• Mon. Feb 6th, 2023

Dow Falls Over 200 Points; Deere Earnings Miss Estimates

ByLisa Levin

Aug 19, 2022
Dow Falls Over 200 Points; Deere Earnings Miss Estimates

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

Following the market opening Friday, the Dow traded down 0.71% to 33,759.27 while the NASDAQ fell 1.59% to 12,759.55. The S&P also fell, dropping, 1.03% to 4,239.50.

Also check this: BJ’s Wholesale Club, Cisco, Canadian Solar And Some Other Big Stocks Recording Gains On Thursday



Leading and Lagging Sectors



Health care shares climbed 0.1% on Friday. Meanwhile, top gainers in the sector included Axsome Therapeutics, Inc. AXSM, up 37% and Summit Therapeutics Inc. SMMT up 26%.



In trading on Friday, communication services shares fell by 1.6%.



Top Headline



Deere & Company DE reported worse-than-expected Q3 EPS results.

Deere reported third-quarter FY22 net sales and revenue growth of 22% year-over-year to $14.1 billion, beating the consensus of $12.78 billion. EPS increased to $6.16, missing the consensus of $6.69.

 

Equities Trading UP



GigaCloud Technology Inc GCT shares shot up 144% to $38.28 n continued volatility following the company’s IPO on Thursday.



Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting 38% to $58.43 after the company announced the U.S. FDA has approved Auvelity for the treatment of major depressive disorder in adults.



TDH Holdings, Inc. PETZ shares were also up, gaining 20% to $3.60. TDH Holdings Acquired 100% of the equity interests of Beijing Wenxin Company., Ltd.



Equities Trading DOWN

Bed Bath & Beyond Inc. BBBY shares tumbled 42% to $10.82 after an amended 13D filing showed Ryan Cohen has a 0% stake in the company.



Shares of Capstone Green Energy Corporation CGRN were down 39% to $2.4099 after the company announced the pricing of a public offering of 2,934,498 shares valued at approximately $8 million.



Accelerate Diagnostics, Inc. AXDX was down, falling 27% to $1.82 after the company announced the pricing of a public offering of 17,500,000 shares valued at approximately $35 million.



Also check out: Investor Optimism Decreases Slightly As Fear & Greed Index Remains In Neutral Zone



Commodities

In commodity news, oil traded down 0.1% to $90.44, while gold traded down 0.3% to $1,766.10.



Silver traded down 2.5% to $18.97 on Friday while copper rose 0.5% to $3.6505.

Euro zone



European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.9%. The German DAX dropped 0.8%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 1.7%.



The Eurozone’s current account surplus shrank to EUR 3.2 billion in June from EUR 27.6 billion in the year-ago month. Annual producer inflation in Germany climbed to a fresh record high of 37.2% in July from 32.7% in the previous month.



Retail sales in the UK increased 0.3% over the prior month in July beating market expectations for a 0.2% decline, while GfK consumer confidence indicator in the country dropped to -44 in August versus -41 in July.



Economics

 

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Check out this: U.S. Stocks End Slightly Higher But Market Volatility Increases



COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,186,070 cases with around 1,064,780 deaths. India confirmed a total of at least 44,314,610 cases and 527,250 deaths, while France reported over 34,299,680 COVID-19 cases with 153,420 deaths. In total, there were at least 599,199,900 cases of COVID-19 worldwide with more than 6,466,970 deaths.

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Image and article originally from www.benzinga.com. Read the original article here.