Mid-Day Market Update: Nasdaq Drops 250 Points; CrowdStrike Shares Gain On Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Nasdaq falling 250 points on Thursday.

The Dow traded down 1.12% to 32,913.25 while the NASDAQ fell 1.92% to 13,001.44. The S&P also fell, dropping, 1.27% to 4,223.45.

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Leading and Lagging Sectors

Energy shares climbed by 1.9% on Thursday. Meanwhile, top gainers in the sector included Indonesia Energy Corporation Limited INDO, up 14% and CVR Energy, Inc. CVI up 10%.

In trading on Thursday, information technology shares fell by 2.8%.

Top Headline

Annual inflation rate in the US accelerated to 7.9% in February, recording the highest level since January 1982. Analysts, meanwhile, were expecting 7.9% increase in consumer prices.

Equities Trading UP

CrowdStrike Holdings, Inc. CRWD shares shot up 14% to $194.19 after the company reported better-than-expected Q4 results. The company also issued both Q1 and FY23 adjusted EPS and sales guidance above analyst estimates.

Shares of Yield10 Bioscience, Inc. YTEN got a boost, shooting 15% to $5.32 following better-than-expected Q4 results.

CEA Industries Inc. CEAD shares were also up, gaining 15% to $2.3590 after the company reported it signed a $2.1 million contract.

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Equities Trading DOWN

Myomo, Inc. MYO shares tumbled 34% to $4.88 after the company reported worse-than-expected Q4 EPS results.

Shares of Fossil Group, Inc. FOSL were down 37% to $9.09 after the company reported Q4 earnings results.

Trean Insurance Group, Inc. TIG was down, falling 51% to $3.44 after the company reported Q4 earnings results and provided guidance.

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Commodities

In commodity news, oil traded up 0.1% to $108.75, while gold traded up 0.8% to $2,004.60.

Silver traded up 2.1% Thursday to $26.35 while copper rose 1.8% to $4.6540.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.69%, London’s FTSE 100 fell 1.27%, while Spain’s IBEX 35 Index fell 1.15%. The German DAX dropped 2.93%, French CAC 40 fell 2.83% and Italy’s FTSE MIB Index dipped 4.2%.

Industrial production in Italy fell 3.4% from a month ago in January, while industrial producer prices surged 32.9% year-over-year in January. Payroll employment in the France’s private sector increased by 0.6% to 20.06 million in the fourth quarter.

 

Economics

Annual inflation rate in the US accelerated to 7.9% in February, recording the highest level since January 1982. Analysts, meanwhile, were expecting 7.9% increase in consumer prices.

US initial jobless claims rose by 11,000 to 227,000 in the latest week.

US natural gas supplies dropped 124 billion cubic feet last week, the Energy Information Administration said.

The U.S. Treasury budget statement for February will be released at 2:00 p.m. ET. Analysts expect a $124.0 deficit in February.

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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 81,064,100 cases with around 989,470 deaths. India confirmed a total of at least 42,980,060 cases and 515,490 deaths, while Brazil reported over 29,194,040 COVID-19 cases with 653,580 deaths. In total, there were at least 451,963,790 cases of COVID-19 worldwide with more than 6,045,330 deaths.