U.S. stocks extended early losses toward the end of trading session on Thursday. The annual inflation rate in the US increased to 7.5% in January, the highest level since February 1982 and well above analysts' estimates of 7.3%.
The Dow traded down 1.18% to 35,344.76 while the NASDAQ fell 1.46% to 14,279.24. The S&P also fell, dropping, 1.42% to 4,522.19.
Check out this: Insiders Buy Over $43M Of 4 Stocks
Leading and Lagging Sectors
Materials shares slipped by just 0.1% on Thursday. Meanwhile, top gainers in the sector included Carpenter Technology Corporation (NYSE:CRS), up 6% and Sociedad Química y Minera de Chile S.A. (NYSE:SQM) up 6%.
In trading on Thursday, utilities shares tumbled by 2.5%.
Top Headline
The U.S. recorded a budget surplus of $119 billion in January versus a $162.8 billion gap in the year-ago period.
Equities Trading UP
American Rebel Holdings, Inc. (NASDAQ:AREB) shares shot up 51% to $3.24 following the company's recent uplisting to the Nasdaq.
Shares of Datadog, Inc. (NASDAQ:DDOG) got a boost, shooting 14% to $177.41 after the company reported better-than-expected Q4 EPS and sales results and issued Q1 and FY22 sales guidance above estimates.
IronNet, Inc. (NYSE:IRNT) shares were also up, gaining 29% to $4.5150 after the company announced an agreement with a Gulf Cooperation Council country to provide collective defense for critical national infrastructure.
American Express And 3 Other Stocks Sold By Insiders
Equities Trading DOWN
Quantum Corporation (NASDAQ:QMCO) shares tumbled 36% to $3.1850 after the company reported mixed Q3 earnings results and issued Q4 EPS and sales guidance below estimates. Oppenheimer downgraded Quantum from Outperform to Perform, while B. Riley Securities downgraded the stock from Buy to Neutral.
Shares of 2U, Inc. (NASDAQ:TWOU) were down 48% to $9.42 after the company reported Q4 earnings results and issued FY22 revenue guidance. Berenberg and William Blair downgraded the stock.
EMCORE Corporation (NASDAQ:EMKR) was down, falling 30% to $4.11 after the company reported worse-than-expected Q1 EPS results and issued Q2 sales guidance below estimates. Lake Street downgraded EMCORE from Buy to Hold and lowered the price target from $11 to $4.5.
Also check out this: 3 Penny Stocks Insiders Are Buying
Commodities
In commodity news, oil traded up 0.3% to $89.95, while gold traded down 0.2% to $1,833.30.
Silver traded up 0.1% Thursday to $23.365 while copper rose 0.6% to $4.6310.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.21%, London’s FTSE 100 rose 0.38%, while Spain’s IBEX 35 Index rose 0.45%. The German DAX gained 0.05%, French CAC 40 fell 0.41% and Italy’s FTSE MIB Index rose 0.23%.
Economics
The annual inflation rate in the US increased to 7.5% in January, the highest level since February 1982 and well above analysts' estimates of 7.3%.
U.S. initial jobless claims fell by 16,000 to 223,000 in the week ended February 5th.
U.S. natural-gas supplies dipped 222 billion cubic feet last week, the EIA said.
The U.S. recorded a budget surplus of $119 billion in January versus a USD 162.8 billion gap in the year-ago period.
Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 7:00 p.m. ET.
