U.S. stocks traded lower this morning, with the Dow Jones dropping more than 600 points on Friday.
Following the market opening Friday, the $Dow Jones Industrial Average(.DJI.US)$ traded down 1.98% to 31,634.78 while the $Nasdaq Composite Index(.IXIC.US)$ fell 2.55% to 11,454.21. The $S&P 500 index(.SPX.US)$ also fell, dropping, 2.13% to 3,932.15.
Leading and Lagging Sectors
Energy shares rose by 0.4% on Friday. Meanwhile, top gainers in the sector included $Imperial Petroleum(IMPP.US)$, up 6% and $Permian Basin Royalty Trust(PBT.US)$ up 6%.
In trading on Friday, information technology shares fell 2.7%.
Top Headline
Annual inflation rate in the US accelerated to 8.6% in May, reaching the highest mark since December 1981. Analysts, however, were expecting a reading of 8.3%.
Equities Trading UP
$Cogent Biosciences(COGT.US)$ shares shot up 69% to $8.37 after the company reported initial data from its ongoing Phase 2 APEX clinical trial.
Shares of $Energy Focus(EFOI.US)$ got a boost, shooting 16% to $2.66. Energy Focus recently reported a $3.5 million private placement priced at-the-market under Nasdaq rules.
$RLX Technology(RLX.US)$ shares were also up, gaining 12% to $2.4280.
Equities Trading DOWN
$Fulcrum Therapeutics(FULC.US)$ shares tumbled 48% to $4.24 after the company announced clinical proof-of-concept data from the ongoing Phase 1b trial of FTX-6058 for the treatment of sickle cell disease.
Shares of $Caribou Biosciences(CRBU.US)$ were down 32% to $5.89 after the company reported additional data from the CB-010 allogeneic CAR-T cell therapy Phase 1 ANTLER trial at the European Hematology Association 2022 Hybrid Congress.
$Core Molding Technologies(CMT.US)$ was down, falling 22% to $9.57 after the company reported worse-than-expected Q3 sales results.
Commodities
In commodity news, oil traded up 0.1% to $121.64, while gold traded down 0.3% to $1,846.80.
Silver traded down 1.1% to $21.585 on Friday while copper fell 0.4% to $4.3645.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 1.3%, London's FTSE 100 dropped 1.1% while Spain's IBEX 35 Index fell 1.6%. The German DAX dropped 1.6%, French CAC 40 fell 1.4% and Italy's FTSE MIB Index dipped 2.7%.
Italy's industrial production increased 1.6% from a month ago in April following a revised 0.2% increase a month ago. Annual inflation rate in Spain accelerated to 8.7% in May from 8.3% in April
Economics
Annual inflation rate in the US accelerated to 8.6% in May, reaching the highest mark since December 1981. Analysts, however, were expecting a reading of 8.3%.
The University of Michigan's consumer sentiment index fell to 50.2 in June from 58.1 in the previous month.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
The U.S. Treasury budget report for May is scheduled for release at 2:00 p.m. ET.