Mid-Afternoon Market Update: Nasdaq Drops 650 Points; Silicon Motion Shares Spike Higher U.S. stocks remained lower toward the end of trading, with the Nasdaq Composite dropping more than 650 points on Thursday. The Dow traded down 3.28% to 32,942.93 while the NASDAQ fell 5.07% to 12,307.94. The SP also fell, dropping, 3.62% to 4,144.64. Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks Leading and Lagging Sectors Utilities shares slipped by just 0.7% on Thursday. Meanwhile, top gainers in the sector included Via Renewables, Inc. (NYSE: VIA ), up 2% and Eversource Energy (NYSE: ES ) up 2%. In trading on Thursday, consumer discretionary shares fell by 5.1%. Top Headline Kellogg Company (NYSE: K ) reported better-than-expected results for its first quarter. The company reported first-quarter FY22 sales growth of 2.4% year-on-year to $3.67 billion, beating the consensus of $3.59 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.93. Equities Trading UP Silicon Motion Technology Corporation (NASDAQ: SIMO ) shares shot up 17% to $95.18 after the company announced it will be acquired by MaxLinear for $114.34 per ADS in cash and stock.