Dow Jumps 200 Points; Honeywell Trims Profit Outlook

U.S. stocks traded mixed this morning, with the Dow Jones gaining over 200 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.53% to 40,064.06 while the NASDAQ fell 1.25% to 17,124.88. The S&P 500 also fell, dropping, 0.38% to 5,406.26.

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Leading and Lagging Sectors

Real estate shares jumped by 1.4% on Wednesday.

In trading on Wednesday, information technology shares fell by 2.5%.

Top Headline

Honeywell International Inc. reported second-quarter results and lowered FY24 EPS guidance.

Adjusted EPS was $2.49 (+8% Y/Y), beating the consensus of $2.42. Revenue grew 5% Y/Y (organic: +4% Y/Y) to $9.58 billion, beating the consensus of $9.41 billion.

The company raised sales growth to $39.10 billion-$39.70 billion (from $38.5 billion – $39.3 billion) versus the consensus of $38.76 billion. Honeywell lowered adjusted EPS guidance to $10.05-$10.25 (from $10.15-10.45) versus the estimate of $10.25.

Equities Trading UP

• Predictive Oncology Inc. shares shot up 128% to $2.44 after the company entered biomarker discovery market after successful retrospective ovarian cancer study yields compelling results.
• Shares of Psyence Biomedical Ltd. got a boost, surging 90% to $0.7390 after the company announced the export of nature-derived psilocybin to Australia and said a trial is projected to be initiated shortly following receipt of drug product by trial sites.
• Salarius Pharmaceuticals, Inc. shares were also up, gaining 54% to $3.29.

Equities Trading DOWN

• 2U, Inc. shares dropped 63% to $1.5272. 2U announced a strategic agreement with debtholders to eliminate half of debt and infuse $110 million in new capital.
• Shares of EZFill Holdings Inc. were down 38% to $3.84.
• Kindly MD, Inc. was down, falling 37% to $2.05 after the company submitted comment to the Department of Justice regarding cannabis rescheduling.

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Commodities

In commodity news, oil traded down 0.6% to $77.10 while gold traded down 2.2% at $2,362.90.

Silver traded down 4.9% to $27.87 on Thursday, while copper rose 0.1% to $4.1125.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 1.1%, Germany's DAX fell 0.9% and France's CAC 40 fell 1.6%. Spain's IBEX 35 Index fell 1%, while London's FTSE 100 rose 0.1%.

Bank lending to households in the Eurozone rose by 0.3% year-over-year to €6.879 trillion in June. The Ifo Business Climate indicator for Germany fell for a third straight month to a reading of 87 in July from 88.6 in June. The manufacturing climate indicator in France declined to 95.5 in July from 98.9 in the prior month.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei 225 falling 3.28%, Hong Kong's Hang Seng Index falling 1.77%, China's Shanghai Composite Index declining 0.52% and India's S&P BSE Sensex declining 0.14%.

Imports to Hong Kong climbed 9% year-over-year to $429.2 billion, while exports from Hong Kong gained 10.7% to $373.5 billion in June. The People's Bank of China cut its one-year policy loan rate.

Economics

• U.S. initial jobless claims declined by 10,000 to 235,000 in the week ending July 20, compared to market estimates of 238,000.
• U.S. durable goods orders fell by 6.6% month-over-month in June.
• The US economy grew by an annualized 2.8% in the second quarter, up from 1.4% in the prior quarter, and higher than expectations of 2%.

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