Dow Falls Over 200 Points; Adobe Shares Plunge

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling over 200 points on Friday.

The Dow traded down 0.55% to 38,692.43 while the NASDAQ fell 0.90% to 15,982.65. The S&P 500 also fell, dropping, 0.64% to 5,117.35.

Check This Out: Top 5 Industrials Stocks That May Fall Off A Cliff In Q1

 

Leading and Lagging Sectors

 

Materials shares jumped by 0.2% on Friday.

In trading on Friday, information technology shares fell by 1.4%.

 

Top Headline

 

Shares of Adobe Inc. ADBE fell around 14% on Friday after the company issued a weak forecast.

Adobe reported better-than-expected results for its first quarter but issued weak revenue guidance for the current quarter. The company said it sees second-quarter revenue in the range of $5.25 billion to $5.30 billion versus estimates of $5.31 billion, according to data from Benzinga Pro.

 

Equities Trading UP

 

Verb Technology Company, Inc. VERB shares shot up 219% to $0.4461. VERB's MARKET.live launched Facebook and Instagram social shopping technology integration.

Shares of Cardlytics, Inc. CDLX got a boost, surging 64% to $13.45 after the company reported better-than-expected fourth-quarter earnings.

American Vanguard Corporation AVD shares were also up, gaining 22% to $12.91 following fourth-quarter financial results.

 

Equities Trading DOWN

 

C3is Inc. CISS shares dropped 62% to $0.0297 after the company announced pricing of a $6 million underwritten public offering.

Shares of SELLAS Life Sciences Group, Inc. SLS were down 29% to $1.1050. 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.

Immuneering Corporation IMRX was down, falling 29% to $2.0450 after multiple analysts downgraded the stock following Thursday data from the company's Phase 1 portion of its Phase 1/2a clinical trial of IMM-1-104 in advanced RAS-mutant solid tumors.

Also Check This Out: Wall Street's Most Accurate Analysts Say Hold These 3 Tech Stocks Delivering High-Dividend Yields

 

Commodities

 

In commodity news, oil traded down 0.2% to $81.12 while gold traded down 0.3% at $2,162.00.

Silver traded up 1.5% to $25.435 on Friday, while copper rose 1.9% to $4.1205.

 

Euro zone

 

European shares closed mixed today. The eurozone’s STOXX 600 slipped 0.32%, London’s FTSE 100 fell 0.20% while Spain’s IBEX 35 Index rose 1.02% The German DAX fell 0.03% French CAC 40 rose 0.04% while Italy’s FTSE MIB Index gained 0.46%.

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%.

The University of Michigan consumer sentiment fell to 76.5 in March, recording the lowest reading in three months, compared to 76.9 in February.

The total number of active U.S. oil rigs climbed by 6 rigs this week, Baker Hughes Inc reported.

Now Read This: How To Earn $500 A Month From Dollar General Stock Following Earnings Beat

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsTrading IdeasMid Afternoon 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!