Mid-Afternoon Market Update: US Stocks Turns Lower In Volatile Trading; Nasdaq Tumbles 150 Points
US stocks turned lower in another volatile trading session on Thursday despite stronger-than-expected GDP data. The country’s economy grew 6.9% on quarter during the last three months of previous year, up from 2.3% expansion in the prior quarter and also above market estimates of 5.5%.
Toward the end of trading Thursday, the Dow traded down 0.15% to 34,116.75 while the NASDAQ fell 1.16% to 13,384.57. The S&P also fell, dropping, 0.52% to 4,327.13.
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Leading and Lagging Sectors
Communication services shares jumped 0.9% on Thursday. Meanwhile, top gainers in the sector included DouYu International Holdings Limited (NASDAQ:DOYU), up 13% and Partner Communications Company Ltd. (NASDAQ:PTNR) up 6%.
In trading on Thursday, consumer discretionary shares fell 1.1%.
Top Headline
McDonald's Corporation (NYSE:MCD) reported weaker-than-expected results for its fourth quarter.
McDonald's reported adjusted earnings of $2.23 per share, missing the consensus of $2.34 per share. Net sales came in at $6.01 billion, versus the consensus of $6.03 billion.
Equities Trading UP
The National Security Group, Inc. (NASDAQ:NSEC) shares shot up 71% to $15.40 after VR Insurance announced acquisition of the company.
Shares of LSI Industries Inc. (NASDAQ:LYTS) got a boost, shooting 13% to $6.76 following upbeat Q2 earnings.
Galapagos NV (NASDAQ:GLPG) shares were also up, gaining 22% to $65.18. Galapagos announced the appointment of Dr. Paul Stoffels as chief executive officer, effective April 1, 2022. Previously, Stoffels was vice chairman of the executive committee and chief scientific officer of Johnson & Johnson, where he spearheaded the company's research and product pipeline.
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Equities Trading DOWN
1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS) shares tumbled 28% to $15.11 after the company reported worse-than-expected Q2 EPS and sales results. 1-800-Flowers sees FY22 revenue growth of 7% - 9%.
Shares of Teradyne, Inc. (NASDAQ:TER) were down 27% to $104.25 after the company issued Q1 EPS and sales guidance below estimates.
Epizyme Inc (NASDAQ:EPZM) was down, falling 46% to $1.0350 after the company priced an underwritten public offering of 56,666,667 shares at $1.50 per share, before underwriting discounts.
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Commodities
In commodity news, oil traded down 0.6% to $86.87, while gold traded down 2% to $1,792.30.
Silver traded down 4.9% Thursday to $22.635 while copper fell 2% to $4.4235.
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Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.65%, London’s FTSE 100 gained 1.13%, while Spain’s IBEX 35 Index rose 1%. The German DAX gained 0.42%, French CAC 40 climbed 0.60% and Italy’s FTSE MIB Index gained 0.99%.
Italy’s industrial sales climbed 2.4% in November, while Spanish unemployment rate dropped to 13.33% in the fourth quarter from 14.57% in the prior three-month period. The GfK Consumer Climate Indicator in Germany rose to -6.7 heading into February versus a revised reading of -6.9 in January.
UK’s car exports dropped 15.4% from a year ago to 46,219 units in December, while car production fell 12.7% to 62,310 units.
Economics
US durable goods orders fell 0.9% month-over-month in December.
The US economy grew 6.9% on quarter during the last three months of previous year, up from 2.3% expansion in the prior quarter and also above market estimates of 5.5%.
US initial jobless claims dropped by 30 thousand from the prior period to 260 thousand during the week ending January 22.
The pending home sales index dropped 3.8% in December.
US natural-gas supplies dipped 219 billion cubic feet last week, the Energy Information Administration said.
The Kansas City Fed's manufacturing production index climbed to 20 in January versus a revised reading of 11 in the prior month.
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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 74,176,400 cases with around 898,680 deaths. India confirmed a total of at least 40,371,500 cases and 491,720 deaths, while Brazil reported over 24,553,950 COVID-19 cases with 624,500 deaths. In total, there were at least 363,693,130 cases of COVID-19 worldwide with more than 5,647,470 deaths.