Midday Market Update: Dow Falls 250 points; Tufin Software Technologies shares jump


US stocks traded lower at the midpoint, with the Dow Jones losing 250 points on Wednesday.

The Dow fell 0.72% to 34,390.15 while the NASDAQ fell 2.65% to 13,828.05. The S&P also fell, falling 1.31% to 4,465.90.

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Leading and Lagging Sectors

Utilities stocks jumped 1.7% on Wednesday. Meanwhile, top earners in the industry included Cadiz Inc. CDZIup 5% and Unitil Corporation UTL up 4%.

In Wednesday’s trading, consumer discretionary stocks fell 3.4%.

Superior title

RPM International Inc. rpm announced better than expected results for its third quarter.

RPM International reported quarterly adjusted earnings of $0.38 per share, beating analysts’ estimates of $0.30 per share. The company’s quarterly sales were $1.43 billion, against expectations of $1.41 billion.

Stock exchange rising

Advent Technologies Holdings, Inc. DNA shares jumped 76% to $3.5487. Advent Technologies and Hyundai Motor Company have entered into an evaluation, sales and technology development agreement.

Shares of Tufin Software Technologies Ltd. TUFN received a boost, rising 43% to $12.91 after the company announced it would be acquired by Turn/River Capital for $13 per share in cash.

NextDecade Corporation FOLLOWING shares also rose, gaining 16% to $6.95. NextDecade and ENN have signed an agreement for the sale and purchase of 1.5 MTPA of LNG.

Stock trading down

Senmiao Technology Limited AIHS shares fell 19% to $1.7450. Senmiao Technology announced a 1 for 10 reverse stock split, effective April 6, 2022.

Shares of Hyzon Motors Inc. HYZN fell 18% to $5.07 after Canaccord Genuity downgraded the stock from Buy to Hold and lowered its price target from $12 to $6.

Owl, Inc. owl was down, falling 12% to $4.08.

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In commodities news, oil traded down 2.8% at $99.09, while gold traded up 0.1% at $1,929.10.

Silver traded 0.1% lower on Wednesday at $24.54 while copper fell 1.4% to $4.7295.


European stocks were down today. The Eurozone STOXX 600 fell 1.53%, London’s FTSE 100 fell 0.34%, while Spain’s IBEX 35 index fell 1.64%. The German DAX fell by 1.89%, the French CAC 40 by 2.21% and the Italian FTSE MIB by 2.06%.

Factory orders in Germany fell 2.2% month-on-month in February. The S&P Global Eurozone Construction PMI fell to 52.8 in March from 56.3 in February, while the German construction PMI fell to 50.9 in March from 54.9. The IHS Markit France Construction PMI fell to 48.4 in March from 50 the previous month.


U.S. crude oil inventories rose 2.421 million barrels to 412.4 million barrels in the week ended April 1, the Energy Information Administration said.

The Federal Open Market Committee will release the minutes of its last meeting at 2:00 p.m. ET.

COVID-19 Update

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,900,010 cases with around 1,009,390 deaths. India has confirmed a total of at least 43,030,920 cases and 521,510 deaths, while Brazil has reported over 30,040,120 COVID-19 cases with 660,580 deaths. In total, there have been at least 494,246,050 cases of COVID-19 worldwide with more than 6,183,770 deaths.


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