US Market today: Why is Spotify stock on a downtrend? Check out gainers and losers in US stocks today
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What happened in the US stock market today?
- US Stocks ended lower. Nasdaq down 1.3%, SP 500 fell 0.7% and Dow Jones closed 0.5% lower.
- FOMC meet reaffirmed the likelihood of a 0.75% rate hike in September.
- Target share price fell sharply after reporting a 90% fall in quarterly earnings and missing sales estimates.
- Bed Bath & Beyond share price spiked 12% amid the ongoing meme stock trading frenzy - stock has gained 316% in the last 1-month.
- Cisco’s quarterly earnings topped expectations, share price up 4% in post-market trading.
US Most Active Stocks Today
| Stock price action | Reason behind the move |
|---|---|
| Arcimoto fell 5% | Arcimoto share price extended fall after posting weak sales and higher than anticipated losses in the June quarter. |
| ARK Genomic Revolution ETF lost 5% | ARK Genomic Revolution ETF price fell sharply driven by profit-booking in underlying stocks of Teladoc, Fate, Twist, and CRISPR Therapeutics. |
| ARK Innovation ETF lost 5% | ARK Innovation ETF price fell sharply driven by profit-booking in underlying stocks of Teladoc, Roku, Block, and Zoom. |
| Direxion Daily Semiconductor Bull 3X ETF fell 8% | Direxion Daily Semiconductor Bull 3X ETF price fell following the loss in chip stocks of Analog Devices, Texas Instruments, and Marvell Technology. |
| Direxion Daily Technology Bull 3X ETF fell 2% | Direxion Daily Technology Bull 3X ETF price fell following the losses in underlying tech stocks of NVIDIA, PayPal, Visa, and Mastercard. |
| Disney fell 2% | Disney share price witnessed profit booking, stock still up 28% in last 1-month on the back of robust earnings and solid rise in subscribed customers in June quarter. |
| DocuSign fell 6% | DocuSign share price extended fall after Tiger Global Management, the hedge fund owned by billionaire Chase Coleman, sold its stake in the stock. |
| Facebook (Meta) lost 3% | Facebook (Meta) share price fell tracking the weakness in the broader market, reports of Saudi Arabia's Public Investment Fund (PIF) increasing the stake capped the losses. |
| Nu lost 8% | Nu share price witnessed profit booking, stock still up 13% in last 1-week on the back of robust earnings and solid growth in active users. |
| ProShares Bitcoin Strategy ETF fell 3% | ProShares Bitcoin Strategy ETF fell sharply tracking the decline in Bitcoin prices and trading volumes. |
| ProShares Ultra Semiconductors fell 2% | ProShares Ultra Semiconductors ETF price fell driven by losses in chip stocks of Nvidia, Intel and Broadcom. |
| ProShares UltraPro S&P 500 ETF lost 2% | ProShares UltraPro S&P 500 ETF price fell tracking the losses in S&P 500 index weak earnings release by Target. |
| Rivian lost 5% | Rivian share price witnessed profit booking amid fall in the growth stocks, stock still up 15% in last 1-month. |
| Roblox fell 4% | Roblox share price extended decline on the back of profit-booking, the video game platform share price still up 16% in last 1-month. |
| Shopify fell 6% | Shopify share price fell amid the profit booking, launches Collabs to connect creators with brands. |
| Snapchat lost 4% | Snapchat share price witnessed profit booking after rallying sharply in last week after crossing a million paid subscribers, stock still up 12% in last 1-week. |
| Spotify fell 5% | Spotify share price extended fall over reports of it offering 3-month trial for its subscription service, indicating sales pressure. |
| Square lost 7% | Square share price fell sharply over the downgrade by Macquarie, price target now $64 - 20% lower than current market price. |
| Twilio lost 6% | Twilio share price fell sharply over reports of management team selling stocks in the open market. |
| UiPath fell 6% | UiPath share price fell sharply over reports of management team selling stocks in the open market. |
| Upstart fell 9% | Upstart share price witnessed profit booking after rallying sharply in last month after large purchase by a hedge fund, stock still up 26% in last 1-month. |
| WeWork lost 9% | WeWork share price witnessed profit booking after rallying sharply in last month, stock still up 13% from the start of August month. |
| Zoom lost 6% | Zoom share price extended fall after Citi downgraded it to 'Sell' due to hurdles to sustaining growth. |
Will Fed increase interest rates in Sept meeting?
FOMC meeting minutes reaffirmed the likelihood of a 0.75% rate hike in September.
Why is Spotify share price on a downtrend?
Spotify share price extended fall over reports of it offering 3-month trial for its subscription service, indicating sales pressure.
Why did Target share price decline?
Target share price fell sharply after reporting a 90% fall in quarterly earnings and missing sales estimates.
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