Nasdaq Tumbles 200 Points; Crude Oil Rises Over 1%

U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping more than 200 points on Wednesday.

The Dow traded down 1.26% to 29,934.96 while the NASDAQ fell 2.13% to 10,937.85. The S&P 500 also fell, dropping, 1.59% to 3,730.73.

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Leading and Lagging Sectors

Energy shares jumped by 1.2% on Wednesday. Leading the sector was strength from Nine Energy Service, Inc. NINE and Alpine Summit Energy Partners, Inc. ALPS.

In trading on Wednesday, utilities shares fell by 2.2%.

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US crude oil inventories dropped by 1.356 million barrels in the week ended September 30th, versus market estimates of a 2.052-million-barrel rise, the Energy Information Administration said.

Equities Trading UP


  • Nauticus Robotics, Inc. KITT shares shot up 72% to $5.55 after the company said it was awarded a second multi-million dollar contract by the U.S. Defense Innovation Unit for the development of an amphibious unmanned system.
  • Shares of Vicinity Motor Corp. VEV got a boost, shooting 8% to $1.1250 after the company announced it started delivering Canada's first Class 3 electric truck.
  • Tupperware Brands Corporation TOPS shares were also up, gaining 44% to $7.84. TOP Ships recently reported a 412% surge in net income for the six months ended June 30.



Equities Trading DOWN

  • Tupperware Brands Corporation TUP shares tumbled 9% to $6.56. Citigroup maintained Tupperware Brands with a Neutral and lowered the price target from $11.5 to $8.
  • Shares of SMART Global Holdings, Inc. SGH were down 8% to $15.69. SMART Global reported better-than-expected earnings for its fourth quarter, while sales missed estimates. The company also issued weak earnings forecast for the current quarter.
  • Sotera Health Company SHC was down, falling 11% to $7.18 after Citigroup downgraded the stock from Buy to Neutral.


Also check out: Dow Jumps Over 800 Points, Volatility In Markets Decreases


In commodity news, oil traded up 1.3% to $87.66, while gold traded down 0.9% at $1,715.50.

Silver traded down 4% to $20.255 on Wednesday while copper fell 0.5% to $3.4710.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.26%, London’s FTSE 100 fell 0.89% while Spain’s IBEX 35 Index fell 1.86%. The German DAX dropped 1.51%, French CAC 40 fell 1.29% and Italy’s FTSE MIB Index fell 2.16%.

The S&P Global Eurozone services PMI was revised down to 48.8 in September versus a preliminary level of 48.9, while composite PMI fell to 48.1 in September from a preliminary reading of 48.2.

The S&P Global Germany’s services PMI was revised lower to 45 in September versus a preliminary reading of 45.4, while French services PMI was revised lower to 52.9 in September from a flash reading of 53. Industrial production in France rose 2.4% from the prior month in August. The S&P Global Spain services PMI dropped to 48.5 in September from 50.6 in the previous month.




  • Private businesses in the US added 208,000 jobs in September versus a revised 185,000 in August. The latest reading came in above market expectations of 200,000.
  • The trade deficit in the US shrank to $67.4 billion in August, recording the lowest level since May last year. Imports to the US fell by $3.7 billion from a month ago to $326.3 in August, while exports fell by $0.7 billion to $258.9 billion.
  • The S&P Global services PMI was revised higher to 49.3 in September from a preliminary level of 49.2.
  • The ISM services PMI fell to 56.7 in September from 56.9 in August. However, the latest reading exceeded market estimates of 56.
  • US crude oil inventories dropped by 1.356 million barrels in the week ended September 30th, versus market estimates of a 2.052-million-barrel rise, the Energy Information Administration said.
  • Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:00 p.m. ET.


Check out this: Fear Among US Investors Is Decreasing, Here's Why

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,308,950 cases with around 1,085,360 deaths. India confirmed a total of at least 44,601,930 cases and 528,730 deaths, while France reported over 35,573,130 COVID-19 cases with 155,270 deaths. In total, there were at least 624,421,150 cases of COVID-19 worldwide with more than 6,553,480 deaths.

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