Nasdaq Down Over 400 Points; Kroger Posts Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 400 points on Thursday.

The Dow traded down 1.23% to 42,476.66 while the NASDAQ dipped 2.36% to 18,114.47. The S&P 500 also fell, dropping, 1.83% to 5,735.50.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.4% on Thursday.

In trading on Thursday, consumer discretionary shares dipped by 2.6%.

Top Headline

Kroger Company KR posted better-than-expected earnings for its fourth quarter on Thursday.

The company reported fourth-quarter adjusted earnings per share of $1.14, beating the street view of $1.11. Quarterly sales of $34.308 billion missed the analyst consensus estimate of $34.509 billion.

Equities Trading UP

AGM Group Holdings Inc. AGMH shares shot up 95% to $0.1998 after the company completed a $5.4 million public offering to expand bitcoin mining operations.
Shares of LendingTree, Inc. TREEgot a boost, surging 26% to $50.57 after the company reported better-than-expected fourth-quarter financial results.
Scienture Holdings, Inc. SCNX shares were also up, gaining 30% to $2.87 after the company partnered with Kindeva to launch the 10mg REZENOPY nasal spray for opioid overdose treatment.

Equities Trading DOWN

Venture Global, Inc. VG shares dropped 29% to $10.11 following a fourth-quarter revenue miss.
Shares of Pinstripes Holdings Inc. PNST were down 16% to $0.1540 as the NYSE announced plans to begin delisting proceedings against Pinstripes Holdings.
PMGC Holdings Inc. ELAB was down, falling 46% to $0.6690 after the company announced a 1-for-7 reverse stock split to maintain Nasdaq listing.

Commodities

In commodity news, oil traded down 0.5% to $65.99 while gold traded up 0.1% at $2,927.90.

Silver traded up 0.4% to $33.28 on Thursday, while copper rose 0.3% to $4.8105.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.03%, Germany's DAX 40 gained 1.47% and France's CAC 40 gained 0.29%. Spain's IBEX 35 Index rose 0.15%, while London's FTSE 100 fell 0.83%.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei gaining 0.77%, China's Shanghai Composite Index gaining 1.17% and Hong Kong's Hang Seng Index surging 3.29%.

Economics

U.S. exports of goods and services rose by $3.3 billion from the previous month to $269.8 billion in January.
Imports of goods and services rose by 10% to a record high of $401.2 billion in January.
The US reported a record trade deficit of $131.4 billion in January compared to a revised $98.1 billion gap in the previous month.
Unit labor costs in the nonfarm business sector rose 2.2% in the fourth quarter compared to preliminary expectations of 3%.
Initial jobless claims declined by 21,000 from the previous week to 221,000 during the last week of February, compared to market estimates of 235,000.

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