US Stocks Open Lower; Dow Tumbles 400 Points

Author: Lisa Levin | September 23, 2022 09:11am

U.S. stocks traded lower this morning, with the Dow Jones dropping around 400 points on Friday.

Following the market opening Friday, the Dow traded down 1.34% to 29,673.72 while the NASDAQ fell 1.96% to 10,849.83. The S&P 500 also fell, dropping, 1.75% to 3,692.24.

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Leading and Lagging Sectors

Health care shares fell by just 0.7% on Friday.

In trading on Friday, energy shares dipped by 6.5%.

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 25% to $2.88 following news the company will collaborate with an LG unit to form a North American supply chain for lithium.
• Shares of Vertical Aerospace Ltd. (NYSE:EVTL) got a boost, shooting 15% to $7.19.
• Global Cord Blood Corporation (NYSE:CO) shares were also up, gaining 17% to $2.6032.

 

 

Equities Trading DOWN

• Avenue Therapeutics, Inc. (NASDAQ:ATXI) shares tumbled 28% to $4.7601 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 Silver Crest Acquisition Corporation (NASDAQ:SLCR) were down 22% to $7.18
• Artivion, Inc. (NYSE:AORT) was down, falling 19% to $15.05 after the company announced that it has stopped the PROACT Xa clinical trial.

 

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Commodities

In commodity news, oil traded down 5.5% to $78.90, while gold traded down 1.7% at $ 1,652.50.

Silver traded down 3.6% to $18.92 on Friday while copper fell 3.9% to $3.3375.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.2%, London’s FTSE 100 fell 2.3% while Spain’s IBEX 35 Index fell 2.5%. The German DAX dropped 1.9%, French CAC 40 fell 2.4% and Italy’s FTSE MIB Index fell 3.1%.

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 Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
• US Federal Reserve Chair Jerome Powell is set to speak at 2:00 p.m. ET.
• Federal Reserve Vice Chair Lael Brainard Lael Brainard and Federal Reserve Governor Michelle Bowman will speak at 2:05 p.m. ET.

 

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.

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