Dow Falls 150 Points; AutoZone Earnings Top Views

U.S. stocks traded lower toward the end of trading, with the Dow Jones falling more than 150 points on Tuesday.

The Dow traded down 0.48% to 34,457.36 while the NASDAQ fell 0.28% to 13,672.29. The S&P 500 also fell, dropping, 0.34% to 4,438.52.

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Leading and Lagging Sectors

Communication services shares fell by just 0.02% on Tuesday.

In trading on Tuesday, energy shares dipped by 1.1%.

 

Top Headline

AutoZone Inc AZO reported better-than-expected earnings for its fourth quarter.

The company posted fourth-quarter FY23 sales growth of 6.4% year-on-year to $5.69 billion, beating the analyst consensus of $5.61 billion. EPS of $46.46 beat the consensus of $45.12.

 

Equities Trading UP

Rackspace Technology, Inc. RXT shares shot up 36% to $2.0102 after Raymond James upgraded the stock from Market Perform to Outperform and announced a $3.5 price target.

Shares of Avinger, Inc. AVGR got a boost, shooting 41% to $8.53, adding to outsized gains from Monday. On Monday, Avinger shares soared 46.8% after the company announced the commercial launch of its Tigereye ST image-guided CTO crossing device.

Elutia Inc. ELUT shares were also up, gaining 29% to $1.6050 after the company announced the sale of its Orthobiologics business unit to Berkeley Biologics LLC. Elutia announced $26 million private placement of 7,355,869 shares of common stock at $1.4275 per share.

 

Equities Trading DOWN

60 Degrees Pharmaceuticals, Inc. SXTP shares dropped 19% to $0.8950. 60 Degrees Pharmaceuticals’ subsidiary, 60P Australia Pty Ltd, has withdrawn its investigational new drug (IND) application for ACLR8-LR, a Phase 2B study of the use of tafenoquine in treating COVID-19.

Shares of Histogen Inc. HSTO were down 33% to $0.4401 as the company reported board approval of complete liquidation and dissolution.

Revance Therapeutics, Inc. RVNC was down, falling 21% to $13.20. Revance Therapeutics commenced a plan to exit the OPUL payments business, citing that significant costs and resources required to support OPUL no longer align with the company’s capital allocation priorities.

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Commodities

In commodity news, oil traded up 0.1% to $91.52 while gold traded down 0.1% at $1,951.80.

Silver traded down 0.2% to $23.46 on Tuesday while copper fell 0.7% to $3.7520.

 

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.04% London’s FTSE 100 rose 0.09% while Spain’s IBEX 35 Index rose 0.48% The German DAX fell 0.40% French CAC 40 rose 0.08%, while Italy’s FTSE MIB Index gained 0.60%.

Annual inflation rate in the Eurozone was revised lower to 5.2% in August versus an initial reading of 5.3%, recording the lowest reading since Jan. 2022. The Eurozone posted a current account surplus of €26.9 billion in July versus a €15.8 billion deficit in the year-ago month.

Italy's current account surplus widened to EUR 5.156 billion in July from EUR 0.795 billion in the year-ago month.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.87%, Hong Kong’s Hang Seng Index rising 0.37% and China’s Shanghai Composite Index falling 0.03%.

Hong Kong's unemployment rate came in unchanged at 2.8% during the three months ending Aug. 2023.

 

Economics

The FOMC starts its two-day policy meeting today.

Housing starts in the U.S. fell 11.3% month-over-month to an annualized rate of 1.283 million in August, recording the lowest level since June 2020.

Building permits rose 6.9% to an annual rate of 1.543 million in August, notching the highest level in 10 months.

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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 108,479,200 cases with around 1,175,350 deaths. India confirmed a total of at least 44,998,210 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,437,400 cases of COVID-19 worldwide with more than 6,916,330 deaths.