Mid-Morning Market Update: Markets Open Lower; Nasdaq Tumbles 350 Points
U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping more than 150 points on Tuesday.
Following the market opening Wednesday, the Dow traded down 0.85% to 34,346.88 while the NASDAQ fell 2.54% to 13,843.80. The S&P also fell, dropping, 1.34% to 4,464.66.
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Leading and Lagging Sectors
Energy shares jumped by 1.5% on Wednesday. Meanwhile, top gainers in the sector included NextDecade Corporation (NASDAQ:NEXT), up 22% and Kosmos Energy Ltd. (NYSE:KOS) up 9%.
In trading on Wednesday, consumer discretionary shares fell 3%.
Top Headline
RPM International Inc. (NYSE:RPM) reported better-than-expected results for its third quarter.
RPM International posted quarterly adjusted earnings of $0.38 per share, beating analysts’ estimates of $0.30 per share. The company’s quarterly sales came in at $1.43 billion, versus expectations of $1.41 billion.
Equities Trading UP
Advent Technologies Holdings, Inc. (NASDAQ:ADN) shares shot up 74% to $3.51. Advent Technologies and Hyundai Motor Company entered into technology assessment, sales and development agreement.
Shares of Tufin Software Technologies Ltd. (NYSE:TUFN) got a boost, shooting 42% to $12.85 after the company announced it will be acquired by Turn/River Capital for $13 per share in cash.
NextDecade Corporation (NASDAQ:NEXT) shares were also up, gaining 27% to $7.57. NextDecade and ENN executed 1.5 MTPA LNG sale and purchase agreement.
Equities Trading DOWN
Senmiao Technology Limited (NASDAQ:AIHS) shares tumbled 17% to $1.79. Senmiao Technology reported a 1-for-10 reverse stock split, effective Apr. 6, 2022.
Shares of Hyzon Motors Inc. (NASDAQ:HYZN) were down 15% to $5.28 after Canaccord Genuity downgraded the stock from Buy to Hold and lowered its price target from $12 to $6.
Owlet, Inc. (NYSE:OWLT) was down, falling 14% to $3.9850.
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Commodities
In commodity news, oil traded up 0.1% to $102.05, while gold traded up 0.1% to $1,929.80.
Silver traded up 0.1% Wednesday to $24.56 while copper fell 0.8% to $4.7590.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 2.2%, London’s FTSE 100 fell 1%, while Spain’s IBEX 35 Index fell 2.4%. The German DAX declined 2.7%, French CAC 40 fell 3% and Italy’s FTSE MIB Index fell 3.1%.
Factory orders in Germany dropped 2.2% from a month ago in February. The S&P Global Eurozone Construction PMI fell to 52.8 in March from 56.3 in February, while German construction PMI declined to 50.9 in March from 54.9. The IHS Markit France Construction PMI fell to 48.4 in March from 50 in the previous month.
Economics
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,900,010 cases with around 1,009,390 deaths. India confirmed a total of at least 43,030,920 cases and 521,510 deaths, while Brazil reported over 30,040,120 COVID-19 cases with 660,580 deaths. In total, there were at least 494,246,050 cases of COVID-19 worldwide with more than 6,183,770 deaths.