Mid-Afternoon Market Update: US Stocks Extend Losses; Nasdaq Tumbles Over 300 Points

US stocks extended losses toward the end of trading, with the Nasdaq dropping more than 300 points on Thursday.

The Dow traded down 1.42% to 34,437.73 while the NASDAQ fell 2.22% to 13,810.31. The S&P also fell, dropping, 1.65% to 4,401.15.

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Leading and Lagging Sectors

Consumer staples shares climbed 0.4% on Thursday. Meanwhile, top gainers in the sector included Local Bounti Corporation LOCL, up 4% and Zevia PBC ZVIA up 5%.

In trading on Thursday, information technology shares tumbled by 2%.

Top Headline

U.S initial jobless claims increased by 23,000 to 248,000 in the week ended February 12th. However, analysts were expecting a reading of 219,000.

Equities Trading UP

Inspirato Incorporated ISPO shares shot up 256% to $45.98. The company had a high redemption rate on its SPAC merger.

Shares of Marin Software Incorporated MRIN got a boost, shooting 23% to $4.0350 after the company announced TikTok integration.

Global-e Online Ltd. GLBE shares were also up, gaining 18% to $43.50 after the company reported Q4 adjusted EBITDA results were higher year over year and better-than-expected Q4 sales results. The company also issued Q1 and FY22 sales guidance above estimates.

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Equities Trading DOWN

Amplitude, Inc. AMPL shares tumbled 52% to $20.00 after the company reported Q4 earnings results and issued Q1 and FY22 sales guidance below estimates.

Shares of Fastly, Inc. FSLY were down 32% to $19.69 after the company reported Q4 earnings results and issued Q1 and FY22 guidance.

Informatica Inc. INFA was down, falling 31% to $19.34 after the company reported downbeat quarterly earnings.

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Commodities

In commodity news, oil traded down 2.1% to $91.74, while gold traded up 1.5% to $1,898.70.

Silver traded up 0.8% Thursday to $23.795 while copper fell 0.4% to $4.5170.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 slipped 0.69%, London’s FTSE 100 fell 0.87%, while Spain’s IBEX 35 Index fell 0.76%. The German DAX dropped 0.67%, French CAC 40 fell 0.26% and Italy’s FTSE MIB Index fell 1.11%.

Italy’s trade surplus shrank to EUR 1.103 billion in December from EUR 6.789 billion in the year-ago month, while Spain's trade deficit widened to €5.3 billion in December from €1.1 billion. Passenger car sales in the European Union dropped 6% year-over-year to 682,596 in January.

Economics

Housing starts in the US dropped 4.1% to an annual rate of 1.638 million in January, while building permits increased 0.7% to an annual rate of 1.899 million.

U.S initial jobless claims increased by 23,000 to 248,000 in the week ended February 12th. However, analysts were expecting a reading of 219,000.

The Philadelphia Fed Manufacturing Index fell to 16 in February from 23.2 in January.

U.S. natural-gas supplies dropped 190 billion cubic feet last week, the Energy Information Administration said.

Federal Reserve Bank of Cleveland President Loretta Mester will speak at 5:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 79,808,640 cases with around 952,600 deaths. India confirmed a total of at least 42,754,310 cases and 510,440 deaths, while Brazil reported over 27,812,210 COVID-19 cases with 640,860 deaths. In total, there were at least 418,657,700 cases of COVID-19 worldwide with more than 5,871,220 deaths.