US Stocks Open Lower; Nasdaq Down Over 1%

Author: Lisa Levin | April 10, 2023 09:57am

U.S. stocks traded lower this morning, with the Nasdaq Composite dropping over 1% on Monday.

Following the market opening Monday, the Dow traded down 0.20% to 33,417.76 while the NASDAQ fell 1.11% to 11,953.54. The S&P 500, also fell, dropping, 0.61% to 4,080.05.

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Top Headline

On Friday, the Labor Department reported the U.S. economy added 236,000 jobs in March, just shy of market estimates of 240,000 jobs. U.S. wages increased 4.2% year-over-year, while the unemployment rate fell from 3.6% to 3.5%.

 

Equities Trading UP

• Guardforce AI Co., Limited (NASDAQ:GFAI) shares shot up 41% to $18.02 amid continued volatility in AI stocks.
• Shares of Ebix, Inc. (NASDAQ:EBIX) got a boost, shooting 30% to $16.93. Ebix named executive Amit K. Garg as CFO effective April 21. EbixCash Limited, a subsidiary of Ebix, received Securities and Exchange Board of India clearance for its proposed initial public offering.
• The Arena Group Holdings, Inc. (NYSE:AREN) shares were also up, gaining 23% to $4.97. The Arena Group recently raised $11.5 million via secondary stock offering 2.96 million shares at $3.88 per share.

 

Equities Trading DOWN

• Tupperware Brands Corporation (NYSE:TUP) shares dropped 39% to $1.47 after the company announced a substantial doubt about its ability to continue as a going concern.
• Shares of AudioCodes Ltd. (NASDAQ:AUDC) were down 14% to $12.34 after the company issued Q1 guidance.
• BP Prudhoe Bay Royalty Trust (NYSE:BPT) was down, falling 12% to $7.34. BP Prudhoe Bay Royalty Trust said unitholders will not receive a dividend payment for the quarter ended March 31, 2023.
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Commodities

In commodity news, oil traded up 0.1% to $80.79 while gold traded down 0.9% at $ 2,007.30.

Silver traded down 0.5% to $24.98 on Monday while copper fell 0.9% to $ 3.9810.

 

Euro zone

European markets were closed for Easter Monday.

 

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.42% and China’s Shanghai Composite Index dropping 0.37%. India’s S&P BSE Sensex rose 0.02%.

The gauge for Japan's service sector sentiment rose 1.3 points to 53.3 in March, while consumer confidence index rose to 33.9 in March from 31.1 in the prior month. Japan recorded a current account surplus of JPY 2,197.2 billion in February versus a record gap of JPY 1,976.6 billion in the prior month.

 

Economics

On Friday, the Labor Department reported the U.S. economy added 236,000 jobs in March, just shy of market estimates of 240,000 jobs. U.S. wages increased 4.2% year-over-year, while the unemployment rate fell from 3.6% to 3.5%.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,363,940 cases with around 1,156,890 deaths. India confirmed a total of at least 44,762,490 cases and 530,970 deaths, while France reported over 39,850,030 COVID-19 cases with 165,850 deaths. In total, there were at least 684,984,570 cases of COVID-19 worldwide with more than 6,837,790 deaths.

Posted In: AMC AREN AUDC BPT EBIX GFAI SKLZ TUP