Mid-Day Market Update: Nasdaq Dips 400 Points; Cogent Biosciences Shares Jump

U.S. stocks traded lower midway through trading, with the Nasdaq Composite tumbling around 400 points on Friday.

The Dow traded down 2.36% to 31,512.65 while the NASDAQ fell 3.44% to 11,349.39. The S&P also fell, dropping, 2.71% to 3,909.10.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.5% on Friday. Meanwhile, top gainers in the sector included RLX Technology Inc. RLX, up 7% and Grocery Outlet Holding Corp. GO up 2%.

In trading on Friday, consumer discretionary shares dipped by 3.4%.

Top Headline

Annual inflation rate in the US accelerated to 8.6% in May, reaching the highest mark since December 1981. Analysts, however, were expecting a reading of 8.3%.

Equities Trading UP

Cogent Biosciences, Inc. COGT shares shot up 71% to $8.47 after the company reported initial data from its ongoing Phase 2 APEX clinical trial.

Shares of Regis Corporation RGS got a boost, shooting 28% to $0.7150 after the company announced a partnership with Zenoti. The company will sell its Opensalon Pro salon management system to Zenoti for up to $39 million in cash.

Nisun International Enterprise Development Group Co., Ltd NISN shares were also up, gaining 7% to $0.91 after the company announced a buyback of up to $8 million.

Equities Trading DOWN

Fulcrum Therapeutics, Inc. FULC shares tumbled 53% to $3.83 after the company announced clinical proof-of-concept data from the ongoing Phase 1b trial of FTX-6058 for the treatment of sickle cell disease.

Shares of Caribou Biosciences, Inc. CRBU were down 34% to $5.73 after the company reported additional data from the CB-010 allogeneic CAR-T cell therapy Phase 1 ANTLER trial at the European Hematology Association 2022 Hybrid Congress.

Comtech Telecommunications Corp. CMTL was down, falling 24% to $9.34 after the company reported worse-than-expected Q3 sales results.

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In commodity news, oil traded down 0.3% to $121.15, while gold traded down 0.5% to $1,843.50.

Silver traded down 0.8% to $21.64 on Friday while copper fell 2% to $4.2915.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.83%, London’s FTSE 100 dropped 2.38% while Spain’s IBEX 35 Index fell 3.91%. The German DAX dropped 3.13%, French CAC 40 fell 2.82% and Italy’s FTSE MIB Index dipped 5.16%.

Italy’s industrial production increased 1.6% from a month ago in April following a revised 0.2% increase a month ago. Annual inflation rate in Spain accelerated to 8.7% in May from 8.3% in April


Annual inflation rate in the US accelerated to 8.6% in May, reaching the highest mark since December 1981. Analysts, however, were expecting a reading of 8.3%.

The University of Michigan's consumer sentiment index fell to 50.2 in June from 58.1 in the previous month.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

The U.S. Treasury budget report for May is scheduled for release at 2:00 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 87,114,740 cases with around 1,035,320 deaths. India confirmed a total of at least 43,207,260 cases and 524,740 deaths, while Brazil reported over 31,360,850 COVID-19 cases with 667,840 deaths. In total, there were at least 539,281,010 cases of COVID-19 worldwide with more than 6,328,520 deaths.

Posted In: Mid-Day Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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