Comments by dovish Boston Federal Reserve President Eric Rosengren in support of an interest rate increase sent the markets tumbling to a sharply lower open with the Dow plummeting 161 points to 18,318. Nasdaq tumbled 45 points to 5,213.
On the upside
Lexicon Pharmaceuticals (Nasdaq: LXRX) reported positive results from a Phase 3 study of sotagliflozin to treat patients with type 1 diabetes.
Finisar (Nasdaq: FNSR) reported higher first quarter earnings and revenue that surpassed analyst expectations.
Restoration Hardware (NYSE: RH) reported better than expected results for the first quarter.
On the downside
Investors locked in profits on Noble (NYSE: NE).
Lantheus Holdings (Nasdaq: LNTH) will offer 5.2 million shares of common stock.
Third quarter earnings and revenue for Hovnanian Enterprises (NYSE: HOV) missed analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 plunged 21 points to 2,160. Bitcoin lost $2 to $619.
