Mixed Jobs Data Sends S&P, Nasdaq Lower; CCL, COIN Rise

Key Takeaway

• Amid mixed jobs data, S&P 500 and Nasdaq 100 fell by 0.5% and 1.4%, respectively, while Dow Jones showed stability; healthcare and tech sectors saw notable declines.
• Contrarily, Carnival (CCL) and Coinbase Global Inc. (COIN) shares rose by 4% and 4.7%, showcasing resilience amidst overall market downturns.

Market Movements Amid Mixed Signals

The S&P 500 Index experienced a modest decline of 0.5% in the early afternoon trading session, reflecting investor sentiment towards the latest mixed jobs data. With the Nasdaq 100 seeing a more pronounced drop of 1.4% and the Dow Jones Industrial Average remaining relatively stable, the day's trading underscored the varied performance across different sectors and companies.

Highs and Lows in Healthcare and Tech

In the healthcare sector, Amylyx Pharmaceuticals (AMLX) faced a significant setback, with its shares plummeting 83% following disappointing results from a late-stage trial of its Relyvrio drug for Lou Gehrig’s disease. Similarly, Eli Lilly & Co (LLY) saw a 2.6% decrease after announcing a delay in the FDA's decision on its Alzheimer’s disease therapy, donanemab. On the technology front, BigBear.ai (BBAI) and Marvell Technology (MRVL) encountered challenges, with shares down 32% and 10% respectively, due to earnings misses and weaker-than-expected forecasts.

Notable Gainers Amidst the Downturn

Despite the overall market downturn, several companies managed to buck the trend. Carnival (CCL) shares rose by 4%, buoyed by optimistic booking patterns and expectations of a guidance raise. Coinbase Global Inc. (COIN) also enjoyed a 4.7% increase, marking a significant milestone as it surpassed its direct listing price for the first time in over two years. Additionally, HCI Group (HCI) and Hudson Pacific Properties (HPP) saw gains of 16% and 2.8%, respectively, following positive earnings reports and dividend reinstatements.