Nasdaq Tumbles Over 200 Points; Crude Oil Drops Sharply

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping more than 200 points on Friday.

The Dow traded down 1.53% to 29,615.88 while the NASDAQ fell 1.95% to 10,850.82. The S&P 500 also fell, dropping, 1.86% to 3,688.27.

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Leading and Lagging Sectors

Health care shares fell by just 0.8% on Friday.

In trading on Friday, energy shares dipped by 6.6%.

Top Headline

The S&P Global services PMI climbed to 49.2 in September from 43.7 in the prior month, while manufacturing PMI rose to 51.8 in September from 51.5 in August.

Equities Trading UP

• Snow Lake Resources Ltd. LITM shares shot up 35% to $3.1116 following news the company will collaborate with an LG unit to form a North American supply chain for lithium.
• Shares of Athersys, Inc. ATHX got a boost, shooting 39% to $1.6299 after the company announced it entered into amended agreements to extend the exercise period of the warrants that were issued as part of a recent registered direct offering.
• Sonendo, Inc. SONX shares were also up, gaining 18% to $1.07. Sonendo announced a private placement of common stock and pre-funded warrants, resulting in gross proceeds of $63 million led by a consortium of new and existing investors.

Equities Trading DOWN

• Avenue Therapeutics, Inc. ATXI shares tumbled 36% to $4.2270 after the company received the official meeting minutes from the FDA regarding a meeting conducted for IV Tramadol in combination with other opioid analgesics to manage moderate-to-moderately severe pain. Concurrently, Avenue Therapeutics announced that it would effect a 1-for-15 reverse stock split.
• Shares of Splash Beverage Group, Inc. SBEV were down 33% to $1.3050 after the company announced pricing of a $3.1 million public offering of 2 million shares of common stock at $1.55 per share.
• Spectrum Pharmaceuticals, Inc. SPPI was down, falling 33% to $0.4271 after the FDA Oncologic Drugs Advisory Committee voted 9-4 that the current benefits of poziotinib did not outweigh its risks.

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Commodities

In commodity news, oil traded down 5.9% to $78.57, while gold traded down 1.8% at $1,650.40.

Silver traded down 4.3% to $18.77 on Friday while copper fell 3.8% to $3.34.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.17%, London’s FTSE 100 fell 2.16% while Spain’s IBEX 35 Index fell 2.63%. The German DAX dropped 1.8%, French CAC 40 fell 2.24% and Italy’s FTSE MIB Index fell 3.29%.

The S&P Global Flash Eurozone services PMI declined to 48.9 in September from 49.8 in August, while manufacturing PMI slipped to 48.5 from 49.6. The S&P Global Flash Eurozone Composite PMI dropped to 48.2 in September from August’s reading of 48.9.

The S&P Global/CIPS UK manufacturing PMI climbed to 48.5 in September from 47.3 a month ago, while GfK consumer confidence indicator declined to -49 in September from -44 in the previous month. French composite PMI increased to 51.2 in September versus a 17-month low level of 50.4 in August, while German composite PMI declined to 45.9 from 46.9 in August. Spanish quarterly economic growth accelerated to 1.5% in the second quarter versus a preliminary reading of 1.1%.

Economics

• The S&P Global services PMI climbed to 49.2 in September from 43.7 in the prior month, while manufacturing PMI rose to 51.8 in September from 51.5 in August.
• The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
• US Federal Reserve Chair Jerome Powell is set to speak at 2:00 p.m. ET.
• Federal Reserve Vice Chair Lael Brainard Lael Brainard and Federal Reserve Governor Michelle Bowman will speak at 2:05 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 97,795,720 cases with around 1,080,830 deaths. India confirmed a total of at least 44,558,420 cases and 528,440 deaths, while France reported over 35,050,130 COVID-19 cases with 154,850 deaths. In total, there were at least 619,319,370 cases of COVID-19 worldwide with more than 6,537,030 deaths.