Nasdaq Tumbles 2%; Timber Pharmaceuticals Shares Spike Higher

Author: Lisa Levin | February 24, 2023 01:29pm

U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 450 points on Friday.

The Dow traded down 1.39% to 32,692.94 while the NASDAQ fell 2.14% to 11,342.36. The S&P 500 also fell, dropping, 1.60% to 3,948.04.

Check This Out: Check Out 3 High-Yielding Dividend Stocks In Industrials Sector From Wall Street's Most Accurate Analysts

 

Leading and Lagging Sectors

• Financials shares fell by just 0.6% on Friday. Meanwhile, top gainers in the sector included Universal Insurance Holdings, Inc. (NYSE:UVE), up 12%, and Banco BBVA Argentina S.A. (NYSE:BBAR), up 4%.
• In trading on Friday, information technology shares dipped by 2.2%.

 

Top Headline

Personal spending in the US rose 1.8% month-over-month in January. Core PCE prices in the US rose by 0.6% month-over-month in January.

 

Equities Trading UP

• Bridger Aerospace Group Holdings, Inc. (NASDAQ:BAER) shares shot up 65% to $7.29. Jeffrey E. Kelter reported a 22.4% stake in a 13D filing on Thursday.
• Shares of Timber Pharmaceuticals Inc (NASDAQ:TMBR) got a boost, shooting 47% to $2.84 after the company announced the European Commission granted orphan drug designation for TMB-001 for the treatment of X-linked recessive ichthyosis.
• Cingulate Inc (NASDAQ:CING) shares were also up, gaining 51% to $1.64 after the company reported top-line results from the fed/fast study of CTx-1301-003 for ADHD. The trial demonstrated that CTx-1301 can be taken with or without food.

 

Equities Trading DOWN

• Fulcrum Therapeutics, Inc. (NASDAQ:FULC) shares tumbled 56% to $5.66 after the company announced a clinical hold on FTX-6058 in sickle cell disease.
• Shares of SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) were down 55% to $1.65 after the company announced pricing of a $20 million underwritten public offering.
• Nektar Therapeutics (NASDAQ:NKTR) was down, falling 46% to $1.60 after the company reported its SLE trial failed to achieve its primary endpoint.

Also Check This Out: Top 5 Energy Stocks That May Plunge This Month

 

Commodities

In commodity news, oil traded down 0.2% to $75.28 while gold traded down 0.5% at $1,817.80.

Silver traded down 2% to $20.885 on Friday while copper fell 2.3% to $3.9655.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.94%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.27%. The German DAX dropped 1.57% French CAC 40 fell 1.53% and Italy’s FTSE MIB Index dropped 1.08%.

The consumer confidence indicator for France slipped to 82 in February versus a revised reading of 83 in January. German GfK Consumer Climate Indicator climbed to -30.5 heading into March versus a revised level of -33.8 in February, while the country’s economy contracted 0.4% on quarter in the fourth quarter.

The GfK Consumer Confidence indicator in the UK rose to -38 in February versus -45 in the earlier month, while car production in the country declined 0.3% year-over-year to 68,790 units in January.

 

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 gaining 1.29%, Hong Kong’s Hang Seng Index falling 1.68% and China’s Shanghai Composite Index dropping 0.62%. India’s S&P BSE Sensex dropped 0.4%.

The annual inflation rate in Japan accelerated to 4.3% in January from 4.0% in the previous month, while food prices increased by 7.3% year-over-year in January.

 

Economics

• Personal spending in the US rose 1.8% month-over-month in January.
• Core PCE prices in the US rose by 0.6% month-over-month in January.
• Personal income increased by 0.6% from a month ago in January.
• Building permits rose 0.1% to an annual rate of 1.339 million in January.

Now Read This: Walmart, Amazon And 2 Other Stocks Insiders Are Selling

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 105,161,020 cases with around 1,144,360 deaths. India confirmed a total of at least 44,685,610 cases and 530,760 deaths, while France reported over 39,605,030 COVID-19 cases with 164,840 deaths. In total, there were at least 679,352,150 cases of COVID-19 worldwide with more than 6,796,180 deaths.

Posted In: BAER BBAR CING FULC NKTR SLS TMBR UVE