Crude Oil Rises Sharply; T-Mobile Shares Fall Following Q2 Results

U.S. stocks traded lower midway through trading, with the S&P 500 falling over 1% on Thursday.

The Dow traded down 0.92% to 51,738.04 while the NASDAQ declined 2.03% to 25,169.19.

The S&P 500 also fell, dropping, 1.16% to 7,412.12.

Leading and Lagging Sectors Industrials shares jumped by 2% on Thursday.

In trading on Thursday, communication services stocks fell by 5.2%.

Top Headline T-Mobile US Inc. (NASDAQ: TMUS ) stock fell around 5% on Thursday after the wireless carrier reported second-quarter results that beat earnings expectations but missed on revenue.

T-Mobile reported adjusted earnings of $2.99 per share, topping the analyst consensus estimate of $2.58, according to Pro.

Revenue increased to $22.79 billion from $21.13 billion a year earlier but missed the Street estimate of $22.94 billion.

Equities Trading UP NVE Corp (NASDAQ: NVEC ) shares shot up 38% to $119.50 after the company reported a year-over-year increase in first-quarter financial results.

Shares of Novocure Ltd (NASDAQ: NVCR ) got a boost, surging 25% to $19.47 after the company reported better-than-expected second-quarter financial results and raised its FY26 sales guidance above estimates.

Cleveland-Cliffs Inc ( NYSE: CLF ) shares were also up, gaining 19% to $11.20 after the company reported better-than-expected quarterly sales results.

Equities Trading DOWN Albertsons Companies Inc ( NYSE: ACI ) shares dropped 21% to $11.53 after the company reported worse-than-expected first-quarter adjusted EPS results and cut its FY26 adjusted EPS guidance below estimates.

Shares of Leslie’s Inc ( NASDAQ: LESL ) were down 45% to $1.33 following reports suggesting the company is considering Chapter 11 Bankruptcy.

STMicroelectronics NV (NYSE: STM ) was down, falling 15% to $55.95 following second-quarter results.

Commodities In commodity news, oil traded up 6.8% to $92.74 while gold traded down 2.6% at $4,044.80.

Silver traded down 4% to $57.915 on Thursday, while copper fell 1.8% to $6.3740.

Euro zone European shares were lower today.

The eurozone’s STOXX 600 fell 1%, while Spain’s IBEX 35 Index dipped 1.3% London’s FTSE 100 fell 0.6%, Germany’s DAX declined 1.2%, while France’s CAC 40 tumbled 1.6%.

Asia Pacific Markets Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.46%, Hong Kong’s Hang Seng index surging 1.28%, China’s Shanghai Composite rising 0.25% and India’s BSE Sensex falling 0.47%.

Economics U.S. initial jobless claims US fell by 22,000 to 187,000 in the week ending July 18, compared to market estimates of 212,000.

The Chicago Fed National Activity Index climbed to -0.02 in June from -0.19 in the previous month.

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