Dow Industrials Falls Below 50,000, Super Micro Drops Nearly 30%
Geopolitics, economics, and valuations were top of mind for investors on Wednesday, with re-escalating U.S.-Iran tensions, heating up inflation data, and more heavy selling in the AI/Tech trade combining to pressure the markets to close at or near session lows. For the first time in three weeks, Dow Industrials is back below 50,000 level with a 1.9% drop, S&P 500 fell 1.6% to five-week lows, while Nasdaq Composite also made new five-week lows with the most pronounced 2% retreat. Industrials, Basic Materials, and Tech were the worst performing sectors in the benchmark as defensive areas like Consumer Staples and Utilities fared better, though there were few places to hide. Among the notable losers, Super Microwas slammed by nearly 30% in the wake of its equity offering announced last night, though there was also plenty of heavy selling in Industrials. Casey's Generalwas the standout among the gainers following its strong earnings overnight and consumer defensive sector position.In the opening minutes of the evening session, equity futures remain under pressure in the wake of more bad news from the Tech sector in the form of a post-earnings selloff in Oracleshares. S&P e-minis contract is down 0.4% and Nasdaq 100 is down by 0.6%. In commodities, WTI Crude Oil continues to bounce, rising above $92 per barrel as U.S. and Iranian sides trade barbs suggesting any hope for a permanent ceasefire is under heavy strain. Metals are also sharply lower - gold falling below $4,065 and silver below $63 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Navanup 16.9%Stitch Fixup 2.7%ALSO HIGHER -Genius Sportsup 3.2% after announcing it will provide data services for Polymarket-LIGA MX partnershipDOWN AFTER EARNINGS -Oxford Industriesdown 12.7%Oracledown 9.5%ALSO LOWER -PureCycle Technologiesdown 12.8% after equity offering
