Mid-Afternoon Market Update: US Stocks Extend Losses; Nasdaq Tumbles Over 300 Points

US stocks extended losses toward the end of trading, with the Nasdaq dropping more than 300 points on Thursday.

The Dow traded down 1.42% to 34,437.73 while the NASDAQ fell 2.22% to 13,810.31. The S&P also fell, dropping, 1.65% to 4,401.15.

Check this out: Boeing And 3 Other Stocks Bought By Insiders


Leading and Lagging Sectors


Consumer staples shares climbed 0.4% on Thursday. Meanwhile, top gainers in the sector included Local Bounti Corporation LOCL, up 4% and Zevia PBC ZVIA up 5%.


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


Top Headline


U.S initial jobless claims increased by 23,000 to 248,000 in the week ended February 12th. However, analysts were expecting a reading of 219,000.


Equities Trading UP


Inspirato Incorporated ISPO shares shot up 256% to $45.98. The company had a high redemption rate on its SPAC merger.


Shares of Marin Software Incorporated MRIN got a boost, shooting 23% to $4.0350 after the company announced TikTok integration.


Global-e Online Ltd. GLBE shares were also up, gaining 18% to $43.50 after the company reported Q4 adjusted EBITDA results were higher year over year and better-than-expected Q4 sales results. The company also issued Q1 and FY22 sales guidance above estimates.


Also check out: Executives Sell Over $50M Of 4 Stocks


Equities Trading DOWN

Amplitude, Inc. AMPL shares tumbled 52% to $20.00 after the company reported Q4 earnings results and issued Q1 and FY22 sales guidance below estimates.


Shares of Fastly, Inc. FSLY were down 32% to $19.69 after the company reported Q4 earnings results and issued Q1 and FY22 guidance.


Informatica Inc. INFA was down, falling 31% to $19.34 after the company reported downbeat quarterly earnings.

Also check out: U.S. Xpress Enterprises And 4 Other Penny Stocks Bought By Insiders


Commodities

In commodity news, oil traded down 2.1% to $91.74, while gold traded up 1.5% to $1,898.70.


Silver traded up 0.8% Thursday to $23.795 while copper fell 0.4% to $4.5170.



Euro zone

European shares closed lower today. The eurozone’s STOXX 600 slipped 0.69%, London’s FTSE 100 fell 0.87%, while Spain’s IBEX 35 Index fell 0.76%. The German DAX dropped 0.67%, French CAC 40 fell 0.26% and Italy’s FTSE MIB Index fell 1.11%.

Italy’s trade surplus shrank to EUR 1.103 billion in December from EUR 6.789 billion in the year-ago month, while Spain's trade deficit widened to €5.3 billion in December from €1.1 billion. Passenger car sales in the European Union dropped 6% year-over-year to 682,596 in January.


Economics


Housing starts in the US dropped 4.1% to an annual rate of 1.638 million in January, while building permits increased 0.7% to an annual rate of 1.899 million.


U.S initial jobless claims increased by 23,000 to 248,000 in the week ended February 12th. However, analysts were expecting a reading of 219,000.


The Philadelphia Fed Manufacturing Index fell to 16 in February from 23.2 in January.


U.S. natural-gas supplies dropped 190 billion cubic feet last week, the Energy Information Administration said.


Federal Reserve Bank of Cleveland President Loretta Mester will speak at 5:00 p.m. ET.


Also check out: Insiders Sell More Than $92M Of 4 Stocks

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 79,808,640 cases with around 952,600 deaths. India confirmed a total of at least 42,754,310 cases and 510,440 deaths, while Brazil reported over 27,812,210 COVID-19 cases with 640,860 deaths. In total, there were at least 418,657,700 cases of COVID-19 worldwide with more than 5,871,220 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!