US Market today: Why did Coinbase share price fall? US market ended lower, Chip stocks decline
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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.
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