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U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones dropping over 100 points on Tuesday.
The Dow traded down 0.35% to 32,946.74 while the NASDAQ rose 0.30% to 12,418.54. The S&P 500 also fell, dropping, 0.02% to 4,137.21.
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Leading and Lagging Sectors
Energy shares rose by 3.4% on Tuesday. Meanwhile, top gainers in the sector included Obsidian Energy Ltd. OBE, up 11% and Borr Drilling Limited BORR up 9%.
In trading on Tuesday, health care shares dipped by 1.4%.
Top Headline
U.S. new home sales dropped 12.6% month-over-month to an annualised rate of 511,000 in July, recording the lowest reading since January 2016.
Equities Trading UP
Aerie Pharmaceuticals, Inc. AERI shares shot up 36% to $15.12 after the company announced it will be acquired by Alcon for $15.25 per share, representing an equity value of approximately $770 million.
Shares of Marin Software Incorporated MRIN got a boost, shooting 24% to $0.6503 after the company announced the ability to optimize Snap Inc’s SNAP Snapchat ad campaigns through its MarinOne platform.
Windtree Therapeutics, Inc. WINT shares were also up, gaining 44% to $0.6503 after the company announced it has entered into a global licensing agreement for the development and commercialization of KL4 surfactant and AEROSURF. The company may receive up to $78.9 million in milestones.
Equities Trading DOWN
Aspira Women’s Health Inc. AWH shares tumbled 37% to $0.5583. Aspira Women’s Health priced 12 million share common stock offering at $0.75 per share.
Shares of Assertio Holdings, Inc. ASRT were down 26% to $2.6932 after the company priced a $60 million convertible senior notes offering.
Foghorn Therapeutics Inc. FHTX was down, falling 22% to $11.51 after the company announced the FDA has placed a clinical hold on the Phase 1 dose escalation study of FHD-286.
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Commodities
In commodity news, oil traded up 3.8% to $93.75, while gold traded up 0.7% to $1,760.80.
Silver traded up 0.6% to $18.995 on Tuesday while copper rose 1% to $3.6895.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.42%, London’s FTSE 100 fell 0.61% while Spain’s IBEX 35 Index fell 0.71%. The German DAX dropped 0.27%, French CAC 40 fell 0.26% and Italy’s FTSE MIB Index gained 0.97%.
The S&P Global Eurozone services PMI declined to 50.2 in August from 51.2 in July, while manufacturing PMI slipped to 49.7 from 49.8 in July. The S&P Global/CIPS Flash manufacturing PMI for the UK dropped to 46 in August from 52.1 in the previous month, while composite PMI declined to 50.9 from 52.1.
The S&P Global Germany composite PMI declined to 47.6 in August from 48.1 a month ago, while French composite PMI dropped to 49.8 from 51.7.
Economics
The S&P Global services PMI declined to 44.1 in August from 47.3 in July, while manufacturing PMI slipped to 51.3 from 52.2.
U.S. new home sales dropped 12.6% month-over-month to an annualised rate of 511,000 in July, recording the lowest reading since January 2016.
The Richmond Fed composite manufacturing index declined to -8 in August from 0 in the prior month.
Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 7:00 p.m. ET.
Check out this: Market Volatility Increases As S&P 500 Ends Four-Week Winning Streak
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,449,600 cases with around 1,066,080 deaths. India confirmed a total of at least 44,357,540 cases and 527,410 deaths, while France reported over 34,358,620 COVID-19 cases with 153,610 deaths. In total, there were at least 601,902,910 cases of COVID-19 worldwide with more than 6,474,610 deaths.
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Image and article originally from www.benzinga.com. Read the original article here.