The Dow Jones Industrial Average closed at 26,313.65 on Thursday with a loss of 225.92 points or -0.85%. The S&P 500 closed at 3,246.22 for a loss of 12.22 points or -0.38%. The Nasdaq Composite closed at 10,587.81 for a gain of 44.87 points or 0.43%. The VIX Volatility Index was higher at 25.25 for a gain of 1.15 points or 4.77%.
Thursday’s market movers
U.S. indexes closed mostly lower Thursday after gross domestic product was a detractor. Annualized GDP decreased 32% from the first quarter to the second. Initial jobless claims and continuing jobless claims were another detractor, both higher in Thursday’s unemployment report.
Tech stocks gained as semiconductors and biotech were both positive with several up earnings reports. Earnings highlights for Thursday included:
- Qualcomm (QCOM, Financial): After market Wednesday. Revenue of $4.9 billion increased 0.2% year over year and beat estimates by $100 million. Third-quarter GAAP earnings of 74 cents beat estimates by 32 cents and non-GAAP earnings of 86 cents beat estimates by 15 cents. Announced a settlement with Huawei.
- DuPont (DD): Revenue of $4.83 billion decreased 11.7% year over year and beat estimates by $120 million. A second-quarter GAAP loss of $3.37 per share missed estimates by $3.43 and non-GAAP earnings of 70 cents beat estimates by 12 cents.
- Procter & Gamble (PG, Financial): Revenue of $17.7 billion increased 3.5% year over year and beat estimates by $730 million. Fourth-quarter GAAP earnings of $1.07 per share beat estimates by 2 cents and non-GAAP earnings of $1.16 beat estimates by 15 cents.
- ConocoPhillips (COP, Financial): Revenue of $4.02 billion decreased by 52.0% year over year and missed estimates by $490 million. Second-quarter GAAP earnings of 24 cents per share beat estimates by 82 cents and a non-GAAP loss of 92 cents per share missed estimates by 34 cents.
- Overstock.com (OSTK): Revenue of $782.54 million increased 109.4% year over year and beat estimates by $102.34 million. Second-quarter GAAP earnings of 84 cents per share beat estimates by $1.07.
- Mastercard (MA): Revenue of $3.3 billion decreased 19.5% year over year and beat estimates by $40 million. Second-quarter GAAP earnings of $1.41 beat estimates by 25 cents and non-GAAP earnings of $1.36 beat estimates by 18 cents.
- Facebook, Amazon, Apple and Google report after the bell earnings. FAANGs all higher Thursday. Antitrust concerns have emphasis on biases in data, advertising and search, particularly against smaller companies versus larger ones.
Economic reports affecting market trading included the following:
- Annualized GDP decreased 32.9% from the first quarter to the second quarter.
- 1.434 million Americans applied for jobless claims, an increase from the previous week’s 1.422 million. Continuing jobless claims increased to 17.018 million from 16.151 million.
- The Treasury held auctions for four-week bills at a rate of 0.090% and eight-week bills at a rate of 0.095%.
- Freddie Mac’s weekly mortgage market survey was released. The 30-year fixed-rate mortgage averaged 2.99%, down from 3.01%. The 15-year fixed-rate mortgage averaged 2.51%, down from 2.54%.
Across sectors, energy led losses. In the S&P 100, the following stocks led gains and losses:
- Qualcomm (QCOM, Financial) +15.49%
- United Parcel Service (UPS, Financial) +14.55%
- Amazon (AMZN, Financial) +4.96%
- PayPal (PYPL, Financial) +4.17%
- Procter & Gamble (PG, Financial) +2.35%
- Occidental Petroleum (OXY, Financial) -7.34%
- ConocoPhillips (COP, Financial) -5.65%
- Eli Lilly (LLY, Financial) -5.49%
- Schlumberger (SLB, Financial) -4.94%
- Exxon (XOM, Financial) -4.87%
In the Nasdaq 100, the following stocks led gains:
- Qualcomm (QCOM, Financial) +15.53%
- Cognizant Technology Solutions (CTSH, Financial) +6.73%
- PayPal (PYPL, Financial) +4.16%
- Skyworks Solutions (SWKS) +4.04%
- Advanced Micro Devices (AMD) +2.77%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,495.13 for a loss of 5.50 points or -0.37%. The S&P 600 closed at 871.44 for a loss of 6.00 points or -0.68%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,544.60 for a gain of 4.22 points or 0.04%. The Dow Jones U.S. Small-Cap Value Index closed at 7,024.50 for a loss of 111.25 points or -1.56%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,876.36 for a loss of 12.35 points or -0.65%; the S&P 100 at 1,487.87 for a loss of 3.75 points or -0.25%; the Nasdaq 100 at 10,715.51 for a gain of 52.52 points or 0.49%; the Russell 3000 at 1,899.18 for a loss of 6.45 points or -0.34%; the Russell 1000 at 1,804.13 for a loss of 6.09 points or -0.34%; the Wilshire 5000 at 33,170.07 for a loss of 111.64 points or -0.34%; and the Dow Jones U.S. Select Dividend Index at 595.59 for a loss of 8.53 points or -1.41%.
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