US Stocks Open Lower; Dow Drops Over 200 Points

Author: Lisa Levin | October 06, 2022 10:26am

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 0.82% to 30,026.56 while the NASDAQ fell 0.72% to 11,068.08. The S&P 500 also fell, dropping, 0.78% to 3,753.79.

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Leading and Lagging Sectors

Energy shares jumped by 0.8% on Thursday. Leading the sector was strength from SEACOR Marine Holdings Inc. (NYSE:SMHI) and Natural Gas Services Group, Inc. (NYSE:NGS).

In trading on Thursday, utilities shares fell by 2.3%.

Top Headline

 

US initial jobless claims rose by 29,000 to 219,000 in the week that ended October 1st, above market expectations of 203,000.

 

Equities Trading UP

 

• Pineapple Energy Inc. (NASDAQ:PEGY) shares shot up 36% to $3.74 after jumping 93% on Wednesday. Pineapple Energy recently named Eric Ingvaldson as new Chief Financial Officer.
• Shares of Atlis Motor Vehicles, Inc. (NASDAQ:AMV) got a boost, shooting 36% to $17.04.
• HeartBeam, Inc. (NASDAQ:BEAT) shares were also up, gaining 32% to $6.01 after the company announced it expanded its product portfolio pipeline to include smartwatch connectivity.

 

 

Equities Trading DOWN

• Jowell Global Ltd. (NASDAQ:JWEL) shares tumbled 19% to $2.25. Jowell Global recently posted 1H loss of $0.30 per share.
• Shares of Chardan NexTech Acquisition 2 Corp. (NASDAQ:CNTQ) were down 29% to $15.65 after jumping around 103% on Wednesday.
• Top Ships Inc. (NASDAQ:TOPS) was down, falling 26% to $7.33 after jumping 82% on Wednesday. TOP Ships recently announced 1H FY22 revenue of $38.8 million.

 

Also check out: Sotera Health, SMART Global And Other Big Losers From Wednesday

Commodities

In commodity news, oil traded up 0.4% to $88.13, while gold traded down 0.1% at $1,720.20.

Silver traded down 0.5% to $20.45 on Thursday while copper fell 0.6% to $3.4790.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 fell 1.2% while Spain’s IBEX 35 Index fell 1%. The German DAX dropped 0.4%, French CAC 40 fell 1% and Italy’s FTSE MIB Index fell 1.2%.

The S&P Global Eurozone construction PMI rose to 45.3 in September from 44.2 in the previous month, recording contraction for the fifth straight month. The S&P Global/CIPS UK construction PMI climbed to 52.3 in September from 49.2 in the prior month.

Passenger car registrations in France surged 5.5% year-over-year to 141,142 units in September, while construction PMI rose to 49.1 in September from 48.2 a month ago. German construction PMI declined to 41.8 in September from 42.6 in August, while factory orders in Germany slipped 2.4% month-over-month in August. The S&P Global Italy construction PMI surged to 46.7 in September from 41.2 in August. Industrial production in Spain climbed 5.5% year-over-year in August.

 

Economics

 

• US-based companies announced plans to reduce 29,989 jobs from their payrolls during the month of September.
• US initial jobless claims rose by 29,000 to 219,000 in the week that ended October 1st, above market expectations of 203,000.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
• The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
• Federal Reserve board governor Lisa Cook is set to speak at 1:00 p.m. ET.
• Federal Reserve Bank of Chicago President Charles Evans will speak at 1:00 p.m. ET.
• Federal Reserve Governor Christopher Waller is set to speak at 5:00 p.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester will speak at 6:30 p.m. ET.

 

Check out this: Volatility In Markets Decreases Further, Here's Why

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,411,240 cases with around 1,086,680 deaths. India confirmed a total of at least 44,604,460 cases and 528,740 deaths, while France reported over 35,639,690 COVID-19 cases with 155,310 deaths. In total, there were at least 625,040,080 cases of COVID-19 worldwide with more than 6,555,810 deaths.

Posted In: AMV BEAT CNTQ JWEL NGS PEGY SMHI TOPS