Mid-Afternoon Market Update: Nasdaq Down 3%; Accolade Shares Slide


US stocks traded lower toward the end of trading, with the Nasdaq Composite falling around 3% on Friday.

The Dow fell 1.71% to 33,337.43 while the NASDAQ fell 3.01% to 12,484.43. The S&P also fell, falling 2.53% to 4,179.14.

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Leading and lagging sectors


Shares of Materials fell just 0.7% on Friday. Meanwhile, the industry’s biggest winners were Marrone Bio Innovations, Inc. MBII, up 29% and Clearwater Paper Corporation CLW, up 22%.


During trading on Friday, consumer durables fell 5.1%.


top head


Apple Inc. AAPL reported better-than-expected results for its fiscal second quarter on Thursday.

Apple reported second-quarter earnings per share of $1.52 in the second quarter, ahead of the consensus estimate of $1.43. This compares to a year ago earnings per share of $1.40 per share and the previous quarter’s $2.10. Revenue grew 9% year over year from $89.6 billion to $97.3 billion. Analysts estimate revenue at $93.89 billion on average.

Stocks trading up


GTY Technology Holdings Inc. GTYH shares rose 116% to $6.10 when the company agreed to be acquired by GI Partners.


The shares of Belite Bio Inc. ADR BLTE was boosted, up 107% to $12.39. Belite Bio has priced its 6 million ADS IPO at $6 per ADS.


Vaxxinity, Inc. VAXX shares also rose, rising 98% to $7.46. Vaxxinity Executive Chairman Lou Reese bought 22,912 shares at $3.48 per share.


Trading Stocks DOWN

Accolade, Inc. ACCD shares fell 47% to $5.88 after the company reported fourth-quarter earnings results and first-quarter sales guidance fell below analyst estimates.


Shares of LianBio LIAN fell 22% to $3.92. LianBio stressed that its partner, Bristol Myers, has announced FDA approval for Camzyos.


Genocea Biosciences, Inc. GNCA fell 24% to $0.3081 after the company announced it had begun a process to explore a series of strategic alternatives, including the sale of all or part of the business, a merger or a reverse fusion.


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Raw materials

In commodity news, oil fell 0.4% to $104.92 while gold rose 1% to $1,910.00.


Silver fell 0.6% to $23.04 on Friday, while copper fell 0.6% to $4.4075.

Eurozone


European stocks closed higher today. The euro zone’s STOXX 600 gained 0.74%, London’s FTSE 100 gained 0.47%, while Spain’s IBEX 35 Index rose 0.85%. The German DAX climbed 0.84%, the French CAC 40 rose 0.39% and the Italian FTSE MIB Index climbed 0.82%.

The eurozone economy grew by 0.2% quarter on quarter in the first three months of the year, while annual inflation rose to a new record high of 7.5% in April. The annual inflation rate in Italy fell to 6.2% percent in April from the 31-year high of 6.5% in the previous month, while GDP in the three months to March 2022 fell 0.2% quarter-on-month. quarter shrank.

German GDP grew 0.2% quarter on quarter, while the Spanish economy grew 0.3% in the quarter in the first three months of 2022. Producer prices in France rose by 4.3% on a monthly basis in March, while the country’s economy showed no growth in the first quarter. The UK national house price index rose 12.1% year-on-year in April.


Economy


Personal income in the US rose 0.5% in March from a month ago, while personal spending rose 1.1% in March. The consumer spending price index rose 6.6% year-on-year in March.


The employment cost index rose by 1.4% quarter on quarter in the first three months of 2022.


The Chicago PMI fell from 65.9 points in March to 58.5 points in April.


University of Michigan consumer confidence was revised down to 65.2 in April from a preliminary reading of 65.7.


Farm price data for March will be released at 3 p.m. ET.

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COVID-19 update

The US has the highest number of coronavirus cases and deaths in the world, with a total of 82,954,760 cases with about 1,020,150 deaths. India confirmed a total of at least 43,072,480 cases and 523,750 deaths, while Brazil reported more than 30,418,920 cases of COVID-19 with 663,280 deaths. In total, there were at least 512,303,880 cases of COVID-19 worldwide with more than 6,256,900 deaths.


This post Mid-Afternoon Market Update: Nasdaq Down 3%; Accolade Shares Slide was original published at “https://www.benzinga.com/news/earnings/22/04/26908896/mid-afternoon-market-update-nasdaq-down-3-accolade-shares-slide”

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