Dow Falls Over 200 Points; Deere Earnings Miss Estimates

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 200 points on Friday.

Following the market opening Friday, the Dow traded down 0.71% to 33,759.27 while the NASDAQ fell 1.59% to 12,759.55. The S&P also fell, dropping, 1.03% to 4,239.50.

Also check this: BJ's Wholesale Club, Cisco, Canadian Solar And Some Other Big Stocks Recording Gains On Thursday

Leading and Lagging Sectors

Health care shares climbed 0.1% on Friday. Meanwhile, top gainers in the sector included Axsome Therapeutics, Inc. AXSM, up 37% and Summit Therapeutics Inc. SMMT up 26%.

In trading on Friday, communication services shares fell by 1.6%.

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 144% to $38.28 n continued volatility following the company's IPO on Thursday.

Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting 38% to $58.43 after the company announced the U.S. FDA has approved Auvelity for the treatment of major depressive disorder in adults.

TDH Holdings, Inc. PETZ shares were also up, gaining 20% to $3.60. TDH Holdings Acquired 100% of the equity interests of Beijing Wenxin Company., Ltd.

Equities Trading DOWN

Bed Bath & Beyond Inc. BBBY shares tumbled 42% to $10.82 after an amended 13D filing showed Ryan Cohen has a 0% stake in the company.

Shares of Capstone Green Energy Corporation CGRN were down 39% to $2.4099 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 27% to $1.82 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 down 0.1% to $90.44, while gold traded down 0.3% to $1,766.10.

Silver traded down 2.5% to $18.97 on Friday while copper rose 0.5% to $3.6505.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.9%. The German DAX dropped 0.8%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 1.7%.

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.