Stocks Ended Higher, Oil Prices Declined

U.S. stocks ended higher on Thursday as corporate earnings continue to roll in, with trade and growth concerns lingering in the background. The Dow Jones Industrial Average was up 3.12 points, or 0.01%, to 27,222.97. The S&P 500 advanced 10.69 points, or 0.36%, to 2,995.11. The Nasdaq Composite gained 22.04 point, or 0.27%, to 8,207.24.

Oil futures dropped by nearly 3% on Thursday, sending U.S. prices to their lowest finish in roughly a month August WTI crude lost $1.48, or 2.6%, to settle at $55.30 a barrel. September Brent declined by $1.73, or 2.7%, to $61.93 a barrel.

The Philadelphia Federal Reserve’s newly released gauge of regional business activity jumped in July to the highest level in a year. The index clocked in at 21.8, far exceeding consensus economist expectations for a reading of 5.0, and May’s print of 0.3.

New unemployment claims rose just slightly for the week ending July 13, matching expectations, while continuing unemployment claims unexpectedly fell for the week prior. Initial jobless claims through last Friday rose by 8,000 from the previous week’s revised level to a seasonally adjusted 216,000, the Department of Labor reported Thursday

Netflix (NFLX), which reported after-the-bell Wednesday, sharply missed consensus expectations for quarterly global net subscriber additions. The company reported revenue of $4.92 billion vs. $4.93 billion expected. The company unexpectedly lost subscribers in its domestic market in the three months to June, marking the first quarterly drop in U.S. customers since 2011.

Morgan Stanley (MS) posted a 14% decline in equities trading revenue for the second quarter, missing expectations. The company is set to report results after market close Thursday, with analysts eyeing the company’s cloud sales after a blowout first quarter.

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