Crude Oil Down 2%; Amazon Shares Tumble After Q2 Results
U.S. stocks fell, with the Dow down 1.5%, NASDAQ down 2.38%, and S&P 500 down 1.76%. Amazon shares dropped 8% after reporting Q2 net sales of $167.7 billion, exceeding estimates. Oil prices fell 2% to $67.86. European and Asian markets also closed lower. U.S. construction spending declined by 0.4%, and the ISM manufacturing PMI fell to 48, missing estimates. Overall, the market showed signs of weakness amid disappointing earnings and economic indicators.
U.S. stocks traded lower midway through trading, with the Dow Jones dipping around 1.5% on Friday.
The Dow traded down 1.46% to 43,488.38 while the NASDAQ dipped 2.38% to 20,620.55. The S&P 500 also fell, dropping, 1.76% to 6,227.60.
Check This Out: Top 2 Risk Off Stocks That May Keep You Up At Night This Month
Leading and Lagging Sectors
Consumer staples shares jumped by 0.9% on Friday.
In trading on Friday, consumer discretionary stocks dipped by 3.4%.
Top Headline
Shares of Amazon.com Inc. AMZN fell around 8% on Friday after the company reported second-quarter financial results.
Amazon reported second-quarter net sales of $167.7 billion, up 13% year-over-year. The net sales total beat a Street consensus estimate of $161.9 billion according to data from Benzinga Pro.
Equities Trading UP
- Tenon Medical, Inc. TNON shares shot up 75% to $1.7500 after the company announced the acquisition of sacroiliac joint‑specific assets from SiVantage.
- Shares of Performant Healthcare, Inc. PHLT got a boost, surging 114% to $7.59 after Machinify agreed to acquire the company for $670 million.
- Alphatec Holdings, Inc. ATEC shares were also up, gaining 26% to $13.36 after the company raised its FY 2025 sales guidance above estimates.
Equities Trading DOWN
Trending Investment Opportunities
- Fluor Corporation FLR shares dropped 31% to $39.35 after the company reported second-quarter results below estimates and lowered its FY25 adjusted EPS guidance.
- Shares of Silexion Therapeutics Corp SLXN were down 35% to $9.75 after the company announced exercise of warrants for $1.8 million gross proceeds.
- Insperity, Inc. NSP was down, falling 23% to $45.98 after the company reported worse-than-expected quarterly financial results and issued weak guidance.
Commodities
In commodity news, oil traded down 2% to $67.86 while gold traded up 1.4% at $3,396.30.
Silver traded up 0.6% to $36.945 on Friday, while copper rose 1% to $4.3995.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 1.79%, while Spain's IBEX 35 Index dipped 1.83%. London's FTSE 100 fell 0.80%, Germany's DAX 40 declined 2.36% and France's CAC 40 fell 2.73% 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.
Now Read This:
- Jim Cramer: This Consumer Defensive Stock Is ‘Pretty Expensive’
Photo via Shutterstock
