Nasdaq Down Over 100 Points; Hibbett Reports Downbeat Sales

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.28% to 38,797.24 while the NASDAQ fell 0.67% to 16,020.07. The S&P 500 also fell, dropping, 0.58% to 5,120.59.

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Leading and Lagging Sectors

Energy shares jumped by 0.6% on Friday.

In trading on Friday, information technology shares fell by 1.2%.

Top Headline

Hibbett Inc HIBB reported downbeat fourth-quarter sales and issued weak guidance.

Hibbett reported fourth-quarter FY24 sales growth of 1.8% year-on-year to $466.59 million, missing the analyst consensus estimate of $477.49 million. EPS of $2.55 missed the consensus estimate of $2.56.

Hibbett expects FY25 sales to be flat to up 2%, with EPS of $8.00 – $8.75 versus the consensus of $8.82.

Equities Trading UP

Verb Technology Company, Inc. VERB shares shot up 156% to $0.3580. VERB's MARKET.live launched Facebook and Instagram social shopping technology integration.

Shares of Better Therapeutics, Inc. BTTX got a boost, surging 118% to $0.0762. Better Therapeutics recently said it will seek strategic alternatives and will be delisted from the Nasdaq.

Jet.AI Inc. JTAI shares were also up, gaining 82% to $1.2300.

Equities Trading DOWN

C3is Inc. CISS shares dropped 66% to $0.0270 after the company announced pricing of a $6 million underwritten public offering.

Shares of SELLAS Life Sciences Group, Inc. SLS were down 32% to $1.05. SELLAS Life Sciences Group announced a $20 million registered direct offering and concurrent private placement of 13,029316 shares each for combined purchase price of $1.535/share.

Lucy Scientific Discovery Inc. LSDI was down, falling 32% to $1.14.

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Commodities

In commodity news, oil traded down 0.7% to $80.67 while gold traded down 0.3% at $2,161.80.

Silver traded up 1.2% to $25.35 on Friday, while copper rose 1.3% to $4.0975.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 1.2% The German DAX gained 0.3% French CAC 40 rose 0.5% while Italy’s FTSE MIB Index gained 0.6%.

The annual inflation rate in Italy was confirmed at 0.8% in February, while annual inflation rate in France fell to 3% in February from 3.1% a month ago.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 1.42%, China’s Shanghai Composite Index gaining 0.54% and India’s S&P BSE Sensex dipping 0.7%.

China's new home prices fell by 1.4% year-over-year in February, while the People's Bank of China held the interest rate at 2.50%. The unemployment rate for Singapore was confirmed at 2.0% for the fourth quarter.

Economics

U.S. manufacturing production increased by 0.8% month-over-month in February.

U.S. industrial production rose by 0.1% from the prior month in February.

The NY Empire State Manufacturing Index fell to -20.9 in March versus -2.4 in February.

Export prices in the U.S. increased 0.8% month-over-month in February, while import prices rose by 0.3%.

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