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Mid-Morning Market Update: Markets Mixed; Dollar General Profit Beats Views

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Following the market opening Thursday, the Dow traded up 0.15% to 35,458.00 while the NASDAQ rose 0.02% to 15,044.79. The S&P, however, dropped 0.12% to 4,490.91.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 38,223,210 cases with around 632,270 deaths. India confirmed a total of at least 32,558,530 cases and 436,360 deaths, while Brazil reported over 20,645,530 COVID-19 cases with 576,640 deaths. In total, there were at least 213,967,020 cases of COVID-19 worldwide with more than 4,464,240 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financials shares rose 0.5% on Thursday. Meanwhile, top gainers in the sector included Diginex Limited (NASDAQ: EQOS), up 5% and Bank7 Corp. (NASDAQ: BSVN) up 5%.

In trading on Thursday, consumer staples fell 0.5%.

Top Headline

Dollar General Corporation (NYSE: DG) reported better-than-expected results for its second quarter on Thursday.

Dollar General posted quarterly adjusted earnings of $2.69 per share, exceeding market estimates of $2.57 per share. The company’s quarterly sales came in at $8.70 billion, versus estimates of $8.59 billion.

Dollar General said it expects FY21 sales growth of 0.5%-1.5% and EPS of $9.60-$10.20.

Equities Trading UP

Blue Water Acquisition Corp. (NASDAQ: BLUW) shares shot up 74% to $18.18. Blue Water Acquisition is expected to hold a special meeting of its stockholders on Friday, August 27, 2021.

Shares of Lordstown Motors Corp. (NASDAQ: RIDE) got a boost, shooting 30% to $7.18 after the company announced its board of directors has appointed Daniel A. Ninivaggi as CEO and as a member of the board. Ninivaggi is the former CEO of Icahn Enterprises L.P.

Ascendis Pharma A/S (NASDAQ: ASND) shares were also up, gaining 25% to $153.66 after the company reported Q2 earnings results. Several analysts raised their price targets on the stock.

Check out these big movers of the day

Equities Trading DOWN

SelectQuote, Inc. (NYSE: SLQT) shares tumbled 44% to $8.04 after the company reported worse-than-expected Q4 earnings. RBC Capital downgraded SelectQuote from Outperform to Sector Perform and lowered the price target from $33 to $13.

Shares of Aditxt, Inc. (NASDAQ: ADTX) were down 29% to $2.15 after the company priced its 4.58 million share offering at $2.40 per share.

Regencell Bioscience Holdings Limited (NASDAQ: RGC) was down, falling 29% to $32.90. Regencell Bioscience shares jumped over 200% on Wednesday on abnormally-high volume.

Commodities

In commodity news, oil traded down 1% to $67.67, while gold traded down 0.1% to $1,789.00.

Silver traded down 0.2% Thursday to $23.73 while copper fell 0.3% to $4.2565.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, the Spanish Ibex Index dropped 0.8% and the German DAX 30 dropped 0.7%. Meanwhile, the London’s FTSE 100 fell 0.4%, French CAC 40 fell 0.5% and Italy’s FTSE MIB declined 0.6%.

Loans to households in the Eurozone climbed 4.2% in July after rising 4.0% in the prior month. The GfK Consumer Climate Indicator for Germany fell to -1.2 for September versus a revised reading of -0.4 a month ago.

UK factories produced 53,438 cars during the month of July, down by 37.6% from a year earlier. Italy's industrial sales increased 3.1% in June, while French manufacturing climate indicator rose to 110 in August.

Economics

The US economy grew by an annualized 6.6% on quarter in the second quarter, compared to 6.5% in the advance estimate.

US initial jobless claims rose by 4,000 to 353,000 in the week ending August 21st.

Corporate profits in the US surged 9.7% to a record high of $2.42 trillion in the second quarter.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Kansas City Fed manufacturing index for August will be released at 11:00 a.m. ET. Analysts expect the index for August holding at July's level of 30.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

The Treasury will auction 7-year notes at 1:00 p.m. ET.

The Jackson Hole Economic Policy Symposium kicks off today.

Check out the full economic calendar here

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