Stock market extends losses as lead in electric vehicle stocks declines; Rivian drowns

The stock market extended last week’s losses on Monday at midday, with oil and electric car stocks leading the decliners.




X



The Nasdaq fell 3.5%, and the S&P 500 lost 2.3%. The Dow Jones Industrial Average fell 1.5%. The Russell 2000 index of small businesses fell 3.6 percent.

Volume increased on the New York Stock Exchange but decreased on the Nasdaq compared to the same time on Friday.

The yield on the 10-year Treasury fell to 3.08%, off last week’s highs, which were the highest since early December 2018. However, last week’s rate hike and the Fed’s more aggressive stance to rein in inflation continued to weigh on the economy. investors.

Electric vehicle stocks fall broadly as stock market losses increase

Overview of the US stock market today

index Code price win/loss % change
Dow Jones (0 DJIA) 32400.16 -499.21 -1.52
Standard & Poor’s 500 (0S&P5) 4026.30 -97.04 -2.35
Nasdaq (0NDQC) 11757.07 -387.59 -3.19
Contact 2000 (IWM) 177.11 -5.47 -3.00
defect 50 (fifty fifty) 30.12 -1.56 -4.92
Last update: 11:50 AM ET 5/9/2022

Electric vehicle shares fell broadly, with Tesla (TSLA), power plug (Plug), Lucid (LCID) and New (NIO) All down 6% to 12%.

Rivian Cars (RIVN) down 15%. stronghold (q) plans to sell 8 million shares, or 8% of the roughly 100 million shares Rivian holds, according to reports.

The price of crude oil fell more than 5% to $104 a barrel. Big oil stocks fell across the board, with ExxonMobil (XOM), chevron (CVX), BP (BP) and ConocoPhillips (COP) all sink 5% or more.

BiotechnologyBNTX’s revenue tripled in the first quarter on the back of earnings Pfizer (PFE) partner Covid vaccine, which increased BNTX stock by more than 6% on Monday. BNTX has lost more than two-thirds of its value from its peak of 464 last August.

March quarter sales were €6.37 billion, an increase of 211% year over year. Based on today’s exchange rate, that comes to about $6.75 billion, which misses expectations of $4.59 billion, according to FactSet. Adjusted earnings rose 224% to €14.24 per share, or roughly $15.07. This easily beat expectations at $9.70 per share.

Tyson, Blantyre earnings report

Tyson Foods (TSN) rose 0.2% after the company reported pre-opening quarterly results. The stock is creating a cup with a handle at 99.64 buy points.

Tyson reported earnings of $829 million, or $2.28 per share, up from $476 million, or $1.30 per share, a year ago, for the quarter ended April 2. Adjusted earnings were $2.29 per share. Sales amounted to $13.1 billion. Analysts polled by FactSet had expected earnings per share of $1.89.

Palantir . techniques (PLTR) on Monday reported missed March quarter earnings as revenue increased Wall Street targets. PLTR stock fell more than 20% at midday as revenue guidance came in below expectations amid slowing government growth.

Palantir’s earnings for the three months ended March were 2 cents per share on an adjusted basis. The data analytics software maker said revenue rose 31 percent to $446 million. Analysts had expected earnings per share of Palantir 4 cents on revenue of $443.4 million.

The Innovator IBD 50 ETF (FFTY), the leader in equity growth, was down 5%.

Flex LNG (FLNG) A gap below the 50-day line in heavy trading. It once again erased all the gains from the 25.51 buy point, which is a sell signal.

Follow Michael Molinsky on Twitter Tweet embed

You may also like:

Investing in an inflationary environment

Get full access to IBD stock listings and ratings

How will the stock market respond to a 0.5% interest rate increase?

Get free IBD newsletters: Market Prep | Technical Report | how to invest

What is can skinny? If you want to find winning stocks, you better know that

Leave a Comment