U.S. Stocks Turn Lower; Dow Tumbles Over 100 Points

U.S. stocks turned lower midway through trading, with the Dow Jones dropping more than 100 points on Friday.

U.S. stocks turned lower midway through trading, with the Dow Jones dropping more than 100 points on Friday.

The Dow traded down 0.44% to 30,639.41 while the NASDAQ fell 0.59% to 10,936.46. The S&P also fell, dropping, 0.46% to 3,767.81.

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Leading and Lagging Sectors

Utilities shares rose by 1.4% on Friday. Meanwhile, top gainers in the sector included American Water Works Company, Inc. (NYSE:AWK), up 3% and Atlantica Sustainable Infrastructure plc (NASDAQ:AY) up 3%.

In trading on Friday, energy shares fell by 1.6%.

Top Headline

The ISM manufacturing index fell to 53 for June from 56.1 in May. Analysts, however, were expecting a reading of 54.9.

 

Equities Trading UP

VerifyMe, Inc. (NASDAQ:VRME) shares shot up 21% to $2.3807 after the company announced liquidation of the G3 VRM Acquisition SPAC and initiated a new share repurchase program.

Shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA) got a boost, shooting 18% to $0.4181 after the company executed an agreement to terminate its vadadustat Collaboration and License Agreements with Otsuka Pharmaceutical. The company will received a $55 million settlement fee.

Accolade, Inc. (NASDAQ:ACCD) shares were also up, gaining 18% to $8.73 after the company reported better-than-expected Q1 results.

Equities Trading DOWN

Kohl’s Corporation (NYSE:KSS) shares tumbled 22% to $27.85 after the company called off discussions to sell its business to Franchise Group Inc.

Shares of Talaris Therapeutics, Inc. (NASDAQ:TALS) were down 53% to $2.1150. SVB Leerink downgraded Talaris Therapeutics from Outperform to Market Perform and lowered the price target from $21 to $7.

Agile Therapeutics, Inc. (NASDAQ:AGRX) was down, falling 44% to $0.6540 after the company priced a 26,666,666 share common stock offering at $0.90 per share.

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Commodities

In commodity news, oil traded up 1.3% to $107.08, while gold traded down 0.3% to $1,801.80.

Silver traded down 3.6% to $19.625 on Friday while copper fell 4% to $3.5625.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.18%, London’s FTSE 100 fell 0.33% while Spain’s IBEX 35 Index rose 0.47%. The German DAX slipped 0.03%, French CAC 40 fell 0.02% and Italy’s FTSE MIB Index gained 0.22%.

The S&P Global manufacturing PMI for France declined to 51.4 in June from 54.6 in the previous month, while UK manufacturing PMI dropped to a two-year low of 52.8 in June. The S&P Global Eurozone manufacturing PMI declined to 52.1 in June from 54.6 in the previous month, while Italian manufacturing PMI declined to 50.9 from 50.1.

The S&P Global/BME manufacturing PMI for Germany dropped to 52 in June from 54.8 a month ago, while Spanish manufacturing PMI dipped to 52.6 from 53.8.

Economics

The S&P Global manufacturing PMI was revised higher to 52.7 in June from a preliminary reading of 52.4.

The ISM manufacturing index fell to 53 for June from 56.1 in May. Analysts, however, were expecting a reading of 54.9.

US construction spending fell 0.1% for May, compared to analysts’ expectations for a 0.4% increase.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,360,080 cases with around 1,042,670 deaths. India confirmed a total of at least 43,471,280 cases and 525,130 deaths, while Brazil reported over 32,358,450 COVID-19 cases with 671,460 deaths. In total, there were at least 552,796,530 cases of COVID-19 worldwide with more than 6,358,270 deaths.

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