Dow Tumbles Over 100 Points; American Express Earnings Beat Views

Author: Avi Kapoor | July 19, 2024 09:01am

U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.32% to 40,532.98 while the NASDAQ rose 0.14% to 17,895.95. The S&P 500 also rose, gaining, 0.17% to 5,553.92.

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Leading and Lagging Sectors

Communication services shares jumped by 1% on Thursday.

In trading on Thursday, energy shares fell by 0.6%.

Top Headline

American Express Co (NYSE:AXP) reported better-than-expected earnings for its second quarter on Friday.

The company's second-quarter revenue (net of interest expense) grew 8% year-on-year to $16.33 billion, slightly missing the analyst consensus estimate of $16.59 billion. Adjusted EPS of $3.49 beat the analyst consensus estimate of $3.26.

For FY24, Amex reiterated revenue growth of 9% – 11% or $65.96 billion – $67.17 billion (versus consensus of $66.41 billion). It has raised its EPS outlook to $13.30 – $13.80 from $12.65 – $13.15 prior, versus the consensus of $12.96.

Equities Trading UP
                       

• Augmedix, Inc. (NASDAQ:AUGX) shares shot up 148% to $2.27 after the company announced it will be acquired by Commure.
• Shares of 60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) got a boost, surging 85% to $0.4586 after the company signed clinical trial agreements with three planned trial sites for the Tafenoquine Babesiosis study.
• Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) shares were also up, gaining 69% to $2.16. Maxim Group analyst Naz Rahman upgraded Virpax Pharmaceuticals from Hold to Buy and announced a price target of $3.

Equities Trading DOWN

• SunPower Corporation (NASDAQ:SPWR) shares dropped 33% to $1.0100. SunPower shares dipped 40% on Thursday following the company’s announcement of a significant operational pause and a subsequent analyst downgrade.
• Shares of Hyzon Motors Inc. (NASDAQ:HYZN) were down 32% to $0.1936 after the company reported pricing of $4.5 million registered direct offering.
• Nauticus Robotics, Inc. (NASDAQ:KITT) was down, falling 27% to $0.0945 after the company announced a 1-for-36 reverse stock split.

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Commodities

In commodity news, oil traded down 0.8% to $82.18 while gold traded down 2% at $2,406.20.

Silver traded down 3% to $29.315 on Friday, while copper fell 0.3% to $4.2660.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.6%, Germany's DAX fell 0.7% and France's CAC 40 fell 0.7%. Spain's IBEX 35 Index fell 0.4%, while London's FTSE 100 fell 0.5%.

Construction output in the Eurozone fell 2.4% year-over-year in May compared to a revised 1.5% decline in the prior month. Passenger car registrations in the European Union climbed 4.3% year-over-year to 1.1 million units in June.

Regular pay in the U.K., excluding bonus payment, rose 5.7% year-over-year to GBP 643/week during the three months to May, while the unemployment rate came in unchanged at 4.4% from March to May.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index dipping 2.03%, China's Shanghai Composite Index gaining 0.17% and India's S&P BSE Sensex declining 0.91%.

Hong Kong’s unemployment rate came in unchanged at 3% during the three months ending June. Japan reported a trade surplus of JPY 224.04 billion in June, compared to market views for a deficit of JPY 240 billion.

Economics

The Baker Hughes rig count report for the latest week will be released at 1:00 p.m. ET.

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Posted In: AUGX AXP HYZN KITT SPWR SXTP VRPX