Nasdaq Index Enters Correction Territory as Energy Prices Rise
Check out this evening's top movers from around Wall Street, compiled by The Fly.Hopes for a near-term resolution to U.S.-Iran standoff continue to fade with more saber-rattling comments out of both sides, denting equity markets that are already reeling from internal challenges while goosing up energy prices. Thursday's market action was decidedly negative as Nasdaq Composite index also officially closed in "correction" territory - down by over 10% from its February highs. Communication Services sector was especially hard-hit as the sector's top two stocks - Alphabetand Meta- fell 3% and 8% respectively in the wake of an adverse court ruling regarding social media addiction. Those stocks are now down 10% and 17% year-to-date, while the State Street Communication Services ETF, of which they are the top two holdings, is down 10% from the highs.In the opening hour of the evening session, S&P 500 and Nasdaq 100 futures contracts are up 0.3% following Truth Social post by Trump that Iran would be granted another extension until its energy infrastructure assets are bombed, though that bounce is fairly shallow after the 1.7% and 2.4% declines in the respective indices on Thursday. WTI Crude Oil trades just above $93 per barrel - off the Thursday highs above $95.50 but also well off the lows near $90 seen after the Trump post, with traders consistently fading the president's attempts to signal a path toward de-escalation.HIGHER AFTER EARNINGS -Arganup 9.5%Newsmaxup 5.5%ALSO HIGHER -Unity Softwareup 14.4% after raising Q1 revenue guidanceSIGA Technologiesup 9.9% after declaring special dividendDOWN AFTER EARNINGS -Laird Superfooddown 11.0%P3 Health Partnersdown 6.8%ALSO LOWER -Lithium Argentinadown 11.4% after block saleZenas BioPharmadown 9.8% after equity offering
