The stock market extended last week's losses Monday at midday, as oil and electric-vehicle stocks led decliners.
The Nasdaq plunged 3.5%, and the S&P 500 lost 2.3%. The Dow Jones Industrial Average fell 1.5%. The small-cap Russell 2000 index fell 3.6%.
Volume rose on the NYSE but fell on the Nasdaq compared with the same time on Friday.
The yield on the 10-year Treasury note dipped to 3.08%, off last week's highs, which were the highest since early December 2018. Still, last week's rate hike and the Fed's more aggressive stance to rein in inflation continued to weigh on investors.
EV Stocks Down Broadly As Stock Market Extends Losses
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32400.16 | -499.21 | -1.52 |
| S&P 500 | (0S&P5) | 4026.30 | -97.04 | -2.35 |
| Nasdaq | (0NDQC ) | 11757.07 | -387.59 | -3.19 |
| Russell 2000 | 177.11 | -5.47 | -3.00 | |
| IBD 50 | 30.12 | -1.56 | -4.92 | |
Last Update: 11:50 AM ET 5/9/2022 |
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EV stocks were down broadly, with Tesla, Plug Power, Lucid and Nio all down 6% to 12%.
Rivian Automotive was down 15%. Ford is planning to sell 8 million shares, or 8% of the roughly 100 million shares of Rivian the company owns, according to reports.
The price of crude oil fell more than 5% to $104 a barrel. Big oil stocks fell across the board, with Exxon Mobil , Chevron, BP and ConocoPhillips all plunging 5% or more.
BioNTech's first-quarter revenue tripled on the back of its Pfizer-partnered Covid vaccine, leading BNTX stock to pop more than 6% Monday. BNTX has lost more than two-thirds of its value from its peak of 464 last August.
March-quarter sales were 6.37 billion euros, skyrocketing 211% year over year. Based on today's exchange rate, that comes out to about $6.75 billion, which obliterated forecasts for $4.59 billion, according to FactSet. Adjusted earnings surged 224% to 14.24 euros per share, or roughly $15.07. That handily beat expectations for $9.70 a share.
Tyson, Palantir Report Earnings
Tyson Foods gained 0.2% after the company reported quarterly results ahead of the open. The stock is forming a cup with handle with a 99.64 buy point.
Tyson posted a profit of $829 million, or $2.28 a share, up from $476 million, or $1.30 a share, a year earlier, for the quarter ended April 2. Adjusted earnings were $2.29 a share. Sales came in at $13.1 billion. Analysts polled by FactSet had been expecting EPS of $1.89.
Palantir Technologies on Monday reported March-quarter earnings that missed views as revenue edged by Wall Street targets. PLTR stock plunged more than 20% at midday as revenue guidance came in below expectations amid slowing government growth.
Palantir earnings for the three months ending in March were 2 cents per share on an adjusted basis. Revenue rose 31% to $446 million, the maker of data analytics software said. Analysts expected Palantir EPS of 4 cents on revenue of $443.4 million.
The Innovator IBD 50 ETF, a bellwether for growth stocks, was down 5%.
Flex LNG gapped below its 50-day line in heavy trading. It has again erased all gains from its 25.51 buy point, which is a sell signal.
Follow Michael Molinski on Twitter @IMmolinski
