Dow Tumbles Over 200 Points; Butterfly Network Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping more than 200 points on Tuesday.

The Dow traded down 0.64% to 33,387.61 while the NASDAQ fell 0.45% to 12,134.09. The S&P 500, also fell, dropping, 0.54% to 4,102.27.

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Leading and Lagging Sectors

• Utilities shares rose by 0.3% on Tuesday. Meanwhile, top gainers in the sector included Consolidated Water Co. Ltd. CWCO, up 3%, and Kenon Holdings Ltd. KEN, up 3%.
• In trading on Tuesday, industrials fell by 2.2%.

Top Headline

U.S. job openings fell to 9.9 million in February, versus market estimates of 10.4 million.

Equities Trading UP

• Bullfrog AI Holdings, Inc. BFRG shares shot up 27% to $5.95 after the company announced a worldwide license agreement with Johns Hopkins University Applied Physics Laboratory for use of patented technology powering the company's bfLEAP platform.
• Shares of Cardlytics, Inc. CDLX got a boost, shooting 78% to $6.14 after the company raised its Q1 revenue guidance.
• Butterfly Network, Inc. BFLY shares were also up, gaining 18% to $2.2050 after the company announced it received 510(k) clearance for an AI-enabled Auto B-line Counter.

Equities Trading DOWN

• Nogin, Inc. NOGN shares dropped 66% to $2.22. Nogin priced the public offering of 7.33 million shares of common stock and 7.33 million common warrants to purchase 7.33 million shares of common stock at a combined price of $3.00 per share and common warrant.
• Shares of Oncternal Therapeutics, Inc. ONCT were down 59% to $0.3278 after the company announced a strategic reprioritization and capital preservation and extended cash runway into 2025.
• Clearmind Medicine Inc. CMND was down, falling 60% to $0.4125. Clearmind Medicine announced pricing of $3.5 million public offering of 4,505,718 common shares and pre-funded warrants at a price of $0.78 per share.

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Commodities

In commodity news, oil traded down 0.3% to $80.16 while gold traded up 1.9% at $2,039.20.

Silver traded up 4.6% to $25.115 on Tuesday while copper fell 2% to $3.9660.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.08%, London’s FTSE 100 fell 0.50% while Spain’s IBEX 35 Index rose 0.28%. The German DAX gained 0.14%, French CAC 40 fell 0.01% and Italy’s FTSE MIB Index fell 0.56%.

The producer price inflation in the Eurozone eased to 13.2% year-over-year in February versus a revised 15.1% increase in the earlier month. German trade surplus came in at EUR 16 billion in February, compared to market expectations of EUR 17 billion. The number of people registering as jobless in Spain dropped by 1.67% to 2.86 million in March.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.35%, Hong Kong’s Hang Seng Index dropping 0.66% and China’s Shanghai Composite Index gaining 0.49%.

The Reserve Bank of Australia maintained the cash rate at 3.6% at its April meeting.

Economics

• U.S. factory orders dropped 0.7% for February, versus market expectations for a 0.5% decline.
• U.S. job openings fell to 9.9 million in February, versus market estimates of 10.4 million.
• The IBD/TIPP Economic Optimism Index increased for a third straight month to 47.4 in April from 46.9 in March.

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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 106,253,340 cases with around 1,155,350 deaths. India confirmed a total of at least 44,722,600 cases and 530,880 deaths, while France reported over 39,807,730 COVID-19 cases with 165,730 deaths. In total, there were at least 684,140,490 cases of COVID-19 worldwide with more than 6,832,670 deaths.