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U.S. stocks traded lower this morning, with the Dow Jones dropping over 250 points on Thursday.
The Dow traded down 0.82% to 33,141.74 while the NASDAQ fell 0.58% to 11,955.98. The S&P 500, also fell, dropping, 0.73% to 4,060.76.Check This Out: Adobe And 2 Other Stocks Insiders Are Selling
Kellogg Company (NYSE:K) reported better-than-expected results for its first quarter on Thursday.
Kellogg posted adjusted earnings of $1.10 per share, beating analysts’ estimates of $0.99 per share. The company’s quarterly sales came in at $4.05 billion versus expectations of $3.95 billion.
Kellogg updated its FY23 organic net sales growth guidance from 5-7% to 6-7%.
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In commodity news, oil traded down 0.6% to $68.21 while gold traded up 0.8% at $2,052.30.
Silver traded up 1.1% to $25.96 on Thursday while copper rose 0.2% to $3.8520.
European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 1% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 0.9%, French CAC 40 fell 1.2% and Italy’s FTSE MIB Index fell 0.9%.
The Eurozone economy expanded by 0.1% in the first quarter following a flat fourth quarter, but still missing market expectations for a 0.2% growth. The unemployment rate in Germany came in unchanged at 5.6% in April, while German gross domestic product was also unchanged during the first quarter.
The European Central Bank increased its key interest rates by 25 basis points at its May meeting. Producer prices in the Eurozone fell by 1.6% from a month ago in March versus market estimates of a 1.7% decline.
Asian markets closed higher on Thursday, with Japan’s Nikkei 225 rising 0.12%, Hong Kong’s Hang Seng Index gaining 1.27% and China’s Shanghai Composite Index climbing 0.82%. India’s S&P BSE Sensex rose 0.9%.
Retail sales in Hong Kong surged to a record-high of 39.4% year-over-year in March versus a 29.7% increase in the prior month.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,613,320 cases with around 1,159,690 deaths. India confirmed a total of at least 44,924,810 cases and 531,420 deaths, while France reported over 39,974,420 COVID-19 cases with 166,420 deaths. In total, there were at least 686,882,230 cases of COVID-19 worldwide with more than 6,862,560 deaths.