Nasdaq Tumbles Over 300 Points; Sunlight Financial Shares Plunge

U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping more than 300 points on Thursday.

The Dow traded down 1.63% to 29,199.00 while the NASDAQ fell 3.02% to 10,718.13. The S&P 500 also fell, dropping, 2.18% to 3,638.13.

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Leading and Lagging Sectors

Energy shares fell by just 0.9% on Thursday.

In trading on Thursday, consumer discretionary shares dipped by 3%.

Top Headline

US initial jobless claims declined by 16,000 to 193,000 in the week ended September 24, recording the lowest since the end of April.

Equities Trading UP

• Motus GI Holdings, Inc. MOTS shares shot up 27% to $2.9610 after the company was recognized as a sole source provider by the Veterans Health Administration.
• Shares of Hempacco Co., Inc. HPCO got a boost, shooting 10% to $2.65. Hempacco recently announced the release of Hemp Hop Smokables on www.HempHop.shop.
• Aditxt, Inc. ADTX shares were also up, gaining 32% to $4.05. Aditxt said it has regained compliance with Nasdaq listing requirements.

Equities Trading DOWN

• Sunlight Financial Holdings Inc. SUNL shares tumbled 54% to $1.15 after the company announced it is withdrawing its previously-provided full-year 2022 outlook metrics.
• Shares of SOBR Safe, Inc. SOBR were down 30% to $1.74 after the company announced pricing of a $6 million private placement priced at-the-market.
• Twin Vee Powercats Co. VEEE was down, falling 28% to $2.55 after the company priced a 2.5 million share public offering at $2.75 per share.

Also check out: Investor Fear Eases Slightly After Dow Jumps Over 500 Points

Commodities

In commodity news, oil traded up 0.5% to $82.57, while gold traded down 0.2% at $1,666.20.

Silver traded down 0.8% to $18.73 on Thursday while copper rose 1.6% to $3.4115.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.5%, London’s FTSE 100 fell 1.54% while Spain’s IBEX 35 Index fell 1.65%. The German DAX dropped 1.45%, French CAC 40 fell 1.28% and Italy’s FTSE MIB Index fell 2.1%.

The consumer confidence indicator in the Eurozone dropped by 3.8 points to -28.8 in September, while economic sentiment indicator fell 3.6 points from a month ago to 93.7. Industrial producer prices in Italy climbed 40.1% year-over-year in August, while Spanish consumer price inflation eased to 9.0% year-over-year in September. UK car production surged 34% year-over-year to 49,901 units in August.

Economics

• The US economy shrank an annualized 0.6% on quarter in the second quarter, compared to a 1.6% decline in the prior quarter.
• US initial jobless claims declined by 16,000 to 193,000 in the week ended September 24, recording the lowest since the end of April.
• US natural-gas supplies climbed 103 billion cubic feet last week, the Energy Information Administration said.
• Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 1:00 p.m. ET.
• Federal Reserve Bank of San Francisco President Mary Daly will speak at 4:45 p.m. ET.

Check out this: Why Fear Level Among US Investors Is Increasing

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,104,110 cases with around 1,083,790 deaths. India confirmed a total of at least 44,583,360 cases and 528,610 deaths, while France reported over 35,291,580 COVID-19 cases with 155,040 deaths. In total, there were at least 621,980,030 cases of COVID-19 worldwide with more than 6,545,810 deaths.