U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping over 250 points on Friday.
The Dow traded down 0.85% to 33,711.05 while the NASDAQ fell 2.04% to 12,701.42. The S&P 500 also fell, dropping, 1.27% to 4,229.18.
Leading and Lagging Sectors
Health care shares climbed 0.7% on Friday. Meanwhile, top gainers in the SMMT) up 21%.
In trading on Friday, consumer discretionary shares fell by 2%.
Top Headline
Deere & Company (NYSE:DE) reported worse-than-expected Q3 EPS results.
Deere reported third-quarter FY22 net sales and revenue growth of 22% year-over-year to $14.1 billion, beating the consensus of $12.78 billion. EPS increased to $6.16, missing the consensus of $6.69.
Equities Trading UP
- GigaCloud Technology Inc (NASDAQ:GCT) shares shot up 175% to $43.17 on continued volatility following the company's IPO on Thursday.
- Shares of Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE) got a boost, shooting 71% to $0.8638 after the company announced a marketing authorization application for pegzilarginase for the treatment of Arginase 1 deficiency has been submitted to and successfully validated by the European Medicines Agency.
- Volcon, Inc. (NASDAQ:VLCN) shares were also up, gaining 64% to $3.01 after the company announced it has received over $100 million of pre-production orders for the Stag.
Equities Trading DOWN
- Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares tumbled 38% to $11.47 after an amended 13D filing showed Ryan Cohen has a 0% stake in the company.
- Shares of Capstone Green Energy Corporation (NASDAQ:CGRN) were down 39% to $2.4101 after the company announced the pricing of a public offering of 2,934,498 shares valued at approximately $8 million.
- Accelerate Diagnostics, Inc. (NASDAQ:AXDX) was down, falling 36% to $1.5899 after the company announced the pricing of a public offering of 17,500,000 shares valued at approximately $35 million.
Also check out: Investor Optimism Decreases Slightly As Fear & Greed Index Remains In Neutral Zone
Commodities
In commodity news, oil traded up 1.1% to $91.45, while gold traded down 0.5% to $1,763.30.
Silver traded down 2.1% to $19.065 on Friday while copper rose 0.8% to $3.6620.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.77%, London’s FTSE 100 rose 0.11% while Spain’s IBEX 35 Index fell 1.09%. The German DAX dropped 1.12%, French CAC 40 fell 0.94% and Italy’s FTSE MIB Index fell 1.96%.
The Eurozone’s current account surplus shrank to EUR 3.2 billion in June from EUR 27.6 billion in the year-ago month. Annual producer inflation in Germany climbed to a fresh record high of 37.2% in July from 32.7% in the previous month.
Retail sales in the UK increased 0.3% over the prior month in July beating market expectations for a 0.2% decline, while GfK consumer confidence indicator in the country dropped to -44 in August versus -41 in July.
Economics
The total number of active U.S. oil rigs came in unchanged at 601 rigs this week, Baker Hughes Inc reported.
Check out this: U.S. Stocks End Slightly Higher But Market Volatility Increases
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,186,070 cases with around 1,064,780 deaths. India confirmed a total of at least 44,314,610 cases and 527,250 deaths, while France reported over 34,299,680 COVID-19 cases with 153,420 deaths. In total, there were at least 599,199,900 cases of COVID-19 worldwide with more than 6,466,970 deaths.
