NASDAQ) down nearly 20%

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  • The S&P 500 opened sharply lower, but eliminated most of the daily losses.
  • Shares of Vertex Pharmaceuticals Inc (VRTX: NASDAQ) are suffering heavy losses.
  • Energy stocks rally after Apache Corp (APA: NASDAQ) leads the winners.

The S&P 500 Index (SPX) It opened deep into negative territory on Thursday and touched its lowest level in a week at 3,440. With market sentiment improving modestly at the end of the session, the SPX erased a large chunk of its daily gains and was last seen shedding 0.42% on the day at 3,473.

S&P 500 Major Changes

Vertex Pharmaceuticals Inc (VRTX: NASDAQ) announced that it will abandon the trial and mid-stage development of its drug to treat alpha-1 antitrypsin deficiency amid safety concerns. Following this development, the drug developer’s shares fell sharply and VRTX was last seen to lose nearly 20% on the day at $ 219.90.

On the other hand, energy stocks, which were the ones that fell the most during the first half of the week, are seeing a rebound on Thursday. Shares of Apache Corp (APA: NASDAQ) and Cimarex Energy Co (XEC: NYSE) rose 5.7% and 4.9%, respectively, as the best performers of the day.

Credits: Forex Street

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