It was a volatile session for the Dow Jones Industrial Average as the index spent time in both positive and negative territory. Meanwhile, the Nasdaq closed the session at its high point and the S&P 500 rose for just the second time in six sessions.
The Dow fell 0.03%, or 7 points to 25,326, while the S&P 500 rose 0.49%, or 14 points to 2,827, and the Nasdaq gained 1.24%, or 95 points to 7,802.
MGM Resorts Falls on Mixed Q2 Results
MGM Resorts (MGM) shares are down 2% Thursday afternoon after the company reported second-quarter revenue that missed analyst expectations.
The company reported a profit of $123 million, or 26 cents per share on an adjusted basis, matching analysts' expectations for the period.
However, revenue for the period of $2.86 billion fell just shy of analysts' $2.99 billion expectations.
MGM is down 15% year to date as softness in Macau has put negative pressure on Vegas casinos with exposure in the Chinese gaming enclave.
Blue Apron Is Getting Slaughtered Following Earnings Release
Shares of meal-kit company Blue Apron Holdings Inc. (APRN) were getting slaughtered, falling 23%, following its second-quarter earnings release. The company reported a loss of $32.8 million, or $0.17 per share in the period. While that loss was in line with analyst expectations for the period, revenue of $179.6 million for the quarter fell short of the $188.2 million Wall Street forecast.
Blue Apron debuted with a high of $11 per share a little over a year ago. However, since then the stock has consistently angled lower.
Cigna Rises on Strong Earnings Beat
Shares of Cigna Corp. (CIG) were up 2.3% after the company reported second-quarter earnings of $3.89 on revenue of $11.5 billion, which was up 11% year over year. Analysts were expecting the company to report earnings of $3.33 per share on revenue of $11.16 billion.
Cigna is also facing pressure after the Wall Street Journal reported that activist investor Carl Icahn, who recently built a stake in the insurer, will be leading the opposition against the company's proposed $52 billion acquisition of Express Scripts (ESRX) .
All three major indices were trading in the red Thursday morning as financial markets continue to be shaky amid rising trade tensions between the U.S. and China.
Dow futures are falling 0.61%, indicating an open 153 points lower, while S&P futures are down 0.54%, indicating an open 15 points lower, and Nasdaq futures are down 0.73%, indicating an open 53 points lower.
Asian markets were routed, led by the Hang Seng, which dropped 2.2%, the Shanghai Composite which dropped 2%, and the Nikkei dropped 1.03%.
European markets were also declining, with the FTSE 100 were down 1.05%, the DAX was down 1.55%, and the CAC 40 dropped 0.73%.