Zoom plunges 6%, S&P 500 ends lower; check top stock movers in the US market
Share Market Today In The US
U.S. stocks fell on Wednesday, with the S&P 500 closing 0.45% lower. Inflation soaring to a 40-year high of 9.1% dented sentiments. Analysts had earlier estimated inflation of around 8.6%. The Dow Jones dropped 0.67% to 30,772.79. The Nasdaq Composite fell 0.15% to settle at 11,247.58.
Top Gainers and Losers in US Stock Market Today
ARK Genomic Revolution ETF ended 1% higher: ARK Genomic Revolution ETF ended higher following the gains in pharma, innovation & growth stocks despite broad weakness in market.
ASML jumped 3%: ASML rallied ahead of earnings release, additional purchase by Seaview Investment Managers.
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF jumped 2%: Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF rose amid rally in energy stocks post inflation data, oil price volatility.
Direxion Daily Semiconductor Bull 3X ETF rallied 2%: Direxion Daily Semiconductor Bull 3X ETF rose tracking the strong jump in chip stocks, ahead of Taiwan Semiconductor earnings.
Domino's Pizza share jumped 3%: Domino's Pizza share price rallied post Deutsche Bank's 'Buy' rating on the basis of a post-Covid recovery in the UK restaurant sector.
Global X Lithium & Battery Tech ETF gained 2%: Global X Lithium & Battery Tech ETF ended higher over positive momentum in underlying battery tech stocks, expectations of stronger growth in EV business in China.
Google fell 2%: Google stock price fell ahead of split on Friday, negative sentiment in Big Tech stocks post 4-decade high inflation data release.
ProShares Bitcoin Strategy ETF jumped 1%: ProShares Bitcoin Strategy ETF Fell jumped tracking the gains in Bitcoin prices and trading volumes.
ProShares UltraPro S&P 500 ETF lost 2%: ProShares UltraPro S&P 500 ETF ended lower amid weakness on wall-street post 4-decade's high inflation data, looming recession concerns, earnings release by big banks.
Qualcomm rose 2%: Qualcomm stock jumped tracking the positive sentiment in chip stocks ahead of Taiwan Semiconductor earnings.
Rivian rose 2%: Rivian jumped ahead of Friday's announcement about business restructuring plans.
Snowflake rose 3%: Snowflake share price jumped as global investment bank Baird gave 'Outperform' rating, hails as a leader in 'next-generation data solutions'.
SPDR S&P 500 ETF fell 1%: SPDR S&P 500 ETF fell amid the weakness on wall-street post 4-decade's high inflation data, looming recession concerns, earnings release by big banks.
Taiwan Semiconductor Manufacturing climbed 3%: Taiwan Semiconductor Manufacturing jumped ahead its earnings release today, pricing power to drive revenue.
Twilio jumped 2%: Twilio rose along with other cloud stocks on the back of positive sector review by global investment bank Baird, strong growth expected in coming quarters.
Twitter shot up 8%: Twitter share price jumped sharply despite the confusion over Musk deal, declaration by Hindenburg Research's significant long position in company's stock.
Unity Software sank 17%: Unity fell sharply as investors gave thumbs down to the $4.4Bn merger plan with ironSource.
Upstart lost 6%: Upstart fell along with other Fintech lending stocks as 4-decade high inflation might push US Central bank to increase interest rate higher, making borrowing costly for Fintechs.
WeWork sank 6%: WeWork extended fall post 4-decade high inflation data led fears of cut in enterprises spends hitting business growth.
Zoom fell 6%: Zoom shares slumped over anticipation of recession leading to cut in communication spends by enterprises globally.
What happened in the US market?
Dow down 0.67%, SP 500 fell 0.45%, Nasdaq ended 0.15% lower.
Why did US stocks end lower?
U.S. stocks tumbled on Wednesday, after retail inflation soared to a 41-year high of 9.1%. Analysts had earlier anticipated the inflation at around 8.6%.
What are the expectations from the US Fed?
After June’s hot inflation reading, analysts say that the US Fed will increase rates by another 75% during this month’s meeting.
What happened to Big Tech?
Amazon, Netflix and Tesla staged a comeback on Wednesday, rising more than 1% each despite mounting growth concerns.