Crude Oil Dips 7%; ISM Services PMI Falls In March

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dipping more than 800 points on Thursday.

The Dow traded down 3.07% to 40,929.87 while the NASDAQ fell 4.83% to 16,750.33. The S&P 500 also fell, dropping, 3.73% to 5,459.39.

Check This Out: Top 3 Tech And Telecom Stocks You’ll Regret Missing This Month

Leading and Lagging Sectors

Consumer staples shares rose by 0.4% on Thursday.

In trading on Thursday, energy shares tumbled by 5.6%.

Top Headline

The ISM services PMI dipped to 50.8 in March versus a reading of 53.5 in February, and down from market estimates of 53.

Equities Trading UP
                       

• Lamb Weston Holdings, Inc. LW shares shot up 10% to $59.60 after the company reported better-than-expected third-quarter financial results and issued FY25 sales guidance above estimates.
• Shares of NewGenIvf Group Limited NIVFgot a boost, surging 95% to $1.15 after the company announced it secured $5.2 million in funding to drive international expansion.
• The Goodyear Tire & Rubber Company GT shares were also up, gaining 12% to $10.19.

Equities Trading DOWN

• Aldeyra Therapeutics, Inc. ALDX shares dropped 76% to $1.2750 after the company received a response letter from the FDA for the Reproxalap new drug application for the treatment of signs and symptoms of dry eye disease.
• Shares of RH RH were down 41% to $147.59 after the company reported weaker-than-expected fourth-quarter financial results.
• Wayfair Inc. W was down, falling 22% to $26.30. Shares of specialty retailers in the furniture and home goods space traded lower following disappointing earnings from RH.

Commodities

In commodity news, oil traded down 7.1% to $66.64 while gold traded down 1.8% at $3,110.80.

Silver traded down 7.1% to $32.205 on Thursday, while copper fell 3.4% to $4.8705.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.19%, Germany’s DAX 40 dipped 2.11% and France’s CAC 40 fell 2.93%. Spain’s IBEX 35 Index fell 1.32%, while London’s FTSE 100 fell 1.30%.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 dipping 2.77%, China’s Shanghai Composite Index falling 0.24%, Hong Kong’s Hang Seng Index falling 1.52% and India’s BSE Sensex falling 0.42%.

Economics

• U.S. initial jobless claims fell by 6,000 to 219,000 in the week ending March 29, compared to market estimates of 225,000.
• The U.S. trade deficit shrank to $122.7 billion in February compared to $130.7 billion in the previous month and versus market estimates of a $123.5 billion gap.
• The S&P Global services PMI was revised higher to 54.4 in March compared to a preliminary reading of 54.3.
• The S&P Global composite PMI climbed to 53.5 in March versus 51.6 in the previous month.
• The ISM services PMI dipped to 50.8 in March versus a reading of 53.5 in February, and down from market estimates of 53.

Now Read This:

Photo via Shutterstock