Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Lisa Levin

Dow Hits New 2022 Low; Gold Falls Sharply

U.S. stocks extended losses toward the end of trading, with the Dow Jones dropping to a fresh low for the year.

The Dow traded down 2.48% to 29,331.80 while the NASDAQ fell 2.78% to 10,759.32. The S&P 500 also fell, dropping, 2.67% to 3,657.63.

Also check this: Ethereum Rises Above This Major Level, Here Are Other Crypto Movers That Should Be On Your Radar Today


Leading and Lagging Sectors


Health care shares fell by just 1.5% on Friday.

In trading on Friday, energy shares dipped by 7.2%.


Top Headline


The S&P Global services PMI climbed to 49.2 in September from 43.7 in the prior month, while manufacturing PMI rose to 51.8 in September from 51.5 in August.


Equities Trading UP

 

  • Snow Lake Resources Ltd. (NASDAQ:LITM) shares shot up 42% to $3.2750 following news the company will collaborate with an LG unit to form a North American supply chain for lithium.
  • Shares of Athersys, Inc. (NASDAQ:ATHX) got a boost, shooting 36% to $1.5911 after the company announced it entered into amended agreements to extend the exercise period of the warrants that were issued as part of a recent registered direct offering.
  • Sonendo, Inc. (NYSE:SONX) shares were also up, gaining 21% to $1.10. Sonendo announced a private placement of common stock and pre-funded warrants, resulting in gross proceeds of $63 million led by a consortium of new and existing investors.

 

Equities Trading DOWN

  • Avenue Therapeutics, Inc. (NASDAQ:ATXI) shares tumbled 37% to $4.1501 after the company received the official meeting minutes from the FDA regarding a meeting conducted for IV Tramadol in combination with other opioid analgesics to manage moderate-to-moderately severe pain. Concurrently, Avenue Therapeutics announced that it would effect a 1-for-15 reverse stock split.
  • Shares of Splash Beverage Group, Inc. (NASDAQ:SBEV) were down 28% to $1.39 after the company announced pricing of a $3.1 million public offering of 2 million shares of common stock at $1.55 per share.
  • Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was down, falling 33% to $0.4234 after the FDA Oncologic Drugs Advisory Committee voted 9-4 that the current benefits of poziotinib did not outweigh its risks.


Also check out: Why Fear Level Among US Investors Is Increasing


Commodities

In commodity news, oil traded down 5.7% to $78.75, while gold traded down 1.8% at $1,651.10.


Silver traded down 4% to $18.825 on Friday while copper fell 3.8% to $3.3410.


Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 2.34%, London’s FTSE 100 fell 1.97% while Spain’s IBEX 35 Index fell 2.46%. The German DAX dropped 1.97%, French CAC 40 fell 2.28% and Italy’s FTSE MIB Index fell 3.36%.


The S&P Global Flash Eurozone services PMI declined to 48.9 in September from 49.8 in August, while manufacturing PMI slipped to 48.5 from 49.6. The S&P Global Flash Eurozone Composite PMI dropped to 48.2 in September from August’s reading of 48.9.


The S&P Global/CIPS UK manufacturing PMI climbed to 48.5 in September from 47.3 a month ago, while GfK consumer confidence indicator declined to -49 in September from -44 in the previous month. French composite PMI increased to 51.2 in September versus a 17-month low level of 50.4 in August, while German composite PMI declined to 45.9 from 46.9 in August. Spanish quarterly economic growth accelerated to 1.5% in the second quarter versus a preliminary reading of 1.1%.

 

Economics

 

  • The S&P Global services PMI climbed to 49.2 in September from 43.7 in the prior month, while manufacturing PMI rose to 51.8 in September from 51.5 in August.
  • The total number of active U.S. oil rigs climbed by 3 to 602 rigs this week, Baker Hughes Inc reported.


Check out this:
US Stocks Settle Lower For Third Consecutive Session Amid Low Volatility


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,795,720 cases with around 1,080,830 deaths. India confirmed a total of at least 44,558,420 cases and 528,440 deaths, while France reported over 35,050,130 COVID-19 cases with 154,850 deaths. In total, there were at least 619,319,370 cases of COVID-19 worldwide with more than 6,537,030 deaths.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.