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Mid-Morning Market Update: Markets Open Lower; U.S. Producer Prices Rise 0.5% In April

By Lisa Levin

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 200 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.75% to 31,596.05 while the NASDAQ fell 0.94% to 11,257.85. The S&P also fell, dropping, 1% to 3,895.68.

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


Leading and Lagging Sectors


Consumer staples shares rose by 0.3% on Thursday. Meanwhile, top gainers in the sector included SunOpta Inc. (NASDAQ:STKL), up 20% and Herbalife Nutrition Ltd. (NYSE:HLF) up 10%.


In trading on Thursday, energy shares dipped 2.8%.


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 42% to $38.69 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 31% to $18.87 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.


Bumble Inc. (NASDAQ:BMBL) shares were also up, gaining 29% to $22.81 after the company reported better-than-expected Q1 results.


Equities Trading DOWN

Dutch Bros Inc. (NYSE:BROS) shares tumbled 32% to $23.36 after the company reported worse-than-expected Q1 EPS results and issued FY22 revenue guidance below analyst estimates.


Shares of Tenon Medical, Inc. (NASDAQ:TNON) were down 29% to $25.92.


iMedia Brands, Inc. (NASDAQ:IMBI) was down, falling 29% to $2.10 after the company announced pricing of $24 million registered direct offering.

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


Commodities

In commodity news, oil traded down 0.2% to $105.53, while gold traded down 0.9% to $1,837.20.


Silver traded down 3.2% to $20.88 on Thursday while copper fell 3.6% to $4.0560.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 1.6%, London’s FTSE 100 dipped 2% and Spain’s IBEX 35 Index fell 1.9%. The German DAX dropped 1.6%, French CAC 40 fell 1.9% and Italy’s FTSE MIB Index declined 1.5%.

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.


The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.


The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.


The Treasury will auction 30-year bonds at 1:00 p.m. ET.


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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