Dow Falls Over 200 Points; US Retail Sales Top Expectations

U.S. stocks traded lower this morning, with the Dow Jones falling more than 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.67% to 35,069.60 while the NASDAQ fell 0.47% to 13,723.41. The S&P 500, also fell, dropping, 0.61% to 4,462.38.

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Leading and Lagging Sectors

Health care shares fell by just 0.2% on Tuesday.

In trading on Tuesday, energy shares dipped by 2.1%.

 

Top Headline

Retail sales in the U.S. rose 0.7% month-over-month in July, beating market expectations for a 0.4% growth.

 

Equities Trading UP

Delcath Systems, Inc. DCTH shares shot up 78% to $5.55 after the company announced FDA approval of HEPZATO KIT for the treatment of adult patients with unresectable hepatic-dominant metastatic uveal melanoma.

Shares of Novo Integrated Sciences, Inc. NVOS got a boost, shooting 85% to $0.1316 after the company and Farm 7 Group announced a joint venture for Kenya Agricultural Cooperative Project.

Siyata Mobile Inc. SYTA shares were also up, gaining 47% to $4.87 following upbeat quarterly sales.

 

Equities Trading DOWN

F45 Training Holdings Inc. FXLV shares dropped 74% to $0.1868 after the company announced it intends to voluntarily delist and deregister its securities.

Shares of Design Therapeutics, Inc. DSGN were down 70% to $2.17 after the company reported initial results from its Phase 1 multiple-ascending dose study of DT-216 for the treatment of Friedrich ataxia. The company said there were injection site reactions.

Galecto, Inc. GLTO was down, falling 64% to $0.7820 after the company announced topline results from its Phase 2b GALACTIC-1 trial of GB0139 for idiopathic pulmonary fibrosis, which showed the trial did not meet its primary endpoint. The company plans to discontinue development of GB0139.

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Commodities

In commodity news, oil traded down 1% to $81.66 while gold traded down 0.5% at $1,934.70.

Silver traded down 1% to $22.48 on Tuesday while copper fell 1.5% to $3.6705.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1%, London’s FTSE 100 fell 1.4% while Spain’s IBEX 35 Index fell 1.2% The German DAX fell 1.1% French CAC 40 fell 1.3%

The ZEW Indicator of Economic Sentiment for Germany rose to -12.3 in August from -14.7 in July.

The unemployment rate in the UK rose to 4.2% during the three months to June 2023, recording the highest level since late-2021. Average weekly earnings, including bonuses in the UK, increased by 8.2% year-over-year to GBP 663/week in the three months to June. Labor productivity in the UK rose 0.7% on quarter in the three months to June.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.56%, China’s Shanghai Composite Index falling 0.07% and Hong Kong’s Hang Seng Index falling 1.03%. India’s S&P BSE Sensex, meanwhile, rose 0.12%.

The People’s Bank of China cut the one-year medium-term lending facility rates by 15 bps on August 15th. China's retail sales rose by 2.5% year-over-year in July, slowing from a 3.1% increase in the previous month. The country’s industrial production rose 3.7% year-over-year in July, slowing from a 4.4% growth in June

Industrial production in Japan rose by 2.4 percent month-over-month in June. The Japanese economy expanded by 6.0% on an annualized basis in the second quarter, higher than the revised 3.7% growth in the previous period.

 

Economics

Retail sales in the U.S. rose 0.7% month-over-month in July, beating market expectations for a 0.4% growth.

Export prices in the U.S. rose 0.7 percent month-over-month in July, while import prices increased 0.4% month-over-month in July.

The NY Empire State Manufacturing Index fell to -19 in August from 1.1 in July, and down from market estimates of -1.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,736,010 cases with around 1,172,110 deaths. India confirmed a total of at least 44,996,310 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,580,690 cases of COVID-19 worldwide with more than 6,907,930 deaths.