US Stocks Open Lower, Dow Falls 100 Points

U.S. stocks traded lower this morning, with the Dow Jones dropping around 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.34% to 29,103.27 while the NASDAQ fell 1.68% to 10,364.72. The S&P 500 also fell, dropping, 1.11% to 3,572.28.

Also check this: Market Volatility Increases After Nasdaq Tumbles Over 100 Points

Leading and Lagging Sectors

Consumer staples shares rose by 0.6% on Tuesday. Leading the sector was strength from e.l.f. Beauty, Inc. ELF and BJ's Wholesale Club Holdings, Inc. BJ.

In trading on Tuesday, energy shares dipped by 2%.

Top Headline

 

ForgeRock, Inc. FORG announced it will be acquired by Thoma Bravo for $2.3 billion.

 

 

Equities Trading UP

 

• DICE Therapeutics, Inc. DICE shares shot up 54% to $38.04 after the company announced topline data from its Phase 1 clinical trial of DC-806. Clinical proof-of-concept in psoriasis patients achieved with a mean percentage reduction in PASI from baseline at 4 weeks of 43.7% in the high dose group.
• Shares of ForgeRock, Inc. FORG got a boost, shooting 49% to $22.60 after the company announced it will be acquired by Thoma Bravo for $2.3 billion.
• Albireo Pharma, Inc. ALBO shares were also up, gaining 18% to $24.08 after the company announced topline results from the Phase 3 of Bylvay in Alagille syndrome showed highly statistically significant improvement in pruritus primary endpoint.

 

Equities Trading DOWN

• Orthofix Medical Inc. OFIX shares tumbled 21% to $14.49 after the company and SeaSpine announced they will combine in a merger of equals. The company also announced preliminary Q3 net sales.
• Shares of Happiness Development Group Limited HAPP were down 18% to $2.62. Happiness Development Group shareholders approved a 1 for 20 reverse split of ordinary shares.
• Uber Technologies, Inc. UBER was down, falling 15% to $23.24 on reports the U.S. Department of Labor has released a proposal to make companies reclassify independent contractors as employees.

 

Also check out: Bilibili, H World Group And Other Big Losers From Monday

Commodities

In commodity news, oil traded down 2.6% to $88.74, while gold traded down 0.1% at $1,672.80.

Silver traded down 1.4% to $19.335 on Tuesday while copper fell 0.4% to $3.4175.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, London’s FTSE 100 fell 1.2% while Spain’s IBEX 35 Index fell 1%. The German DAX declined 1.1%, French CAC 40 fell 0.9% and Italy’s FTSE MIB Index fell 1.5%.

 

Economics

 

• The NFIB Small Business Optimism Index climbed to a four-month high of 92.1 in September from 91.8 in the previous month.
• The IBD/TIPP Economic Optimism Index declined to 41.6 in October versus a five-month high level of 44.7 in September.
• Philadelphia Fed President Patrick Harker is set to speak at 11:30 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester will speak at 12:00 p.m. ET.
• The Treasury will auction 3-year notes at 1:00 p.m. ET.

 

Check out this: Ethereum Falls Below $1,300; 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 98,572,010 cases with around 1,087,970 deaths. India confirmed a total of at least 44,616,390 cases and 528,820 deaths, while France reported over 35,875,620 COVID-19 cases with 155,530 deaths. In total, there were at least 627,104,810 cases of COVID-19 worldwide with more than 6,562,340 deaths.