Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Dow Drops Over 2%; S&P 500 Down Over 100 Points

Stock Markets Oct 07, 2022 20:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect Dow Drops Over 2%; S&P 500 Down Over 100 Points
 
US500
-0.12%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.10%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IXIC
-0.18%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SPX
-0.12%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

U.S. stocks extended losses toward the end of trading, with the Dow Jones dropping more than 650 points on Friday.

The Dow traded down 2.21% to 29,265.30 while the NASDAQ fell 3.75% to 10,657.93. The S&P 500 also fell, dropping, 2.81% to 3,639.39.

Also check this: Dow Dips Over 300 Points, Volatility In Markets Increases

Leading and Lagging Sectors

Energy shares jumped by 0.2 % on Friday. Leading the sector was strength from KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) and Nine Energy Service, Inc. (NYSE: NINE).

In trading on Friday, information technology shares fell by 4.2%.

Top Headline

The US economy added 263,000 jobs in September, the least since April 2021, but still above analysts’ estimates of 250,000. The US unemployment rate declined to 3.5% in September, while average hourly earnings rose 0.3% to $32.46 in September.

Equities Trading UP

  • Innovative Eyewear, Inc. (NASDAQ: LUCY) shares shot up 94% to $3.17 on abnormally-high volume. The company released its October investor presentation yesterday.
  • Shares of Aehr Test Systems (NASDAQ: AEHR) got a boost, shooting 19% to $16.57 after the company announced better-than-expected Q1 EPS and sales results and issued guidance.
  • Ambac Financial Group, Inc. (NYSE: AMBC) shares were also up, gaining 13% to $14.52 after the company announced it settled its RMBS litigations against Bank of America (NYSE:BAC) for $1.84 billion.

Equities Trading DOWN

  • Avenue Therapeutics, Inc. (NASDAQ: ATXI) shares tumbled 56% to $2.7501 after the company priced a roughly 3.6 million unit offering at $3.30 per unit.
  • Shares of InVivo Therapeutics Holdings Corp. (NASDAQ: NVIV) were down 41% to $4.7462 after the company announced $9 million registered direct and private placement offerings priced at-the-market under Nasdaq rules.
  • Bone Biologics Corporation (NASDAQ: BBLG) was down, falling 33% to $0.60 after the company priced a 3,777,778 unit offering at $1.35 per unit.

Also check out: Why Cyclerion Therapeutics Shares Traded Lower By Around 38%; Here Are 70 Biggest Movers From Yesterday

Commodities

In commodity news, oil traded up 4.3% to $92.29, while gold traded down 0.8% at $1,706.90.

Silver traded down 2.1% to $20.235 on Friday while copper fell 1.7% to $3.3865.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.18%, London’s FTSE 100 fell 0.09% while Spain’s IBEX 35 Index fell 0.99%. The German DAX dropped 1.59%, French CAC 40 fell 1.17% and Italy’s FTSE MIB Index fell 1.13%.

France recorded a current account deficit of EUR 5.1 billion in August versus a EUR 5.3 billion gap in the prior month, while trade deficit increased to EUR 15.3 billion in August from revised EUR 14.8 billion in July.

Labor productivity in the UK rose by 0.3% on quarter during the three months to June, while Halifax house price index rose 9.9% year-over-year in September. Industrial production in Germany declined 0.8% month-over-month in August, while retail sales fell 1.3% month-over-month in August. Import prices in Germany climbed by 32.7% year-over-year in August.

Economics

  • The US economy added 263,000 jobs in September, the least since April 2021, but still above analysts’ estimates of 250,000. The US unemployment rate declined to 3.5% in September, while average hourly earnings rose 0.3% to $32.46 in September.
  • Wholesale inventories rose by 1.3% from a month ago to $912.6 billion in August following a 0.6% increase in the prior month.
  • The total number of active U.S. oil rigs fell by 2 to 602 rigs this week, Baker Hughes Inc reported
  • Data on consumer credit for August will be released at 3:00 p.m. ET.

Check out this: Investor Fear Increases Ahead Of US Jobs Data

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,474,750 cases with around 1,087,350 deaths. India confirmed a total of at least 44,606,460 cases and 528,750 deaths, while France reported over 35,705,230 COVID-19 cases with 155,360 deaths. In total, there were at least 625,747,770 cases of COVID-19 worldwide with more than 6,558,400 deaths.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Dow Drops Over 2%; S&P 500 Down Over 100 Points
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
David Hawley
David Hawley Oct 07, 2022 20:14
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yanks panicking again
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email