Mid-Morning Market Update: Markets Open Lower; Nasdaq Tumbles 350 Points

U.S. stocks traded lower this morning, with the Nasdaq dropping 350 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.85% to 34,346.88 while the NASDAQ fell 2.54% to 13,843.80. The S&P also fell, dropping, 1.34% to 4,464.66.

Also check this: Alphabet And 3 Other Stocks Sold By Insiders


Leading and Lagging Sectors


Energy shares jumped by 1.5% on Wednesday. Meanwhile, top gainers in the sector included NextDecade Corporation NEXT, up 22% and Kosmos Energy Ltd. KOS up 9%.


In trading on Wednesday, consumer discretionary shares fell 3%.


Top Headline


RPM International Inc. RPM reported better-than-expected results for its third quarter.


RPM International posted quarterly adjusted earnings of $0.38 per share, beating analysts’ estimates of $0.30 per share. The company’s quarterly sales came in at $1.43 billion, versus expectations of $1.41 billion.


Equities Trading UP


Advent Technologies Holdings, Inc. ADN shares shot up 74% to $3.51. Advent Technologies and Hyundai Motor Company entered into technology assessment, sales and development agreement.


Shares of Tufin Software Technologies Ltd. TUFN got a boost, shooting 42% to $12.85 after the company announced it will be acquired by Turn/River Capital for $13 per share in cash.


NextDecade Corporation NEXT shares were also up, gaining 27% to $7.57. NextDecade and ENN executed 1.5 MTPA LNG sale and purchase agreement.


Equities Trading DOWN

Senmiao Technology Limited AIHS shares tumbled 17% to $1.79. Senmiao Technology reported a 1-for-10 reverse stock split, effective Apr. 6, 2022.


Shares of Hyzon Motors Inc. HYZN were down 15% to $5.28 after Canaccord Genuity downgraded the stock from Buy to Hold and lowered its price target from $12 to $6.


Owlet, Inc. OWLT was down, falling 14% to $3.9850.


Also check out: Executives Buy More Than $12M Of 3 Stocks


Commodities

In commodity news, oil traded up 0.1% to $102.05, while gold traded up 0.1% to $1,929.80.


Silver traded up 0.1% Wednesday to $24.56 while copper fell 0.8% to $4.7590.



Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.2%, London’s FTSE 100 fell 1%, while Spain’s IBEX 35 Index fell 2.4%. The German DAX declined 2.7%, French CAC 40 fell 3% and Italy’s FTSE MIB Index fell 3.1%.

Factory orders in Germany dropped 2.2% from a month ago in February. The S&P Global Eurozone Construction PMI fell to 52.8 in March from 56.3 in February, while German construction PMI declined to 50.9 in March from 54.9. The IHS Markit France Construction PMI fell to 48.4 in March from 50 in the previous month.


Economics


The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.


The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,900,010 cases with around 1,009,390 deaths. India confirmed a total of at least 43,030,920 cases and 521,510 deaths, while Brazil reported over 30,040,120 COVID-19 cases with 660,580 deaths. In total, there were at least 494,246,050 cases of COVID-19 worldwide with more than 6,183,770 deaths.

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets