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May 28, 2024 12:00 PM 3 min read

Dow Dips Over 100 Points; GameStop Shares Spike higher

by Avi Kapoor Benzinga Staff Writer
Follow

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling more than 100 points on Tuesday.

The Dow traded down 0.36% to 38,928.04 while the NASDAQ rose 0.48% to 17,001.83. The S&P 500 also rose, gaining, 0.04% to 5,306.91.

Check This Out: This Airbnb Analyst Turns Bullish; Here Are Top 5 Upgrades For Tuesday

Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Tuesday.

In trading on Tuesday, health care shares fell by 1.2%.

Top Headline

Shares of GameStop Corp. (NYSE:GME) jumped around 24% on Tuesday after the company announced late Friday that it had completed its previously disclosed "at-the-market" (ATM) equity offering, selling a maximum of 45 million common shares.

The company raised approximately $933.4 million in gross proceeds, which it intends to use for general corporate purposes, including potential acquisitions and investments.

Equities Trading UP
                       

  • Insmed Incorporated (NASDAQ:INSM) shares shot up 112% to $46.62 after the company announced topline results from ASPEN Phase 3 study met its primary endpoint.
  • Shares of Calliditas Therapeutics AB (NASDAQ:CALT) got a boost, surging 75% to $38.10 after the company’s board recommended the acceptance of Asahi Kasei’s tender offer.
  • Pineapple Energy Inc. (NASDAQ:PEGY) shares were also up, gaining 83% to $0.3259 after the company on Friday announced its SUNation subsidiary signed a 1.95-megawatt project.

Equities Trading DOWN

  • Applied DNA Sciences, Inc. (NASDAQ:APDN) shares dropped 68% to $0.64 after the company reported the pricing of $12 million public offering.
  • Shares of Marpai, Inc.  (NASDAQ:MRAI) were down 56% to $0.8515 after the company announced its intention to withdraw from the Nasdaq hearings process.
  • Netcapital Inc. (NASDAQ:NCPL) was down, falling 24% to $0.1463 after the company announced that it entered into definitive agreement for the immediate exercise of $2.2 million of certain outstanding Series A-2 warrants.

Also Check This Out: Top 5 Real Estate Stocks That Could Lead To Your Biggest Gains This Month

Commodities

In commodity news, oil traded up 2.3% to $79.50 while gold traded up 1% at $2,357.70.

Silver traded up 5.3% to $32.10 on Tuesday, while copper rose 1.5% to $4.8260.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.68%, Germany's DAX slipped 0.59% and France's CAC 40 declined 1.03%. Spain's IBEX 35 Index fell 0.64%, while London's FTSE 100 declined 0.85%.

German wholesale prices fell by 1.8% year-over-year in April compared to a revised 2.6% decline a month ago.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei falling 0.11%, China's Composite Index declining 0.46%, Hong Kong's Hang Seng Index falling 0.03% and India's S&P BSE Sensex falling 0.2%.

Producer prices in Malaysia rose by 1.9% year-over-year in April compared to a 1.6% increase in the earlier month.

Economics

  • The S&P CoreLogic Case-Shiller home price index rose by 7.4% year-over-year in March versus 7.3% in the previous month.
  • The FHFA house price index rose by 0.1% in March, compared to market expectations of a 0.5% gain.
  • The Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas fell to a reading of -19.4 in May, compared to -14.5 a month ago.

Now Read This: How To Earn $500 A Month From Heico Stock Ahead Of Q2 Earnings

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Posted In:
EquitiesNewsEurozoneCommoditiesIntraday UpdateMarketsTrading IdeasMid-Day Market Update
GME Logo
GMEGameStop Corp
$23.41-0.09%
Overview
INSM Logo
INSMInsmed Inc
$164.91-%
MRAI Logo
MRAIMarpai Inc
$0.4566-49.3%
NCPL Logo
NCPLNetcapital Inc
$0.5736-1.63%
GME Logo
GMEGameStop Corp
$23.41-0.09%
Overview
INSM Logo
INSMInsmed Inc
$164.91-%
MRAI Logo
MRAIMarpai Inc
$0.4566-49.3%
NCPL Logo
NCPLNetcapital Inc
$0.5736-1.63%
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