Nasdaq Drops Over 200 Points; Microsoft Shares Down After Q1 Results

Author: Lisa Levin | October 26, 2022 01:58pm

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite dropping more than 200 points on Wednesday.

The Dow traded down 0.03% to 31,825.65 while the NASDAQ fell 1.91% to 10,985.06. The S&P 500 also fell, dropping, 0.71% to 3,831.77.

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Leading and Lagging Sectors

Energy shares climbed 1.6% on Wednesday. Leading the sector was strength from Nabors Industries Ltd. (NYSE:NBR) and Helix Energy Solutions Group, Inc. (NYSE:HLX).

In trading on Wednesday, communication services shares dipped by 4.1%.

Top Headline

 

Microsoft Corporation (NASDAQ:MSFT) posted better-than-expected earnings for its first quarter.

Revenue for the Microsoft Cloud segment was $25.7 billion in the first quarter, up 24%% year-over-year.

The company’s stock dropped 6.3% to trade at $234.85 on Wednesday.

Equities Trading UP

 

• Nabors Industries Ltd. (NYSE:NBR) shares shot up 19% to $162.95 after the company reported better-than-expected Q3 sales results.
• Shares of New Oriental Education & Technology Group Inc. (NYSE:EDU) got a boost, shooting 29% to $27.08 higher after the company reported better-than-expected Q1 EPS and sales results.
• ESSA Pharma Inc. (NASDAQ:EPIX) shares were also up, gaining 151% to $4.3186 after the company highlighted updates results from the Phase 1/2 study of EPI-7386 with Enzalutamide At the 29th Annual Prostate Cancer Foundation Scientific Retreat.

 

Equities Trading DOWN

• Stride, Inc. (NYSE:LRN) shares tumbled 30% to $32.67 following weak quarterly earnings.
• Shares of FedNat Holding Company (NASDAQ:FNHC) were down 41% to $0.3576 after the company announced a voluntary Nasdaq delisting.
• ThermoGenesis Holdings, Inc. (NASDAQ:THMO) was down, falling 47% to $0.12 after the company priced a public offering of 11,783,572 shares at $0.14 per share

Also check out: Market Volatility Decreases As US Stocks Extend Gains

Commodities

In commodity news, oil traded up 3.2% to $88.03, while gold traded up 0.8% at $1,671.10

Silver traded up 1% to $19.54 on Wednesday while copper rose 4.3% to $3.5415.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.66%, London’s FTSE 100 rose 0.61% while Spain’s IBEX 35 Index rose 0.97%. The German DAX gained 1.09%, French CAC 40 rose 0.41% and Italy’s FTSE MIB Index rose 0.45%.

Loans to households in the Eurozone increased 4.4% year-over-year in September, while consumer confidence in France rose to 82 in October from 79 in September.

 

Economics

 

• The trade gap on goods increased to a three-month high of $92.2 billion in September from a $87.3 billion deficit in the previous month.
• Wholesale inventories in the US increased by 0.8% month-over-month to $921.7 billion in September.
• Building permits rose 1.4% month-over-month to an annualized rate of 1.564 million in September.
• US new home sales fell to a 603,000 annual rate in September compared to a revised 677,000 a month ago.
• US crude oil inventories climbed by 2.558 million barrels in the week ended October 21st, versus market estimates of a 1.029-million-barrel rise, the Energy Information Administration said.

Check out this: Investor Sentiment Improves As Wall Street Rises For Third Straight Session

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,141,250 cases with around 1,093,330 deaths. India confirmed a total of at least 44,645,760 cases and 528,980 deaths, while France reported over 36,666,380 COVID-19 cases with 156,640 deaths. In total, there were at least 633,889,150 cases of COVID-19 worldwide with more than 6,586,230 deaths.

Posted In: EDU EPIX FNHC HLX LRN MSFT NBR THMO