SUPERNEWS

Macro

Nasdaq Falls 1.16%; Sage Therapeutics Dives 20%

Dow drops 0.32%, Nasdaq falls 1.16% amid mixed sector performance and varied corporate news impacts.

By Jack Wilson

ᐧ

4/17, 13:15 EDT
S&P 500
iShares 20+ Year Treasury Bond ETF
iShares 7-10 Year Treasury Bond ETF
Autodesk, Inc.
Eli Lilly and Company
United Airlines Holdings, Inc.
article-main-img

Key Takeaway

  • NASDAQ drops 1.16% amid broader market downturn; Dow and S&P 500 also fall.
  • Sage Therapeutics shares plunge, contrasting with utilities sector's 0.7% rise.
  • U.S. crude oil inventories increase by 2.735 million barrels, while gold dips and silver rises in commodity trading.

U.S. Market Dips Amid Varied Sector Performance

The U.S. stock market experienced a downturn in its midday trading session, with the Dow Jones Industrial Average shedding approximately 100 points, a 0.32% decrease, settling at 37,678.27. The NASDAQ Composite and the S&P 500 also faced declines, falling 1.16% to 15,681.95 and 0.74% to 5,013.98, respectively. This downward movement contrasts with the utilities sector, which saw a 0.7% increase, highlighting the day's mixed sector performance. Conversely, information technology shares dropped by 0.9%, reflecting broader market uncertainties.

Corporate Updates Influence Market Sentiment

Significant corporate news influenced investor sentiment, with Autodesk (ADSK) experiencing an 8.1% decline due to delays in its annual report amid financial investigations. In contrast, United Airlines (UAL) surged 11% following a positive earnings forecast, indicating a mixed reaction to corporate disclosures. The healthcare sector also saw varied performances, with Eli Lilly & Co. (LLY) rising 2.7% after promising trial results for its weight-loss drug, while Sage Therapeutics (SAGE) plummeted 20% due to a failed Parkinson’s treatment study.

Commodity and Global Market Movements

In commodity markets, oil prices declined by 1.5% to $84.11, while gold slightly fell by 0.2% to $2,403.50. However, silver and copper prices saw gains, with silver rising 1.1% to $28.68 and copper increasing by 1.3% to $4.3585. Globally, European shares experienced growth, with the eurozone’s STOXX 600 up by 0.07% and other major indexes like London’s FTSE 100 and Spain’s IBEX 35 also in the green. Asian markets closed mixed, with Japan’s Nikkei 225 falling 1.32% but Hong Kong’s Hang Seng and China’s Shanghai Composite making gains.