Mid-Afternoon Market Update: Dow Drops 100 Points; Adagio Therapeutics Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping 100 points on Wednesday.

The Dow traded down 0.29% to 35,192.75 while the NASDAQ fell 0.69% to 14,518.48. The S&P also fell, dropping, 0.56% to 4,605.80.

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Leading and Lagging Sectors

Energy shares jumped by 0.7% on Wednesday. Meanwhile, top gainers in the sector included Indonesia Energy Corporation Limited INDO, up 14% and Nordic American Tankers Limited NAT up 11%.

In trading on Wednesday, consumer discretionary shares fell 1%.

Top Headline

The US economy grew an annualized 6.9% on quarter during the last three months of 2021, down 0.1% point versus the second estimate.

Equities Trading UP

Direct Digital Holdings, Inc. DRCT shares shot up 83% to $4.7123 after the company reported a year over year increase in Q4 sales results and issued Q1 sales guidance above analyst estimates.

Shares of Adagio Therapeutics, Inc. ADGI got a boost, shooting 36% to $5.22. Adagio Therapeutics’ Phase 2/3 trials evaluating 300 mg adintrevimab (ADG20) as pre-and-post-exposure prophylaxis (EVADE) and treatment (STAMP) for COVID-19 have met its primary endpoints.

Vir Biotechnology, Inc. VIR shares were also up, gaining 18% to $26.54 after it was announced the company will join the S&P Smallcap 600.

Equities Trading DOWN

Revelation Biosciences, Inc. REVB shares tumbled 41% to $1.26 after the company reported results from interim statistical analysis for Phase 2b viral challenge study (RVL-VRL01) of intranasal REVTx-99a for the preventive treatment of H3N2 influenza (influenza A) in healthy humans. Efficacy data demonstrated that REVTx-99a did not meet its primary endpoint, the area under the curve (AUC) of viral load by quantitative RT-PCR from nasopharyngeal swabs.

Shares of Calithera Biosciences, Inc. CALA were down 30% to $0.4189 as the company priced its $10.0 million underwritten public offering of common stock and warrants to purchase common stock.

Stronghold Digital Mining, Inc.. SDIG was down, falling 31% to $7.11 after the company reported worse-than-expected Q4 sales results.

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Commodities

In commodity news, oil traded up 2.8% to $107.15, while gold traded up 1% to $1,937.50.

Silver traded up 1.3% Wednesday to $25.045 while copper rose 0.2% to $4.7395.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.41%, London’s FTSE 100 rose 0.55%, while Spain’s IBEX 35 Index fell 0.74%. The German DAX dropped 1.45%, French CAC 40 fell 0.74% and Italy’s FTSE MIB Index fell 0.03%.

Economics

Private businesses in the US hired 455,000 workers in March.

The US economy grew an annualized 6.9% on quarter during the last three months of 2021.

Corporate profits increased 0.2% to a new record high of $2.53 trillion in the final quarter of 2021.

US crude oil inventories dropped by 3.449 million barrels in the week ended March 25th, the Energy Information Administration said.

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,686,620 cases with around 1,005,050 deaths. India confirmed a total of at least 43,023,210 cases and 521,130 deaths, while Brazil reported over 29,882,390 COVID-19 cases with 659,290 deaths. In total, there were at least 485,724,930 cases of COVID-19 worldwide with more than 6,158,100 deaths.