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News

US Stocks Turn Lower; Dow Tumbles Over 200 Points

Author: Lisa Levin | September 29, 2023 02:33pm

U.S. stocks turned lower toward the end of trading, with the Dow Jones falling over 200 points on Friday.

The Dow traded down 0.70% to 33,432.17 while the NASDAQ fell 0.15% to 13,181.22. The S&P 500 also fell, dropping, 0.50% to 4,278.38.

Check This Out: Pinterest, Cloudflare And 2 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

Information technology shares rose by 0.2% on Friday.

In trading on Friday, energy shares fell by 2.2%.

 

Top Headline

Carnival Corp (NYSE:CCL) reported better-than-expected earnings for its third quarter on Friday.

The company posted quarterly sales growth of 59% year-on-year to $6.85 billion, beating the analyst consensus of $6.69 billion. Adjusted EPS of $0.86 beat the consensus of $0.75.

 

Equities Trading UP

Novo Integrated Sciences, Inc. (NASDAQ:NVOS) shares shot up 54% to $0.3090 after the company announced it signed a One Billion Dollar Master Collateral Transfer Agreement with Blacksheep Trust for the purpose and general use of monetization for a period of up to 15 years..

Shares of Blue Apron Holdings, Inc. (NASDAQ:APRN) got a boost, shooting 134% to $12.82 after the company announced an agreement to be acquired by Wonder Group for $13 per share.

OpGen, Inc. (NASDAQ:OPGN) shares were also up, gaining 84% to $0.37 after the company requested to withdraw its registration statement on Form S-1.

 

Equities Trading DOWN

The Glimpse Group, Inc. (NASDAQ:VRAR) shares dropped 43% to $1.84 after the company reported FY23 financial results.

Shares of Capricor Therapeutics, Inc. (NASDAQ:CAPR) were down 42% to $3.3799 after the company announced a $23 million registered direct offering.

EBET, Inc. (NASDAQ:EBET) was down, falling 35% to $0.0336 after the company announced a 1-for-30 reverse stock split.

Also Check This Out: Nike To Rally Around 53%? Here Are 10 Other Analyst Forecasts For Friday

 

Commodities

In commodity news, oil traded down 1.3% to $90.53 while gold traded down 0.7% at $1,866.30.

Silver traded up 1.5% to $22.41 on Friday while copper rose 0.5% to $3.7280.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.38% London’s FTSE 100 gained 0.08% while Spain’s IBEX 35 Index rose 0.01% The German DAX rose 0.41% French CAC 40 rose 0.26%, while Italy’s FTSE MIB Index rose 0.28%.

The inflation rate in the Eurozone eased to 4.3% year-over-year in September, versus the market estimates of 4.5%. French consumer price inflation was steady at 4.9% year-over-year in September, while producer prices in its domestic markets rose 0.6% month-over-month in August. German jobless rate came in steady for the third straight month at 5.7% for September, while retail sales in the country fell by 1.2% month-over-month in August.

Spain recorded a current account surplus of EUR 4,270 million in July versus a year-ago surplus of EUR 2,027 million. The gross domestic product in the UK increased by 0.6% year-over-year in the second quarter, while consumer credit in the UK increased by £1.644 billion in August versus a revised £1.271 billion rise in July. The current account gap in the UK increased to £25.3 billion in the second quarter of versus a revised £15.2 billion gap in the prior period.

 

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 falling 0.05% and Hong Kong’s Hang Seng Index gaining 2.51%. India’s S&P BSE Sensex, meanwhile, rose 0.4%.

Retail sales in Hong Kong eased to 11% year-over-year in August versus a revised 14.2% rise in the prior month. Japan's housing starts fell by 9.4% year-over-year in August, while consumer confidence index fell to a six-month low level of 35.2 in September. Retail sales in Japan climbed 7% year-over-year in August, while industrial production came in flat from the previous month in August.

 

Economics

The headline PCE price index increased from an upwardly revised 3.4% in July to 3.5% year-on-year in August 2023, matching the expected 3.5% and marking the second consecutive monthly rise. Excluding energy and food items from the basket, the core PCE price index dropped from 4.2% in July to 3.9% year-on-year in August, as expected.

Wholesale inventories in the U.S. fell by 0.1% month-over-month in August versus a 0.2% decline in the previous month.

Personal spending in the U.S. rose 0.4% month-over-month in August, while personal income increased by 0.4% in August.

The Chicago PMI declined to 44.1 in September from 48.7 in August.

The University of Michigan consumer sentiment was revised higher to 68.1 in September from a preliminary reading of 67.7.

The total number of active U.S. oil rigs fell by 5 to 502 rigs this week, Baker Hughes Inc reported.

Now Read This: Top 4 Consumer Stocks That May Fall Off A Cliff

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,706,440 cases with around 1,176,770 deaths. India confirmed a total of at least 44,998,700 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,936,210 cases of COVID-19 worldwide with more than 6,920,990 deaths.

Posted In: APRN CAPR CCL EBET NVOS OPGN VRAR

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