Tech stocks got off to a slow start Thursday morning. The Nasdaq traded down about 1.7%, the S&P 500 down by about 1.1% and the Dow down by around 0.5% shortly after the opening bell. All three also closed higher on Wednesday.
The consumer price index (CPI) rose 7.5% year over year in January, and consumer prices rose 0.6% month over month, according to the latest report from the U.S. Department of Labor. Excluding food and energy, core CPI rose 6% year over year and 0.6% month over month. This may signal more hawkish moves by the Federal Reserve to stem inflation, not a good indicator for equities.
At the same time, new claims for unemployment benefits last week came in at 223,000, below economists’ estimate for a rise of 230,000. Continuing claims totaled 1.62 million, unchanged week over week.
Tech stocks came out of the chute about 1.8% lower, while consumer cyclical stocks traded down around 1.5%. Ten of 11 market sectors traded lower in the first few minutes of Wednesday’s session, with energy, up 0.7%, posting the only gain.
Here are the 14 Nasdaq 100 index stocks that made the biggest (a relative term in this case) moves early Thursday.
Synopsys Inc. (NASDAQ: SNPS) traded down about 3.5%, at $312.76 in a 52-week range of $217.69 to $377. 60. The company had no specific news Thursday morning.
Adobe Inc. (NASDAQ: ADBE) traded down about 3.5%, at $503.27 in a 52-week range of $420.789 to $699.54. The company has filed a mixed securities shelf offering.
Autodesk Inc. (NASDAQ: ADSK) traded down by about 3.4%, at $242.89 in a 52-week range of $226.40 to $344.39. The company had no specific news.
Cadence Design Systems Inc. (NASDAQ: CDNS) traded down about 3.1%, at $149.68 in a 52-week range of $118.11 to $192.70. The company had no specific news.
Intuit Inc. (NASDAQ: INTU) traded down by about 3.0%, at $562.22 in a 52-week range of $365.15 to $716.86. The company had no specific news this morning.
Splunk Inc. (NASDAQ: SPLK) traded down about 2.7% at $119.25 in a 52-week range of $105.45 to $176.66. The company had no specific news.
Zoom Video Communications Inc. (NASDAQ: ZM) traded down about 2.6%, at $146.15 in a 52-week range of $134.70 to $451.77. The company had no specific news.
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