Dow Falls 600 Points, S&P 500 Down 2.5%

Dow Falls 600 Points, S&P 500 Down 2.5%

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping around 600 points on Thursday.

The Dow traded down 2.04% to 29,078.45 while the NASDAQ fell 3.59% to 10,655.25. The S&P 500 also fell, dropping, 2.53% to 3,625.09.

Also check this: Why NLS Pharmaceutics Shares Tumbled Over 66%; Here Are 68 Biggest Movers From Yesterday


Leading and Lagging Sectors


Energy shares fell by just 0.2% on Thursday.


In trading on Thursday, consumer discretionary shares dipped by 3.7%.


Top Headline


The US economy shrank an annualized 0.6% on quarter in the second quarter, compared to a 1.6% decline in the prior quarter.


Equities Trading UP

 

  • BigBear.ai Holdings, Inc. BBAI shares shot up 34% to $1.59 after the company announced it was awarded a $14.8 million U.S. Army Global Force Information Management system contract.
  • Shares of Senti Biosciences, Inc. SNTI got a boost, shooting 49% to $2.08 after B of A Securities initiated coverage on the stock with a Buy rating and $7 price target.
  • SilverSun Technologies, Inc. SSNT shares were also up, gaining 23% to $3.06 after the company announced it entered into a definitive agreement and plan of merger with Rhodium Enterprises.

 

Equities Trading DOWN

  • Sunlight Financial Holdings Inc. SUNL shares tumbled 58% to $1.0701 after the company announced it is withdrawing its previously-provided full-year 2022 outlook metrics.
  • Shares of Isoray, Inc. ISR were down 29% to $0.2151 after the company announced it entered into a definitive agreement to acquire Viewpoint Molecular Targeting.
  • Twin Vee Powercats Co. VEEE was down, falling 29% to $2.53 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 0.2% to $82.30, while gold traded down 0.1% at $1,668.70.


Silver traded down 1% to $18.70 on Thursday while copper rose 1.8% to $3.4185.


Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 1.67%, London’s FTSE 100 fell 1.77% while Spain’s IBEX 35 Index fell 1.91%. The German DAX dropped 1.71%, French CAC 40 fell 1.53% and Italy’s FTSE MIB Index fell 2.4%.

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 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.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets