U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 1% on Thursday.

The Dow traded down 0.43% to 46,228.52 while the NASDAQ fell 1.02% to 21,706.08. The S&P 500 also fell, dropping, 0.75% to 6,542.14.

Leading and Lagging Sectors

Energy shares climbed by 1.6% on Thursday.

In trading on Thursday, communication services stocks fell by 2.3%.

Top Headline

Commercial Metals Co. (NYSE:CMC) reported fiscal second-quarter results Thursday that missed adjusted EPS estimates but beat on revenue, sending shares lower.

CMC reported fiscal second-quarter adjusted earnings of $1.16 per diluted share, missing the $1.30 estimate, while sales of $2.132 billion beat the $2.091 billion estimate.

Net earnings were $93.0 million, or 83 cents per diluted share, on net sales of $2.1 billion. This compares with $25.5 million, or 22 cents per diluted share, on net sales of $1.8 billion a year earlier.

Equities Trading UP
           

  • Kodiak Sciences Inc (NASDAQ:KOD) shares shot up 60% to $36.36 after the company announced topline results in the GLOW2 Phase 3 superiority study of Zenkuda for the treatment of patients with diabetic retinopathy.
  • Shares of Navan Inc (NASDAQ:NAVN) got a boost, surging 25% to $11.43 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter sales guidance above estimates.
  • Precigen Inc (NASDAQ:PGEN) shares were also up, gaining 25% to $3.89 after the company reported better-than-expected quarterly EPS results.

Equities Trading DOWN

  • Pony AI Inc – ADR ADR (NASDAQ:PONY) shares dropped 14% to $9.82 after the company delivered a split fourth quarter, with explosive growth in its robotaxi business overshadowed by an overall revenue decline and weakening margins.
  • Shares of Wave Life Sciences Ltd (NASDAQ:WVE) were down 57% to $5.34. The company announced new data from the Phase 1 portion of its first-in-human INLIGHT trial evaluating WVE-007 in otherwise healthy individuals living with overweight or obesity.
  • MillerKnoll Inc (NASDAQ:MLKN) was down, falling 23% to $14.93 after the company reported worse-than-expected third-quarter financial results and issued fourth-quarter adjusted EPS guidance below estimates.

Commodities

In commodity news, oil traded up 4.1% to $94.00 while gold traded down 2.3% at $4,449.90.

Silver traded down 5% to $69.005 on Thursday, while copper fell 0.7% to $5.5225.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.92%, while Spain's IBEX 35 Index fell 1.06%. London's FTSE 100 declined 1.24%, Germany's DAX dipped 1.23% and France's CAC 40 fell 0.50% during the session.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei 225 falling 0.27%, Hong Kong's Hang Seng index declining 1.89% and China's Shanghai Composite dropping 1.09%.

Economics

  • U.S. initial jobless claims increased by 5,000 from the previous month to 210,000 during the third week of March, in-line with the median market estimates.
  • U.S. natural-gas stocks fell by 54 billion cubic feet in the week ended March 20, compared to market estimates of a 44 bcf decline.

Photo via Shutterstock