Oil Rises 3%; Walmart Q2 Misses Estimates, Shares Drop 10%

U.S. stocks traded lower in mid-session on Thursday, with the Nasdaq Composite falling more than 200 points.

The Dow Jones Industrial Average fell 0.84% to 53,015.12, while the Nasdaq dropped 0.87% to 26,100.76. The S&P 500 also declined 0.41% to 7,676.76.

Leading and Lagging Sectors

Energy shares gained 1.5% on Thursday.

In trading on Thursday, consumer staples shares fell 1.8%.

Top Headline

Walmart Inc. shares dropped about 10% on Thursday after the retail giant reported second-quarter results and issued third-quarter guidance below expectations.

Walmart reported adjusted earnings per share of 81 cents, beating the consensus estimate of 74 cents. Sales came in at $187.9 billion, surpassing the $186.8 billion estimate.

For the third quarter, Walmart expects adjusted earnings per share of 62 cents to 64 cents, below the 68-cent estimate. Sales are expected to be $183.134 billion to $184.468 billion, compared to the $188.339 billion estimate.

Stocks Rising

ScanSource Inc. shares surged 17% to $60.38 after the company reported better-than-expected fourth-quarter financial results and issued FY27 sales guidance above expectations. Additionally, the company signed an agreement to acquire MicroAge.

Huize Holding Limited shares climbed sharply, surging 34% to $1.96 after the company reported first-half 2026 results.

HIVE Digital Technologies Ltd shares also rose, gaining 11% to $3.12. Crypto-related stocks moved higher as Bitcoin advanced, with President Trump urging Congress to pass the Clarity Act and stating that CFTC Chairman Michael Selig is working to bring Hyperliquid to the U.S.

Stocks Falling

Onfolio Holdings Inc shares fell 35% to $1.55 after the company reported second-quarter financial results that declined year-over-year.

Advance Auto Parts Inc shares dropped 23% to $43.16 after the company reported mixed second-quarter financial results and maintained FY26 sales guidance below expectations.

Hovnanian Enterprises Inc declined, falling 15% to $108.90, after the company reported third-quarter financial results that missed expectations.

Commodities

In commodity news, oil prices rose 3% to $88.39, while gold gained 0.6% to $4,571.40.

Silver rose 4% to $68.46 on Thursday, while copper fell 0.6% to $6.4560.

Eurozone

European markets were mostly lower today. The Eurozone STOXX 600 index fell 0.2%, Spain's IBEX 35 declined 0.1%, London's FTSE 100 gained 0.1%, Germany's DAX dropped 0.4%, and France's CAC 40 fell 0.5%.

Asia-Pacific Markets

Asia-Pacific markets closed higher on Thursday, with Japan's Nikkei 225 rising 1.36%, Hong Kong's Hang Seng Index gaining 0.80%, China's Shanghai Composite Index up 0.24%, and India's BSE Sensex surging 0.82%.

Economic Data

U.S. initial jobless claims fell by 6,000 to 206,000 in the second week of August, compared to market expectations of 210,000.

The Philadelphia Fed Manufacturing Index rose to 47.4 in August, up from 41.4 in the prior month, marking the highest level since April 2021 and beating the market estimate of 25.

U.S. natural gas inventories increased by 16 billion cubic feet for the week ending August 14, compared to the market expectation of a 19 billion cubic feet build.