Gold Tops 1,800; Alibaba Reports Upbeat Results

U.S. stocks traded mixed toward the end of trading, with the Dow Jones dropping around 75 points on Thursday

U.S. stocks traded mixed toward the end of trading, with the Dow Jones dropping around 75 points on Thursday

The Dow traded down 0.23% to 32,737.88 while the NASDAQ rose 0.25% to 12,700.02. The S&P also fell, dropping, 0.06% to 4,152.8.

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Leading and Lagging Sectors

Consumer discretionary shares climbed 0.7% on Thursday. Meanwhile, top gainers in the sector included Legacy Housing Corporation (NASDAQ:LEGH), up 28% and MercadoLibre, Inc.. (NASDAQ:MELI) up 16%.

In trading on Thursday, energy shares fell 1.9%.

Top Headline

Alibaba Group Holding Limited (NYSE:BABA) reported upbeat results for its first quarter on Thursday.

Alibaba reported first-quarter FY22 flat revenue growth year-on-year to $30.69 billion, beating the consensus of $30.05 billion. Non-GAAP earnings per ADS of $1.75 beat the consensus of $1.52.

Equities Trading UP

Yellow Corporation (NASDAQ:YELL) shares shot up 44% to $6.77 after the company swung to a profit for the second quarter.

Shares of ChemoCentryx, Inc. (NASDAQ:CCXI) got a boost, shooting 111% to $50.81 after the company, and Amgen, announced an agreement under which Amgen will acquire the company for $52 per share in cash.

Society Pass Incorporated (NASDAQ:SOPA) shares were also up, gaining 50% to $2.80 after reporting 2Q 2022 and 1H 2022 financial results.

Equities Trading DOWN

SiTime Corporation (NASDAQ:SITM) shares tumbled 32% to $142.20. SiTime posted upbeat quarterly results, but lowered its forecast for the year.

Shares of Timber Pharmaceuticals, Inc. (NASDAQ:TMBR) were down 42% to $0.0995 after the company announced a public stock offering of approximately 66.67 million shares at $0.12 per share.

Vapotherm, Inc. (NYSE:VAPO) was down, falling 31% to $1.7631 after the company reported Q2 EPS results down year over year and worse-than-expected Q2 sales results. Additionally, multiple firms downgraded the stock following the company’s Q2 earnings results.

Also check out: Markets Bet On U.S. Stock Futures With Easing Fear Levels


In commodity news, oil traded down 2.6% to $88.33, while gold traded up 1.7% to $1,807.10.

Silver traded up 1.2% to $20.13 on Thursday while copper rose 0.6% to $3.4860.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.18%, London’s FTSE 100 rose 0.03% while Spain’s IBEX 35 Index rose 0.23%. The German DAX climbed 0.55%, French CAC 40 surged 0.64% and Italy’s FTSE MIB Index gained 0.31%.

The S&P Global Eurozone construction PMI dropped to 45.7 in July from 47.0 in the previous month. UK new car registrations dropped 9% year-over-year to 121,162 units in July, while construction PMI declined to 48.9 in July from 52.6 in June.

The S&P Global Italian construction PMI declined to 46.2 in July from 50.4 in the previous month, while French construction PMI climbed to 48.6 from 46.4. The S&P Global German construction PMI declined to 43.7 in July from 45.9 in June, while factory orders in Germany fell 0.4% month-over-month in June.



The trade deficit in the US shrank by $5.3 billion to a six-month low level of $79.6 billion in June. Exports from the US rose by 1.7%, while imports declined 0.3% during the month.

US initial jobless claims rose by 6,000 to 260,000 the week that ended July 30th. However, analysts were expecting a reading of 259,000.


Check out this: Investor Fear Eases Further Following Upbeat Economic Reports

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,593,210 cases with around 1,057,230 deaths. India confirmed a total of at least 44,087,030 cases and 526,530 deaths, while France reported over 33,960,130 COVID-19 cases with 152,370 deaths. In total, there were at least 585,644,020 cases of COVID-19 worldwide with more than 6,428,470 deaths.

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