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U.S. stocks traded lower this morning, with the Dow Jones dropping more than 350 points on Thursday.
The Dow traded down 1.15% to 31,467.53 while the NASDAQ fell 0.92% to 11,259.14. The S&P also fell, dropping, 1.15% to 3,889.95.
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Leading and Lagging Sectors
Consumer discretionary shares rose by 1.3% on Thursday. Meanwhile, top gainers in the sector included Lordstown Motors Corp. (NASDAQ:RIDE), up 45% and Carvana Co. (NYSE:CVNA) up 27%.
In trading on Thursday, information technology shares dipped 2%.
Top Headline
U.S. producer prices rose 0.5% month-over-month in April following a revised 1.6% increase in March.
Equities Trading UP
AppLovin Corporation (NASDAQ:APP) shares shot up 37% to $37.32 after the company reported better-than-expected Q1 sales results and announced a $750 million share buyback.
Shares of Squarespace, Inc. (NYSE:SQSP) got a boost, shooting 39% to $20.14 after the company reported better-than-expected Q1 sales results and issued Q2 and FY22 sales guidance above analyst estimates. The company also announced a buyback program of up to $200 million.
Lordstown Motors Corp. (NASDAQ:RIDE) shares were also up, gaining 43% to $2.16. The company said on Wednesday it has closed a $230 million deal to sell its Ohio factory to Taiwan’s Hon Hai Technology, better known as Foxconn
Equities Trading DOWN
Dutch Bros Inc. (NYSE:BROS) shares tumbled 28% to $24.62 after the company reported worse-than-expected Q1 EPS results and issued FY22 revenue guidance below analyst estimates.
Shares of Atento S.A. (NYSE:ATTO) were down 36% to $15.00 after reporting Q1 results.
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Outbrain Inc. (NASDAQ:OB) was down, falling 23% to $6.05 after reporting Q1 results.
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Commodities
In commodity news, oil traded up 0.9% to $106.67, while gold traded down 1.1% to $1,834.30.
Silver traded down 3.1% to $20.905 on Thursday while copper fell 2.4% to $4.1070.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.75%, London’s FTSE 100 dipped 1.56% and Spain’s IBEX 35 Index fell 1.35%. The German DAX dropped 0.64%, French CAC 40 fell 1.01% and Italy’s FTSE MIB Index declined 0.67%.
The British economy grew 8.7% year-over-year in the first quarter, compared to 6.6% growth in the previous quarter. Construction output in the UK increased by 4.7% year-over-year in March, while industrial production eased 0.2% from a month ago in March. The UK trade deficit widened to GBP 11.5 billion in March from a revised GBP 9.2 billion gap in the prior month.
Economics
U.S. initial jobless claims rose by 1 thousand to 203 thousand in the week ended May 7th, versus a revised 202 thousand in the prior period.
Producer prices rose 0.5% month-over-month in April following a revised 1.6% increase in March.
The Treasury will auction 30-year bonds at 1:00 p.m. ET.
Federal Reserve Bank of San Francisco President Mary Daly will speak at 4:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,953,370 cases with around 1,025,760 deaths. India confirmed a total of at least 43,113,410 cases and 524,180 deaths, while Brazil reported over 30,617,780 COVID-19 cases with 664,560 deaths. In total, there were at least 519,244,720 cases of COVID-19 worldwide with more than 6,282,530 deaths.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.