US Stocks Turn Lower; Dow Dips Over 200 Points

U.S. stocks turned lower midway through trading, with the Dow Jones dropping more than 200 points on Tuesday

The Dow traded down 0.77% to 31,852.19 while the NASDAQ fell 1.17% to 11,877.27. The S&P 500 also fell, dropping, 0.96% to 3,991.76.

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Leading and Lagging Sectors

Financials shares slipped by just 0.2% on Tuesday. Meanwhile, top gainers in the sector included Grupo Supervielle S.A. SUPV, up 3% and Enterprise Bancorp, Inc. EBTC up 3%.

In trading on Tuesday, energy shares tumbled by 3.9%.

Top Headline

The Conference Board’s consumer confidence index rose to 103.2 in August from previous reading of 95.3.

Equities Trading UP

• American Outdoor Brands, Inc. AOUT shares shot up 18% to $9.18 after B. Riley upgraded the stock from Neutral to Buy and announced an $11 price target.
• Shares of IN8bio, Inc. INAB got a boost, shooting 36% to $2.70 after a Form 4 Filing showed Cavu Advisors purchased 51,214 shares at an average price of $2.02. HC Wainwright & Co. initiated coverage on IN8bio with a Buy rating and announced a price target of $14.
• American Woodmark Corporation AMWD shares were also up, gaining 15% to $54.42 after the company reported better-than-expected Q1 results.

Equities Trading DOWN

• Amesite Inc. AMST shares tumbled 51% to $0.4099 after the company announced a $2.3 million registered direct offering.
• Shares of Photronics, Inc. PLAB were down 23% to $16.78. Photronics posted upbeat Q3 results, but issued weak outlook for the current quarter.
• Baudax Bio, Inc. BXRX was down, falling 43% to $0.3120 after the company reported pricing of $6.2 million public offering.

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Commodities

In commodity news, oil traded down 5.9% to $91.27, while gold traded down 0.7% at $1,737.50.

Silver traded down 1.8% to $18.32 on Tuesday while copper fell 1.6% to $3.5525.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.67%, London’s FTSE 100 fell 0.12%, while Spain’s IBEX 35 Index rose 0.5%. The German DAX gained 0.53%, French CAC 40 fell 0.19% and Italy’s FTSE MIB Index slipped 0.08%.

Consumer confidence in the Eurozone rose to -24.9 in August versus a record low level of -27 in July, while services confidence indicator declined to 8.7 in August from 10.4 a month ago. The economic sentiment indicator also declined to 97.6 in August versus a revised reading of 98.9 in July.

Retail sales in Spain fell 0.5% year-over-year in July, while annual inflation rate in the country eased to 10.4% in August from 10.8% in the prior month. Consumer credit in the UK rose by GBP 1.425 billion in July. Italy’s industrial sales declined by 0.2 percent month-over-month in June.

Economics

• The S&P CoreLogic Case-Shiller 20-city home price index rose 18.6% year-over-year during June.
• The FHFA House Price Index rose 0.1% from a month ago in June.
• The Conference Board’s consumer confidence index rose to 103.2 in August from previous reading of 95.3.
• The number of job openings increased by 199,000 from a month ago to 11.2 million in July.

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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 96,091,120 cases with around 1,069,490 deaths. India confirmed a total of at least 44,419,670 cases and 527,820 deaths, while France reported over 34,482,600 COVID-19 cases with 153,960 deaths. In total, there were at least 606,774,770 cases of COVID-19 worldwide with more than 6,490,430 deaths.