Airbnb sinks 6%, Dow ends lower; check top stock movers in the US market
Share Market Today In The US
US stocks ended lower on Thursday. Disappointing earnings from big banks added to concerns of a US recession. Investors also remained worried that the US Fed would hike rates more aggressively to tackle 41-year high inflation. The Dow Jones shed 0.46% to 30,630.17, while the S&P 500 dipped 0.3% to 3,790.38. The Nasdaq Composite inched 0.03% higher to finish at 11,251.19.
Top Gainers and Losers in US Stock Market Today
Airbnb sank 5%: Airbnb fell after Citigroup lowered its share price target on the stock by 20% to $160.
Alibaba sank 5%: Alibaba fell sharply post news of inquiry in China in connection with a data theft case renewing regulatory concerns.
Apple jumped 2%: Apple shares rallied sharply over the anticipation of strong demand from China and the US for its latest iPhone 14.
ARK Genomic Revolution ETF ended 2% lower: ARK Genomic Revolution ETF ended lower following the weakness in pharma, innovation & growth stocks post the 4-decade high inflation data.
Atlassian fell 5%: Atlassian declined after a research report by Piper Sandler reduced its share price target by 33% to $249.00 over weakening growth.
Cloudflare sank 5%: Cloudflare fell along with other cloud stocks on the back of expectations of lower spending by businesses on cloud due to the looming recession.
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF fell 3%:Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF fell amid weakness in energy stocks post inflation data, oil price volatility.
Direxion Daily Semiconductor Bull 3X ETF rallied 6%: Direxion Daily Semiconductor Bull 3X ETF rose tracking the strong jump in chip stocks post strong earnings release by Taiwan Semiconductor.
Freshworks sank 6%: Freshworks ended lower following the 25% cut in target share price by Morgan Stanley from $17.00 citing weak business growth.
Google fell 1%: Google share price fell ahead of its stock split, weakness in Big Tech stocks post-4-decade high inflation data and recession concerns.
JPMorgan fell 3%: JPMorgan fell sharply post announcing weak earnings for the June quarter, and recession concerns hit financial stocks.
Meta (Facebook) lost 3%: Meta (Facebook) extended its fall post a 10% cut in target share price to $270 by citing growth issues in recessionary economic environment.
ProShares Bitcoin Strategy ETF jumped 5%: ProShares Bitcoin Strategy ETF Fell rose sharply tracking the gains in Bitcoin prices and trading volumes.
ProShares Ultra Semiconductors ETF jumped 4%: ProShares Ultra Semiconductors ETF rose tracking the strong jump in chip stocks post strong earnings release by Taiwan Semiconductor.
Qualcomm rose 5%: Qualcomm stock jumped tracking the positive sentiment in chip stocks post strong earnings release by Taiwan Semiconductor.
Shopify fell 5%: Shopify extended fall amid reports of layoffs, delayed job offers, and ahead of its earnings release for the June quarter.
Taiwan Semiconductor Manufacturing climbed 3%: Taiwan Semiconductor Manufacturing jumped post strong earnings release and robust growth expectations in the full year.
Twilio lost 5%: Twilio fell along with other cloud stocks on the back of expectations of lower spending by businesses on cloud due to the looming recession.
Uber sank 4%: Uber share price fell sharply over news of it being sued by more than 500 women over assault claims.
UiPath fell 4%: UiPath share price declined along with other growth stocks post-4-decade high inflation data led to fears of cut in enterprises spending hitting business growth.
Upstart lost 4%: Upstart fell sharply following the negative sentiments in financial stocks after weak earnings reports by major banks, and 4-decade high inflation data.
WeWork sank 4%: WeWork extended fall post-4-decade high inflation data led to fears of cut in enterprises spending hitting business growth.
Zoom fell 4%: Zoom shares extended fall over anticipation of recession leading to a cut in communication spending by enterprises globally.
What happened to the US stock market today?
Dow down 0.46%, SP 500 fell 0.3%, Nasdaq ended 0.03% higher.
What led to the muted performance of the US stock market?
U.S. stocks tumbled on Thursday, after investors remained concerned about a slowdown. Muted earnings from major banks also hit sentiments.
What are investors anticipating from the US Fed?
After June’s hot inflation reading, analysts say that the US Fed will increase rates by another 0.75% during this month’s meeting.
What happened to big tech?
Big tech stocks were mixed on Thursday, with information technology up nearly 1%. Shares of Apple added 2%, and Nvidia gained more than 1%.