Nasdaq Tumbles 2%; Timber Pharmaceuticals Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 450 points on Friday.

The Dow traded down 1.39% to 32,692.94 while the NASDAQ fell 2.14% to 11,342.36. The S&P 500 also fell, dropping, 1.60% to 3,948.04.

Check This Out: Check Out 3 High-Yielding Dividend Stocks In Industrials Sector From Wall Street's Most Accurate Analysts


Leading and Lagging Sectors

  • Financials shares fell by just 0.6% on Friday. Meanwhile, top gainers in the sector included Universal Insurance Holdings, Inc. UVE, up 12%, and Banco BBVA Argentina S.A. BBAR, up 4%.
  • In trading on Friday, information technology shares dipped by 2.2%.


Top Headline

Personal spending in the US rose 1.8% month-over-month in January. Core PCE prices in the US rose by 0.6% month-over-month in January.


Equities Trading UP

  • Bridger Aerospace Group Holdings, Inc. BAER shares shot up 65% to $7.29. Jeffrey E. Kelter reported a 22.4% stake in a 13D filing on Thursday.
  • Shares of Timber Pharmaceuticals Inc TMBR got a boost, shooting 47% to $2.84 after the company announced the European Commission granted orphan drug designation for TMB-001 for the treatment of X-linked recessive ichthyosis.
  • Cingulate Inc CING shares were also up, gaining 51% to $1.64 after the company reported top-line results from the fed/fast study of CTx-1301-003 for ADHD. The trial demonstrated that CTx-1301 can be taken with or without food.


Equities Trading DOWN

  • Fulcrum Therapeutics, Inc. FULC shares tumbled 56% to $5.66 after the company announced a clinical hold on FTX-6058 in sickle cell disease.
  • Shares of SELLAS Life Sciences Group, Inc. SLS were down 55% to $1.65 after the company announced pricing of a $20 million underwritten public offering.
  • Nektar Therapeutics NKTR was down, falling 46% to $1.60 after the company reported its SLE trial failed to achieve its primary endpoint.

Also Check This Out: Top 5 Energy Stocks That May Plunge This Month



In commodity news, oil traded down 0.2% to $75.28 while gold traded down 0.5% at $1,817.80.

Silver traded down 2% to $20.885 on Friday while copper fell 2.3% to $3.9655.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.94%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.27%. The German DAX dropped 1.57% French CAC 40 fell 1.53% and Italy’s FTSE MIB Index dropped 1.08%.

The consumer confidence indicator for France slipped to 82 in February versus a revised reading of 83 in January. German GfK Consumer Climate Indicator climbed to -30.5 heading into March versus a revised level of -33.8 in February, while the country’s economy contracted 0.4% on quarter in the fourth quarter.

The GfK Consumer Confidence indicator in the UK rose to -38 in February versus -45 in the earlier month, while car production in the country declined 0.3% year-over-year to 68,790 units in January.


Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 gaining 1.29%, Hong Kong’s Hang Seng Index falling 1.68% and China’s Shanghai Composite Index dropping 0.62%. India’s S&P BSE Sensex dropped 0.4%.

The annual inflation rate in Japan accelerated to 4.3% in January from 4.0% in the previous month, while food prices increased by 7.3% year-over-year in January.



  • Personal spending in the US rose 1.8% month-over-month in January.
  • Core PCE prices in the US rose by 0.6% month-over-month in January.
  • Personal income increased by 0.6% from a month ago in January.
  • Building permits rose 0.1% to an annual rate of 1.339 million in January.

Now Read This: Walmart, Amazon And 2 Other Stocks Insiders Are Selling


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 105,161,020 cases with around 1,144,360 deaths. India confirmed a total of at least 44,685,610 cases and 530,760 deaths, while France reported over 39,605,030 COVID-19 cases with 164,840 deaths. In total, there were at least 679,352,150 cases of COVID-19 worldwide with more than 6,796,180 deaths.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapIntraday UpdateMarketsMid Day Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!