Mid-Afternoon Market Update: Dow Dips Over 500 Points; Ross Stores Shares Slide

U.S. stocks extended losses toward the end of trading, with the Dow Jones dropping more than 500 points on Friday.

The Dow traded down 1.73% to 30,713.57 while the NASDAQ fell 2.75% to 11,075.25. The S&P also fell, dropping, 2.04% to 3,821.17.

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Leading and Lagging Sectors

Real estate shares rose by 0.3% on Friday. Meanwhile, top gainers in the sector included Altisource Portfolio Solutions S.A. ASPS, up 8% and American Tower Corporation AMT up 4%.

In trading on Friday, consumer discretionary shares dipped 3.4%.

Top Headline

Deere & Company DE reported better-than-expected results for its second quarter and raised its guidance.

Deere posted quarterly earnings of $6.81 per share, beating analysts’ estimates of $6.71 per share. The company’s quarterly sales came in at $13.37 billion, versus expectations of $13.20 billion.

Deere raised its FY22 earnings guidance from $6.7 billion-$7.1 billion to $7 billion-$7.4 billion.

Equities Trading UP

TherapeuticsMD, Inc. TXMD shares shot up 19% to $2.6996 after the company announced that it has received FDA approval of its supplemental New Drug Application for ANNOVERA.

Shares of Deckers Outdoor Corporation DECK got a boost, shooting 11% to $251.45 after the company reported better-than-expected Q4 EPS and sales results and issued guidance.

SIGA Technologies, Inc. SIGA shares were also up, gaining 30% to $11.22. SIGA Technologies shares jumped 17% on Thursday after the company announced the FDA approved the intravenous formulation of TPOXX for the treatment of smallpox.

Equities Trading DOWN

Evofem Biosciences, Inc. EVFM shares tumbled 61% to $0.4249 after reporting pricing of approximately $26.6 million public offering.

Shares of Ross Stores, Inc. ROST were down 24% to $70.53 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued Q2 EPS guidance below analyst estimates.

Deere & Company DE was down, falling 15% to $311.47 after the company reported Q2 financial results.

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Commodities

In commodity news, oil traded up 1.6% to $113.98, while gold traded up 0.1% to $1,841.90.

Silver traded down 0.9% to $21.705 on Friday while copper fell 0.1% to $4.2815.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.73%, London’s FTSE 100 jumped 1.19% and Spain’s IBEX 35 Index rose 0.93%. The German DAX climbed 0.72%, French CAC 40 rose 0.20% and Italy’s FTSE MIB Index jumped 0.12%.

Construction output in Italy climbed 19.4% year-over-year in March following a revised 22.1% surge in the prior month. Annual producer inflation in Germany accelerated to 33.5% in April from 30.9% in March. Retail sales in the UK climbed 1.4% month-over-month in April.

Economics

The total number of active U.S. oil rigs rose by 13 to 576 rigs this week, Baker Hughes Inc reported.

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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 84,799,040 cases with around 1,028,330 deaths. India confirmed a total of at least 43,131,820 cases and 524,320 deaths, while Brazil reported over 30,752,220 COVID-19 cases with 665,490 deaths. In total, there were at least 526,027,940 cases of COVID-19 worldwide with more than 6,297,330 deaths.