US Market today: Why did Coinbase share price fall? US market ended lower, Chip stocks decline
What happened in the US stock market today?
- US Stocks ended lower ahead of inflation data release. Nasdaq fell 1.2%, S&P 500 lost 0.4%, Dow fell 0.2%.
- Chip stocks fell sharply post cut in earnings guidance by Micron Technology. Marvell down 8%, AMD fell 5%, Nvidia, Micron and Qualcomm down 4% each.
- Occidental Petroleum share price jumped after Warren Buffett's Berkshire Hathaway increased stake to 20.2%, share price up 137% in last 1-year.
- Novavax stock crashed 30% post cutting annual revenue forecast by 50% over softening demand of its COVID-19 shot.
US Most Active Stocks Today
|Stock price action||Reason behind the move|
|ARK Genomic Revolution ETF fell 5%||ARK Genomic Revolution ETF price fell sharply over the losses in underlying stocks of Twist, CareDx and Teladoc.|
|ARK Innovation ETF fell 5%||ARK Innovation ETF fell sharply tracking the losses in growth and tech stocks ahead of inflation data in the US.|
|Coinbase crashed 11%||Coinbase share price fell sharply after posting at least a billion-dollar loss in June quarter and missed on revenue estimates as well.|
|Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF jumped 2%||Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares ETF price jumped tracking the gains in the energy stocks over volatile oil prices.|
|Direxion Daily Semiconductor Bull 3X ETF crashed 14%||Direxion Daily Semiconductor Bull 3X ETF price fell following sharp losses in chip stocks after Micron Tech's weak revenue guidance.|
|Direxion Daily Technology Bull 3X ETF fell 3%||Direxion Daily Technology Bull 3X ETF price extended fall following the decline in underlying tech stocks of Nvidia, PayPal and Mastercard.|
|Ford fell 4%||Ford share price fell after reports of significant rise in battery cost for its electric vehicles, raised price of electric F-150 Lightning by up to $8,500.|
|Netflix fell 2%||Netflix share price witnessed profit-booking along with other Big Tech stocks ahead of inflation data in US, stock up 30% in last 1-month.|
|Nu crashed 11%||Nu share price fell sharply post reporting weak earnings growth and business growth guidance in 2nd half of year 2022.|
|Nvidia lost 4%||Nvidia share price fell sharply along with other Chip stocks post Micron Tech's weak revenue guidance for September quarter.|
|ProShares Bitcoin Strategy ETF lost 4%||ProShares Bitcoin Strategy ETF (BITO) price fell sharply tracking the losses in Bitcoin prices and trading volumes.|
|ProShares Ultra Semiconductors fell 8%||ProShares Ultra Semiconductors ETF price fell following sharp losses in chip stocks after Micron Tech's weak revenue guidance.|
|Rivian lost 4%||Rivian share price fell over reports of lay-off ahead of earnings release, weak volume growth anticipated.|
|Robinhood lost 5%||Robinhood share price fell sharply over reports of a $30 million fine due to poor cybersecurity.|
|Shopify lost 8%||Shopify share price fell sharply over reports of weak merchant growth amid declining consumer spending.|
|Twilio fell 6%||Twilio share price fell sharply following the reports of user data exposure after a cyberattack on its servers.|
|Unity gained 1%||Unity share price surged over reports of a $17.5 billion acquisition offer by AppLovin.|
|Upstart crashed 12%||Upstart share price fell sharply over weak business growth guidance for 2nd half of 2022.|
|WeWork lost 8%||WeWork share price lost all the gains of last week amid analysts caution on earnings recovery, profitability.|
|Workhorse crashed 24%||Workhorse stock price crashed post reporting weaker-than-expected June quarter earnings, concerns over margins in September quarter.|
|Zoom lost 8%||Zoom share price witnessed technical sell-off amid weakness in tech & growth stocks ahead of inflation data.|
Why did chip stocks decline?
Chip stocks fell sharply post cut in earnings guidance by Micron Technology. Marvell down 8%, AMD fell 5%, Nvidia, Micron and Qualcomm down 4% each.
Why is Occidental Petroleum on rise?
Occidental Petroleum share price jumped after Warren Buffett's Berkshire Hathaway increased stake to 20.2%, share price up 137% in last 1-year.
Why did Shopify tank yesterday?
Shopify share price fell sharply over reports of weak merchant growth amid declining consumer spending.