Nasdaq Dips Over 2%; Apple Earnings Top Views
U.S. stocks fell this morning, with the Nasdaq Composite down over 2%. The Dow decreased by 1.50%, while the S&P 500 dropped 1.71%. Apple Inc. reported better-than-expected Q3 results, with revenue of $94 billion, surpassing estimates. Tenon Medical and Performant Healthcare shares surged over 100% after acquisition announcements. In commodities, oil fell 1.9%, while gold rose 1.7%. European and Asian markets also closed lower. U.S. construction spending declined by 0.4%, and the ISM manufacturing PMI fell to 48 in July.
U.S. stocks traded lower this morning, with the Nasdaq Composite dipping more than 2% on Friday.
Following the market opening Friday, the Dow traded down 1.50% to 43,468.44 while the NASDAQ dipped 2.22% to 20,653.99. The S&P 500 also fell, dropping, 1.71% to 6,231.17.
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Leading and Lagging Sectors
Consumer staples shares jumped by 0.7% on Friday.
In trading on Friday, consumer discretionary stocks dipped by 3.7%.
Top Headline
Apple Inc. AAPL posted stronger-than-expected third-quarter results.
The iPhone maker reported fiscal third-quarter revenue of $94 billion, beating analyst estimates of $89.04 billion by 5.6%. Earnings per share came in at $1.57, surpassing the consensus estimate of $1.42 per share, according to Benzinga Pro data.
Equities Trading UP
- Tenon Medical, Inc. TNON shares shot up 119% to $2.1936 after the company announced the acquisition of sacroiliac joint‑specific assets from SiVantage.
- Shares of Performant Healthcare, Inc. PHLT got a boost, surging 115% to $7.63 after Machinify agreed to acquire the company for $670 million.
- Lobo EV Technologies Ltd. LOBO shares were also up, gaining 88% to $0.6746.
Equities Trading DOWN
Trending Investment Opportunities
- Safe & Green Holdings Corp. SGBX shares dropped 60% to $0.2353 after falling 14% on Thursday.
- Shares of Silexion Therapeutics Corp SLXN were down 44% to $8.34 after the company announced exercise of warrants for $1.8 million gross proceeds.
- TTEC Holdings, Inc. TTEC was down, falling 35% to $3.23. TTEC Holdings will release its second-quarter earnings results after the closing bell on Thursday, Aug. 7.
Commodities
In commodity news, oil traded down 1.9% to $67.97 while gold traded up 1.7% at $3,403.80.
Silver traded up 0.7% to $36.960 on Friday, while copper rose 0.9% to $4.3935.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 2%, while Spain's IBEX 35 Index dipped 2.1%. London's FTSE 100 fell 1%, Germany's DAX 40 declined 2.7% and France's CAC 40 fell 3% during the session.
Asia Pacific Markets
Asian markets closed lower on Friday, with Japan's Nikkei 225 falling 0.66%, Hong Kong's Hang Seng falling 1.07%, China's Shanghai Composite dipping 0.37% and India's BSE Sensex falling 0.72%.
Economics
- U.S. construction spending declined by 0.4% from the previous month to an annualized rate of $2.136 trillion in June.
- The ISM manufacturing PMI declined to 48 in July compared to 49 in June, missing market estimates of 49.5.
- The University of Michigan's consumer sentiment index slipped to 61.7 in July compared to the preliminary reading of 61.8.
- The S&P Global manufacturing PMI was revised higher to 49.8 in July versus a preliminary reading of 49.5.
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