US Stocks Trade Lower; Dow Drops Over 100 points

U.S. stocks traded lower this morning, with the Dow Jones dropping over 100 points on Tuesday. All the three major indices recorded their third weekly loss in a row, with the Dow dropping around 3%, and the S&P 500 down around 3.3%. Equity markets in the US were closed on Monday for the Labor Day holiday.

Following the market opening Tuesday, the Dow traded down 0.38% to 31,200.55 while the NASDAQ fell 0.53% to 11,569.74. The S&P 500 also fell, dropping, 0.38% to 3,909.43.

Also check this: US Stocks Record Third Consecutive Weekly Loss But Market Volatility Decreases

Leading and Lagging Sectors

Utilities shares jumped by 0.7% on Tuesday. Meanwhile, top gainers in the sector included Enel Chile S.A. ENIC, up 9% and NextEra Energy, Inc. NEE up 3%.

In trading on Tuesday, communication services shares fell by 1%.

Top Headline

The ISM services index climbed to 56.9 in August from previous reading of 56.7.

 

Equities Trading UP

ChannelAdvisor Corporation ECOM shares shot up 55% to $22.75 after the company announced it will be acquired by CommerceHub for $23.10 per share.

 

Shares of IVERIC bio, Inc. ISEE got a boost, shooting 36% to $12.84 after the company announced positive data from the second Phase 3 trial of Zimura (avacincaptad pegol) for geographic atrophy (GA).

 

First Wave BioPharma, Inc. FWBI shares were also up, gaining 32% to $4.1897 after gaining 7% on Friday.

 

Equities Trading DOWN

Eiger BioPharmaceuticals, Inc. EIGR shares tumbled 29% to $6.10 after the company provided an update on the status of its planned request for EUA of peginterferon lambda, saying "the agency has indicated that it is not yet able to determine whether the criteria for the submission of an application and issuance of an EUA are likely to be met."

Shares of bioAffinity Technologies, Inc. BIAF were down 22% to $5.53 after dropping 15% on Friday. The company, last week, priced its IPO at $6.125 per unit.

Presidio Property Trust, Inc. SQFT was down, falling 24% to $2.40. Presidio Property Trust declared Q3 dividend and adopted variable dividend policy.

 

Also check out: Lululemon, Smartsheet, Okta, And Other Big Gainers From Friday

Commodities

In commodity news, oil traded up 0.5% to $87.33, while gold traded down 0.1% at $1,720.20.

Silver traded up 1.2% to $18.09 on Tuesday while copper rose 1.1% to $3.45.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.1%, while Spain’s IBEX 35 Index fell 0.1%. The German DAX climbed 0.6%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.2%.

The S&P Global Eurozone construction PMI dropped to 44.2 in August from 45.7 in the prior month. The S&P Global German construction PMI dropped to 42.6 in August from 43.7 in the previous month, while factory orders in the country dropped 1.1% month-over-month in July.

French construction PMI slipped to 48.2 in August from 48.6 a month ago. Retail sales in the UK rose by 0.5% on a like-for-like basis during August from a year earlier, compared to a 1.6% increase in July.

Economics

 

The S&P Global US services PMI was revised lower to 43.7 in August compared to a preliminary level of 44.1, and also down from 47.3 a month ago.

The ISM services index climbed to 56.9 in August from previous reading of 56.7.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Investor Movement Index for August is scheduled for release at 12:30 p.m. ET.

The Treasury will auction 52-week bills at 1:00 p.m. ET.

Check out this: Ethereum Rises Above This Major Level Ahead Of The Merge; Here Are The Top Crypto Movers For Tuesday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 96,643,170 cases with around 1,072,970 deaths. India confirmed a total of at least 44,466,860 cases and 528,030 deaths, while France reported over 34,596,180 COVID-19 cases with 154,270 deaths. In total, there were at least 610,904,220 cases of COVID-19 worldwide with more than 6,505,480 deaths.