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Stocks are getting smashed
(REUTERS/Buddhika Weerasinghe)
Stocks are in the red in afternoon trading, following a sudden plunge in futures on Tuesday night.
Near 1:40 p.m., the Dow was down 89 points, the S&P 500 was down 9 points, and the Nasdaq was down 34 points.
The big markets story is GoDaddy's initial public offering of 22 million shares. The stock opened for trade up more than 30% at $26.15 per share, generating around $440 million for the company and valuing it around $4.5 billion.
Shares prices last night at $20.
Oil is having a huge day, with West Texas Intermediate rallying by nearly 5% to inch above $50 per barrel. The latest data from the Energy Information Administration showed US oil inventories rose by 4.8 million barrels, bringing the total to $471.4 million – an 80-year high. The spike in crude prices also coincided with reports that an oil platform in the Gulf of Mexico run by Mexican state-controlled oil company Pemex had caught fire.
Gold rose by more than 1.5% to more than $1,200 an ounce.
In economic data, ADP reported that private employers added 189,000 jobs in March, missing expectations of 225,000.
The latest manufacturing reading from Markit came in at 55.7, beating the expectation for a 55.3 print. And, the latest ISM PMI came in at 51.5, missing the forecast of 52.5.
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