Sector Performance
U.S. stocks witnessed a downturn towards the closing bell, with the Dow Jones index slipping over 200 points by the end of Friday’s trading session.
The Dow fell 0.55% to 38,692.43, the NASDAQ dropped 0.90% to 15,982.65, and the S&P 500 also dipped 0.64% to 5,117.35.
Materials vs. Technology
Materials sector saw a modest uptick of 0.2% on Friday, while information technology shares experienced a notable decline of 1.4%.
Adobe’s Decline
Shares of Adobe Inc. (NASDAQ: ADBE) tumbled around 14% on Friday after the company provided a less-than-optimistic forecast.
Despite reporting better-than-expected first-quarter results, Adobe’s weak revenue guidance for the current quarter sent shares plummeting. The company projected second-quarter revenue between $5.25 billion to $5.30 billion, falling short of estimates at $5.31 billion.
Stocks on the Move
Verb Technology Company, Inc. (NASDAQ: VERB) soared 219% to $0.4461, driven by the launch of MARKET.live’s Facebook and Instagram social shopping technology integration.
Shares of Cardlytics, Inc. (NASDAQ: CDLX) surged 64% to $13.45 following better-than-expected fourth-quarter earnings, while American Vanguard Corporation (NYSE: AVD) saw a 22% increase to $12.91 post their fourth-quarter financial results.
Downward Trends
C3is Inc. (NASDAQ: CISS) shares plummeted 62% to $0.0297 after announcing a $6 million underwritten public offering. SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) dropped 29% to $1.1050 after a registered direct offering and private placement, while Immuneering Corporation (NASDAQ: IMRX) fell 29% to $2.0450 due to analyst downgrades following clinical trial results.
Commodities Market
In commodity news, oil decreased by 0.2% to $81.12, gold slipped 0.3% to $2,162.00, silver rose 1.5% to $25.435, and copper increased 1.9% to $4.1205.
Global Markets
European shares closed with mixed results on Friday, with various indices showing fluctuations. In the Asian markets, Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index closed lower, China’s Shanghai Composite Index rose, and India’s S&P BSE Sensex dipped due to economic factors at play.
Economic Indicators
Recent economic data demonstrated growth in U.S. manufacturing production, a slight uptick in industrial production, and a decline in the NY Empire State Manufacturing Index. Import and export prices showed minor increases, while consumer sentiment declined, and the number of active U.S. oil rigs rose.
