Tech drove the Nasdaq to an enviable rise, but the broad market registered a loss as bank stocks and financial services shares gave way to aggressive selling pressure.

The sentiment among market contributors this morning was kept in check by revamped weakness among Europe’s key bourses, which drifted downward later than Asia’s major benchmarks booked strong gains in overnight action. Uncertainties regarding the quality of third quarter bank earnings also pressured early mood.

JPMorgan Chase (NYSE:JPM), generally considered as one of the best run and most vitally sound banks in the business, reported this morning an upside earnings surprise, but the results were assisted by worsening in the company’s own debt prices. Ambiguity regarding what other banks and financial services companies may report took the KBW Bank Index down nearly 5% and the broader financial sector in excess of 3% lower earlier than losses were slashed in afternoon trade.

Pressure relieved, but did not exactly vanish, in afternoon action. That supported the S&P 500 jump to the trend line after it had been down in excess of 1% at its session low. Resistance at the neutral line kept the broad market measure in red zone. The Dow trailed suit.

The Nasdaq was more thriving in its attempt. In turn, it posted another gain, which is in fact its seventh in eight sessions. The Nasdaq’s strength was due to tech issues, which jointly added 1.0% whereas almost every other sector remained unsuccessful to either registered a loss or remained caught up at the neutral line. Internet search heavyweight Google (NASDAQ:GOOG) provided guidance earlier than its quarterly report.

As far as today’s data is concern, the most recent initial jobless claims count dropped by 1,000 week over week to 404,000, which just shy of the 406,000 initial claims that had been widely projected.

The trade deficit for August remained at $45.6 billion, which is a little lower than the $46.1 billion deficit that had been normally anticipated among economists surveyed by Briefing.com.

The Dow Jones Industrial Average slipped -0.35% or -40.72 points to 11,478.13 however it showed a positive monthly performance of +372.28 points or +3.35% which sustained to remain up for a year with +471.65 points or +4.29% and YTD performance firmed at -91.58 points or -0.79%.

The S&P 500 Index lost -0.30% or -5.59 points to 1,203.66 however it showed a positive monthly performance of +30.79 points or +2.63% which was positive for a year with +38.51 points or +3.31% and YTD performance firmed at -54.22 points or -4.31%.

The NASDAQ Composite Index gained +0.60% or +15.51 points to 2,620.24 however it exhibited a positive monthly performance of +88.09 points or +3.48% which struggled to remain up for a year with +218.33 points or +9.09% and YTD performance firmed at -42.74 points or -1.60%.

Among the Highly Traded Stocks SPY, BAC, S and XLF recorded to be on top, Financial Select Sector SPDR (ETF) (NYSE:XLF) traded overall volume of 116.49 million shares having the average volume of 117.12 million shares.

Royale Energy, Inc. (NASDAQ:ROYL) emerged as the Positive Momentum Stock with soared percentage change of +64.95% and closed the day at $3.53. It had traded above its 52 week high range which was $7.90. Other stocks that remained bullish are KV-A, CLWR and TQNT.

USA Technologies, Inc. (NASDAQ:USAT) appeared as the Negative Momentum Stock with slipped percentage change of -15.49% and closed the day at $1.20 however it had traded the volume of 1.58 million shares more than its average volume of 0.46 million shares. Other stocks that remained bearish are EMIS, AERG and DVR.

In the basic material sector companies whose shares were highly traded included Alcoa Inc NYSE:AA and Freeport-McMoRan Copper & Gold Inc NYSE:FCX as their shares were traded in high volumes. In addition, the stock price of AA increased 0.50% however FCX decreased 1.81%. On the side of business sectors the basic material sector went down by -0.67%.

Moreover to the conglomerates in the materials sector, the firm that is effectively managing its business is Majestic Gold Corp CVE:MJGCF.PK. As a result of Thursday business, Company’s stock price remained unchanged and closed at $0.178.

Based in Vancouver, Majestic Gold Corporation is a TSX Venture Exchange and Frankfurt Exchange listed gold exploration and development company with a very advanced gold deposit in Shandong province of China.

Gold is very expensive metal and also possesses much significance in our daily life. The applications of gold are very much diverse that have made its importance unavoidable. Gold is prominently consumed in electronics industry in addition to its important role in the jewelry and ornaments production.

The copper, gold and molybdenum mining company Freeport-McMoRan Copper & Gold Inc NYSE:FCX had trade of about 25.35 million shares on Thursday and its market capitalization was $33.40 billion. Company’s stock price decreased 1.81% and closed at $35.24.

At New York Mercantile, Gold prices slipped -14.10 points or -0.84% and the last trade recorded was at $1,668.50 an ounce.

Crude Oil prices at New York decreased -1.34 points or -1.57% and closed at $84.23 a barrel while its previous day trading range was $83.77 - $85.98.

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