Dow Tumbles 300 Points; Tesla Posts Downbeat Q2 Results

U.S. stocks traded mixed this morning, with the Dow Jones index falling more than 300 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.68% to 44,702.76 while the NASDAQ rose 0.23% to 21,067.57. The S&P 500 also rose, gaining, 0.08% to 6,363.79.

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Leading and Lagging Sectors

Communication services shares jumped by 0.9% on Thursday.

In trading on Thursday, consumer discretionary stocks dipped by 1.3%.

Top Headline

Tesla Inc. (NASDAQ:TSLA) reported weaker-than-expected second-quarter financial results after market close Wednesday.

Tesla reported second-quarter revenue of $22.5 billion, down 12% year-over-year. The revenue missed a Street consensus estimate of $22.8 billion according to data from Benzinga Pro. Tesla's earnings per share were $0.40 in the quarter, missing the Street consensus estimate of $0.42 per share.

Equities Trading UP
           

• AEye, Inc. (NASDAQ:LIDR) shares shot up 245% to $3.95 after the company announced its Apollo lidar has been integrated by NVIDIA into the DRIVE AGX platform.
• Shares of Garden Stage Limited (NASDAQ:GSIW) got a boost, surging 81% to $0.3187.
• reAlpha Tech Corp. (NASDAQ:AIRE) shares were also up, gaining 41% to $0.5017 after the company announced that it has repaid in full the outstanding balance on its secured promissory note with Streeterville Capital.

Equities Trading DOWN

• DEFSEC Technologies Inc. (NASDAQ:DFSC) shares dropped 37% to $4.8970.
• Shares of Sadot Group Inc. (NASDAQ:SDOT) were down 31% to $1.07 as the company announced the pricing of public offering.
• Community Health Systems, Inc. (NYSE:CYH) was down, falling 27% to $2.7850 following second-quarter results.

Commodities

In commodity news, oil traded up 0.8% to $65.76 while gold traded down 0.9% at $3,367.60.

Silver traded down 0.8% to $39.185 on Thursday, while copper fell 0.1% to $5.8160.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.1%, while Spain's IBEX 35 Index rose 1.4%. London's FTSE 100 gained 0.8%, Germany's DAX 40 rose 0.1% and France's CAC 40 fell 0.6% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 surging 1.59%, Hong Kong's Hang Seng gaining 0.51%, China's Shanghai Composite gaining 0.65% and India's BSE Sensex falling 0.66%.

Economics

• The S&P Global manufacturing PMI declined to 49.5 in July, down from market estimates of 52.6.

• U.S. initial jobless claims declined by 4,000 from the previous week to 217,000 in the third week of July, compared to market estimates of 227,000.
• U.S. building permits fell by 0.1% to an annualized rate of 1.393 million in June.

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