Nasdaq Dips 250 Points; Crude Oil Moves Higher

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping around 250 points on Friday.

The Dow traded down 0.73% to 33,752.17 while the NASDAQ fell 1.95% to 12,712.64. The S&P also fell, dropping, 1.17% to 4,233.64.

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Leading and Lagging Sectors

Health care shares climbed 0.4% on Friday. Meanwhile, top gainers in the sector included Axsome Therapeutics, Inc. AXSM, up 33% and Summit Therapeutics Inc. SMMT up 14%.

In trading on Friday, materials shares fell by 1.8%.

Top Headline

Deere & Company DE reported worse-than-expected Q3 EPS results.

Deere reported third-quarter FY22 net sales and revenue growth of 22% year-over-year to $14.1 billion, beating the consensus of $12.78 billion. EPS increased to $6.16, missing the consensus of $6.69.

 

Equities Trading UP

GigaCloud Technology Inc GCT shares shot up 134% to $36.64 on continued volatility following the company's IPO on Thursday.

Shares of Aeglea BioTherapeutics, Inc. AGLE got a boost, shooting 38% to $0.6950 after the company announced a marketing authorization application for pegzilarginase for the treatment of Arginase 1 deficiency has been submitted to and successfully validated by the European Medicines Agency.

Volcon, Inc. VLCN shares were also up, gaining 53% to $2.81 after the company announced it has received over $100 million of pre-production orders for the Stag.

 

Equities Trading DOWN

Bed Bath & Beyond Inc. BBBY shares tumbled 40% to $11.10 after an amended 13D filing showed Ryan Cohen has a 0% stake in the company.

Shares of Capstone Green Energy Corporation CGRN were down 40% to $2.3488 after the company announced the pricing of a public offering of 2,934,498 shares valued at approximately $8 million.

Accelerate Diagnostics, Inc. AXDX was down, falling 30% to $1.75 after the company announced the pricing of a public offering of 17,500,000 shares valued at approximately $35 million.

Also check out: Investor Optimism Decreases Slightly As Fear & Greed Index Remains In Neutral Zone

Commodities

In commodity news, oil traded up 0.7% to $91.09, while gold traded down 0.6% to $1,760.80.

Silver traded down 2.5% to $18.975 on Friday while copper rose 0.6% to $3.6520.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.56%, London’s FTSE 100 rose 0.22% while Spain’s IBEX 35 Index fell 1.1%. The German DAX dropped 0.87%, French CAC 40 fell 0.62% and Italy’s FTSE MIB Index fell 1.75%.

The Eurozone’s current account surplus shrank to EUR 3.2 billion in June from EUR 27.6 billion in the year-ago month. Annual producer inflation in Germany climbed to a fresh record high of 37.2% in July from 32.7% in the previous month.

Retail sales in the UK increased 0.3% over the prior month in July beating market expectations for a 0.2% decline, while GfK consumer confidence indicator in the country dropped to -44 in August versus -41 in July.

Economics

 

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Check out this: U.S. Stocks End Slightly Higher But Market Volatility Increases

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,186,070 cases with around 1,064,780 deaths. India confirmed a total of at least 44,314,610 cases and 527,250 deaths, while France reported over 34,299,680 COVID-19 cases with 153,420 deaths. In total, there were at least 599,199,900 cases of COVID-19 worldwide with more than 6,466,970 deaths.