P 500 also fell, dropping, 1.15% to 7,447.23.
Leading and Lagging Sectors
Energy shares jumped by 1.6% on Friday.
In trading on Friday, communication services stocks fell by 2.9%.
Top Headline
Netflix Inc. (NASDAQ:NFLX) shares dipped more than 10% on Friday after the company reported mixed second-quarter financial results and issued weak guidance for the third quarter.
Netflix reported second-quarter revenue of $12.56, up 13% year-over-year. The revenue total missed a Street estimate of $12.59 billion, according to data from Benzinga Pro. Second-quarter earnings of 80 cents per share beat a Street consensus estimate of 79 cents per share.
Equities Trading UP
- Southland Holdings Inc (NYSE:SLND) shares shot up 53% to $1.04 after the company’s joint venture was awarded a contract for the Winnipeg North End Sewage Treatment Plant Upgrade.
- Shares of Sadot Group Inc (NASDAQ:SDOT) got a boost, surging 50% to $21.40 after the company announced plans to acquire TradeIQ predictive-intelligence software layer from Litial for $6 million.
- Callan JMB Inc (NASDAQ:CJMB) shares were also up, gaining 45% to $1.24 following the announcement that Callan JMB signed a strategic partnership with Alabama State University to build an integrated pharmaceutical manufacturing ecosystem.
Equities Trading DOWN
- QumulusAI Inc (NASDAQ:QMLS) shares dropped 39% to $13.12. QumulusAI announced it has been approved as an NVIDIA Cloud Partner within the NVIDIA Partner Network.
- Shares of Laser Photonics Corp (NASDAQ:LASE) were down 28% to $0.84. Laser Photonics announced exercise of warrants for $2.5 million gross proceeds.
- Vivakor inc (NASDAQ:VIVK) was down, falling 22% to $3.33.
Commodities
In commodity news, oil traded up 3% to $81.35 while gold traded up 0.1% at $3,992.20.
Silver traded down 1.4% to $55.415 on Friday, while copper fell 2.2% to $6.2055.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 declined 0.8%, while Spain’s IBEX 35 Index fell 0.9% London’s FTSE 100 slipped 0.4%, Germany’s DAX declined 0.7%, while France’s CAC 40 dipped 0.8%.
Asia Pacific Markets
Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 dipping 4.03%, Hong Kong’s Hang Seng index falling 1.78%, China’s Shanghai Composite dipping 3.05% and India’s BSE Sensex gaining 1.25%.
Economics
- U.S. industrial production increased 0.1% month-over-month in June, in-line with May’s pace, but down from market estimates of 0.2% growth.
- Housing starts surged 19% to an annualized rate of 1427 thousand units in June, while building permits fell by 3% month-over-month to an annual rate of 1.367 million.
- U.S. import prices rose by 0.3% month-over-month in June, versus the revised 1.7% gain in May.
- U.S. export prices declined 0.6% month-over-month in June, following a revised 1.2% gain in May.
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