Mid-Afternoon Market Update: US Stocks Extend Losses; Dow Tumbles 450 Points

US stocks extended losses toward the end of trading session, with the Dow Jones tumbling 450 points on Friday.

The Dow traded down 1.28% to 34,789.07 while the NASDAQ fell 2.66% to 13,808.83. The S&P also fell, dropping, 1.83% to 4,421.56.

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Leading and Lagging Sectors

Energy shares climbed 1.8% on Friday. Meanwhile, top gainers in the sector included NGL Energy Partners LP NGL, up 13% and Precision Drilling Corporation PDS up 13%.

In trading on Friday, information technology shares tumbled by 2%.

Top Headline

Under Armour, Inc. UAA reported better-than-expected earnings for its fourth quarter.

Under Armour reported quarterly earnings of $0.14 per share, beating analysts' estimates of $0.07 per share. The company's quarterly sales came in at $1.50 billion, versus expectations of $1.48 billion.

Equities Trading UP

Zillow Group, Inc. ZG shares shot up 14% to $54.59 after the company reported better-than-expected Q4 sales results.

Shares of Y-mAbs Therapeutics, Inc. YMAB got a boost, shooting 29% to $8.46. Y-mAbs reported completion of pre-BLA meeting with the FDA for Omburtamab.

XPEL, Inc. XPEL shares were also up, gaining 13% to $65.60 after it was announced the company will replace PDC Energy in the S&P SmallCap 600.

Hanesbrands And 2 Other Stocks Bought By Insiders

Equities Trading DOWN

ProQR Therapeutics N.V. PRQR shares tumbled 76% to $1.38 after the company reported the study did not meet the primary endpoint, nor notable secondary endpoints in the Phase 2/3 Illuminate trial for seporfarsen.

Shares of Enveric Biosciences, Inc. ENVB were down 47% to $0.3524 after the company priced 20 million share common stock offering at $0.50 per share.

Surgalign Holdings, Inc.. SRGA was down, falling 42% to $0.3439. Surgalign priced its previously announced underwritten public offering of 43.47 million and warrants to purchase up to 32.6 million shares at a combined price of $0.46 per share.

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In commodity news, oil traded up 2.3% to $91.98, while gold traded up 0.3% to $1,842.10.

Silver traded down 0.7% Friday to $23.36 while copper fell 3.2% to $4.5115.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.59%, London's FTSE 100 fell 0.15%, while Spain's IBEX 35 Index fell 0.99%. The German DAX declined 0.42%, French CAC 40 fell 1.27% and Italy's FTSE MIB Index dipped 0.82%.

The British economy grew 1% during the three months to December, while construction output rose by 7.4% year-over-year in December. Industrial production in the UK climbed 0.3% from a month ago in December. The UK trade deficit shrank to GBP 2.337 billion in December from GBP 2.586 billion in the prior month.

Annual inflation rate in Germany was confirmed at 4.9% for January, while wholesale price inflation in the country increased by 16.2% year-over-year in January.


The University of Michigan consumer sentiment index dropped for a second straight month to 61.7 in February.

The total number of active U.S. oil rigs climbed by 19 to 516 rigs this week, Baker Hughes Inc reported.

Also check out: American Express And 3 Other Stocks Sold By Insiders

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 79,052,680 cases with around 939,420 deaths. India confirmed a total of at least 42,536,130 cases and 507,200 deaths, while Brazil reported over 27,125,510 COVID-19 cases with 636,110 deaths. In total, there were at least 407,054,210 cases of COVID-19 worldwide with more than 5,810,910 deaths.

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