US Stocks Turn Lower; Dow Dips 175 Points

U.S. stocks turned lower midway through trading, with the Dow Jones dropping around 175 points on Tuesday.

The Dow traded down 1.60% to 29,085.07 while the NASDAQ fell 0.31% to 10,769.06. The S&P 500 also fell, dropping, 0.50% to 3,636.85.

Also check this: Market Volatility Increases Amid Another Drop On Wall Street

Leading and Lagging Sectors

Energy shares rose by 1.1% on Tuesday.
In trading on Tuesday, utilities shares fell 1.8%.

Top Headline

The S&P CoreLogic Case-Shiller 20-city home price index rose 16.1% year-over-year in July.

Equities Trading UP

• Avenue Therapeutics, Inc. ATXI shares shot up 147% to $8.70. Avenue Therapeutics recently received the official meeting minutes from the FDA regarding a meeting conducted for IV Tramadol in combination with other opioid analgesics to manage moderate-to-moderately severe pain. Concurrently, Avenue Therapeutics announced that it would effect a 1-for-15 reverse stock split.
• Shares of PaxMedica, Inc. PXMD got a boost, shooting 38% to $2.9894 as the company issued a corporate update after IPO. The company named Stephen D. Sheldon as CFO.
• Bellerophon Therapeutics, Inc. BLPH shares were also up, gaining 25% to $1.2099. The FDA has accepted Bellerophon Therapeutics’ proposal to reduce the study size for its ongoing registrational REBUILD Phase 3 trial of INOpulse for the treatment of fibrotic Interstitial Lung Disease (fILD).

Equities Trading DOWN

• Avidity Biosciences, Inc. RNA shares tumbled 16% to $15.77. The FDA has placed a partial clinical hold on new participant enrollment in Avidity Biosciences’ Phase 1/2 MARINA trial of AOC 1001 in adults with myotonic dystrophy type 1 (DM1).
• Shares of Kiora Pharmaceuticals, Inc. KPRX were down 15% to $6.12 following effect of 1:40 reverse split.
• Eve Holding, Inc. EVEX was down, falling 17% to $10.12. BLADE India signed non-binding order for up to 200 eVTOL vehicles from Eve Air Mobility.

Also check out: Investor Fear Increases Further As Dow Enters Bear Market

Commodities

In commodity news, oil traded up 1.4% to $77.78, while gold traded up 0.3% at $1,638.30.

Silver traded down 0.3% to $18.425 on Tuesday while copper fell 0.3% to $3.2860.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.13%, London’s FTSE 100 fell 0.52% while Spain’s IBEX 35 Index fell 0.84%. The German DAX declined 0.72%, French CAC 40 fell 0.27% and Italy’s FTSE MIB Index fell 1.16%.

Loans to households in the Eurozone climbed 4.5% year-over-year in August, while number of people registered at out of work in mainland France dropped by 1 thousand from the prior month to 2.966 million during August.

Economics

• US durable goods orders fell 0.2% month-over-month in August.
• The S&P CoreLogic Case-Shiller 20-city home price index rose 16.1% year-over-year in July.
• The FHFA's house price index fell 0.6% from a month ago in July.
• New home sales jumped 28.8% from a month ago to a five-month high of 685,000 in August.
• The Richmond Fed composite manufacturing index came in at 0 in September versus -8 in the prior month.
• Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:55 p.m. ET.

Check out this: Bitcoin Jumps Above This Major Level, Here Are Other Crypto Movers That Should Be On Your Radar Today

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,959,570 cases with around 1,082,030 deaths. India confirmed a total of at least 44,575,470 cases and 528,560 deaths, while France reported over 35,164,530 COVID-19 cases with 154,960 deaths. In total, there were at least 620,803,240 cases of COVID-19 worldwide with more than 6,541,900 deaths.