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News

Nasdaq Down 100 Points; Wholesale Prices Rise More Than Expected

Author: Lisa Levin | August 11, 2023 09:48am

U.S. stocks traded lower this morning, following the release of PPI data on Friday.

Following the market opening Friday, the Dow traded down 0.16% to 35,121.51 while the NASDAQ fell 0.84% to 13,622.68. The S&P 500, also fell, dropping, 0.49% to 4,446.98.

Check This Out: Amazon To Rally Over 66%? Here Are 10 Other Analyst Forecasts For Friday

 

Leading and Lagging Sectors

Energy shares jumped by 0.3% on Friday.

In trading on Friday, information technology shares fell by 0.7%.

 

Top Headline

Producer prices in the U.S. increased 0.3% month-over-month in July, recording the biggest rise since January, following a revised flat reading for June. However, analysts were expecting a 0.2% increase in prices.

 

Equities Trading UP

Amyris, Inc. (NASDAQ:AMRS) shares shot up 97% to $0.1311. Amyris shares dipped over 80% on Thursday after the company announced it filed for Chapter 11 bankruptcy.

Shares of Telesat Corporation (NASDAQ:TSAT) got a boost, shooting 48% to $12.54 after the company reported second-quarter results and tapped MDA under a $2.1 billion deal as prime satellite manufacturer of advanced Telesat Lightspeed Low Earth Orbit constellation.

WeWork Inc. (NYSE:WE) shares were also up, gaining 43% to $0.2649 after jumping 43% on Thursday. The stock has been volatile after the company recently said there was substantial doubt over its ability to stay in business.

 

Equities Trading DOWN

Yield10 Bioscience, Inc. (NASDAQ:YTEN) shares dropped 58% to $0.42 after the company announced pricing of a $3.7 million public offering.

Shares of Cano Health, Inc. (NYSE:CANO) were down 59% to $0.6170 after the company reported worse-than-expected second-quarter financial results, withdrew its guidance and said it is pursuing a sale process. The company also expressed doubt over its ability to continue as a going concern.

The Joint Corp. (NASDAQ:JYNT) was down, falling 26% to $9.40 after the company reported posted operating highlights for the second quarter.

Also Check This Out: Top 5 Tech And Telecom Stocks That May Explode This Month

 

Commodities

In commodity news, oil traded up 0.1% to $82.86 while gold traded down 0.1% at $1,947.30.

Silver traded down 0.5% to $22.71 on Friday while copper fell 1.5% to $3.7085.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.2%, London’s FTSE 100 fell 1.3% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 1% French CAC 40 fell 1.4% and Italy’s FTSE MIB Index fell 1%.

Italy recorded a trade surplus of EUR 7.7 billion in June, compared to a EUR 2.5 billion deficit in June. Annual inflation rate in Spain rose to 2.3% in July from 1.9% in the prior month, while annual inflation rate in France eased to 4.3% in July from 4.5% in the previous month

The British economy grew 0.4% year-over-year in the second quarter, versus a 0.2% expansion in the first three months of the year. The UK trade deficit narrowed to £4.79 billion in June versus a revised £7.66 billion gap in May. Industrial production in the UK rose 1.8% month-over-month in June.

 

Asia Pacific Markets

Asian markets closed lower on Friday, with China’s Shanghai Composite Index falling 2.01% and Hong Kong’s Hang Seng Index falling 0.90%. India’s S&P BSE Sensex, meanwhile, fell 0.56%.

Hong Kong’s economic growth slowed to 1.5% year-over-year in the second quarter, from 2.9% in the previous period. Vehicle sales in China declined 1.4% year-over-year to 2.387 million units in July.

 

Economics

Producer prices in the U.S. increased 0.3% month-over-month in July, recording the biggest rise since January, following a revised flat reading for June. However, analysts were expecting a 0.2% increase in prices.

Now Read This: Domino's Pizza, U.S. Bancorp 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 107,708,990 cases with around 1,171,690 deaths. India confirmed a total of at least 44,996,150 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,161,540 cases of COVID-19 worldwide with more than 6,906,720 deaths.

Posted In: AMRS CANO JYNT TSAT WE YTEN

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