Mid-Afternoon Market Update: Nasdaq Down Over 500 Points; Crude Oil Falls 2.5%
U.S. stocks extended losses toward the end of trading, with the Nasdaq Composite dipping more than 500 points on Wednesday. The Dow traded down 3.25% to 31,594.20 while the NASDAQ fell 4.35% to 11,462.88. The SP also fell, dropping, 3.69% to 3,937.96. Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks Leading and Lagging Sectors Utilities shares fell by just 0.7% on Wednesday. Meanwhile, top gainers in the sector included Huaneng Power International, Inc. (NYSE: HNP ), up 5% and Unitil Corporation (NYSE: UTL ) up 4%. In trading on Wednesday, consumer discretionary shares dipped 6.8%. Top Headline Target Corporation (NYSE: TGT ) reported weaker-than-expected earnings for its first quarter on Wednesday. Target reported first-quarter FY22 sales growth of 4% year-on-year to $25.17 billion, beating the consensus of $24.37 billion. Adjusted EPS of $2.19 missed the consensus of $3.07. Target continues to expect FY22 revenue growth of low- to mid-single-digit. The company expects an FY22 operating income margin rate of around 6%.
Mid-Afternoon Market Update: Nasdaq Down Over 500 Points; Crude Oil Falls 2.5%
U.S. stocks extended losses toward the end of trading, with the Nasdaq Composite dipping more than 500 points on Wednesday. The Dow traded down 3.25% to 31,594.20 while the NASDAQ fell 4.35% to 11,462.88. The SP also fell, dropping, 3.69% to 3,937.96. Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks Leading and Lagging Sectors Utilities shares fell by just 0.7% on Wednesday. Meanwhile, top gainers in the sector included Huaneng Power International, Inc. (NYSE: HNP ), up 5% and Unitil Corporation (NYSE: UTL ) up 4%. In trading on Wednesday, consumer discretionary shares dipped 6.8%. Top Headline Target Corporation (NYSE: TGT ) reported weaker-than-expected earnings for its first quarter on Wednesday. Target reported first-quarter FY22 sales growth of 4% year-on-year to $25.17 billion, beating the consensus of $24.37 billion. Adjusted EPS of $2.19 missed the consensus of $3.07. Target continues to expect FY22 revenue growth of low- to mid-single-digit. The company expects an FY22 operating income margin rate of around 6%.