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Mid-Afternoon Market Update: Nasdaq Down 200 Points; Dutch Bros Shares Plunge

By Lisa Levin

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping more than 200 points on Thursday.

The Dow traded down 1.68% to 31,299.91 while the NASDAQ fell 1.88% to 11,150.53. The S&P also fell, dropping, 1.70% to 3,868.37.

Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks


Leading and Lagging Sectors


Health care shares rose by 0.3% on Thursday. Meanwhile, top gainers in the sector included Compass Therapeutics, Inc. (NASDAQ:CMPX), up 28% and Cullinan Oncology, Inc. (NASDAQ:CGEM) up 26%.


In trading on Thursday, information technology shares dipped 2.7%.


Top Headline


U.S. producer prices rose 0.5% month-over-month in April following a revised 1.6% increase in March.

 

Equities Trading UP


AppLovin Corporation (NASDAQ:APP) shares shot up 36% to $37.17 after the company reported better-than-expected Q1 sales results and announced a $750 million share buyback.


Shares of Squarespace, Inc. (NYSE:SQSP) got a boost, shooting 39% to $20.11 after the company reported better-than-expected Q1 sales results and issued Q2 and FY22 sales guidance above analyst estimates. The company also announced a buyback program of up to $200 million.


Lordstown Motors Corp. (NASDAQ:RIDE) shares were also up, gaining 43% to $2.1650. The company said on Wednesday it has closed a $230 million deal to sell its Ohio factory to Taiwan’s Hon Hai Technology, better known as Foxconn


Equities Trading DOWN

Dutch Bros Inc. (NYSE:BROS) shares tumbled 29% to $24.51 after the company reported worse-than-expected Q1 EPS results and issued FY22 revenue guidance below analyst estimates.


Shares of Atento S.A. (NYSE:ATTO) were down 35% to $15.25 after reporting Q1 results.


Outbrain Inc. (NASDAQ:OB) was down, falling 21% to $6.24 after reporting Q1 results.


Also check out: 4 Stocks Under $3 Insiders Are Aggressively Buying


Commodities

In commodity news, oil traded down 0.2% to $105.52, while gold traded down 1.7% to $1,822.10.


Silver traded down 4.5% to $20.615 on Thursday while copper fell 2.9% to $4.0875.



Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 0.75%, London’s FTSE 100 dipped 1.56% and Spain’s IBEX 35 Index fell 1.35%. The German DAX dropped 0.64%, French CAC 40 fell 1.01% and Italy’s FTSE MIB Index declined 0.67%.

The British economy grew 8.7% year-over-year in the first quarter, compared to 6.6% growth in the previous quarter. Construction output in the UK increased by 4.7% year-over-year in March, while industrial production eased 0.2% from a month ago in March. The UK trade deficit widened to GBP 11.5 billion in March from a revised GBP 9.2 billion gap in the prior month.


Economics


U.S. initial jobless claims rose by 1 thousand to 203 thousand in the week ended May 7th, versus a revised 202 thousand in the prior period.


Producer prices rose 0.5% month-over-month in April following a revised 1.6% increase in March.


Federal Reserve Bank of San Francisco President Mary Daly will speak at 4:00 p.m. ET.

Check out this: Apple And 3 Other Stocks Insiders Are Selling

Check out our premarket coverage here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,953,370 cases with around 1,025,760 deaths. India confirmed a total of at least 43,113,410 cases and 524,180 deaths, while Brazil reported over 30,617,780 COVID-19 cases with 664,560 deaths. In total, there were at least 519,244,720 cases of COVID-19 worldwide with more than 6,282,530 deaths.

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Dive Deeper:
Mid-Afternoon Market Update: Nasdaq Jumps 400 Points; Duolingo Shares Spike Higher
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite adding 400 points on Friday.
Mid-Afternoon Market Update: Nasdaq Jumps Over 200 Points; Crude Oil Down 3%
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Tuesday.
Mid-Afternoon Market Update: Dow Tumbles Over 100 Points; H&R Block Shares Spike Higher
U.S. stocks trade lower toward the end of trading, with the Dow Jones dropping more than 100 points on Wednesday.
Mid-Morning Market Update: Markets Open Higher; Nasdaq Jumps Over 200 Points
U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 200 points on Tuesday.
One subscription that gives you access to news from hundreds of sites
Mid-Morning Market Update: Markets Open Lower; U.S. Producer Prices Rise 0.5% In April
U.S. stocks traded lower this morning, with the Dow Jones dropping more than 200 points on Thursday.
Mid-Day Market Update: Dow Tumbles 350 Points; AppLovin Shares Jump
U.S. stocks traded lower this morning, with the Dow Jones dropping more than 350 points on Thursday.
Get all your news in one place