Mid-Afternoon Market Update: Dow Falls 140 Points; Insys Therapeutics Shares Surge Following FDA Approval of Syndros

Toward the end of trading Tuesday, the Dow traded down 0.78 percent to 17,809.12 while the NASDAQ declined 1.16 percent to 4,806.31. The S&P also fell, dropping 0.90 percent to 2,083.95.

Leading and Lagging Sectors

On Tuesday, non-cyclical consumer goods & services shares surged by 0.48 percent.

In trading on Tuesday, energy shares fell by 2.44 percent. Meanwhile, top losers in the sector included Whiting Petroleum Corp WLL, down 13 percent, and Unit Corporation UNT, down 18 percent.

Top Headline

Tesla Motors Inc TSLA announced it delivered fewer cars than expected in the second quarter.

Tesla said it delivered 14,370 vehicles in the second quarter, which was notably short of its own projections of 17,000 vehicles.

In total, Tesla delivered 9,745 Model S sedans and 4,625 Model X vehicles in the second quarter.

Equities Trading UP

Leading Brands, Inc (USA) LBIX shares shot up 21 percent to $2.04 as the company reported results of 2016 Annual Meeting. The company also entered into an agreement to supply HappyWater to a significant customer in China.

Shares of Insys Therapeutics Inc INSY got a boost, shooting up 10 percent to $14.70 as the company reported the FDA approval of Syndros.

DRDGOLD Ltd. (ADR) DRD shares were also up, gaining 11 percent to $7.16. Gold futures rose 1.40 percent to trade at $1,357.70 an ounce.

Equities Trading DOWN

Amedica Corporation AMDA shares dropped 31 percent to $0.92. Amedica priced its $11 million offering at $1 per unit.

Shares of Can Fite Biopharma Ltd (ADR) CANF were down 17 percent to $2.17 as the company reported that its Phase 2 glaucoma data failed to meet primary endpoint.

XBiotech Inc XBIT was down, falling around 32 percent to $17.03 after the company presented results from a Phase 3 trial of Xilonix for the treatment of advanced colorectal cancer.

Commodities

In commodity news, oil traded down 5.06 percent to $46.51 while gold traded up 1.40 percent to $1,357.70.

Silver traded up 1.75 percent Tuesday to $19.93, while copper fell 1.60 percent to $2.18.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 1.70 percent, the Spanish Ibex Index dipped 2.28 percent, while Italy’s FTSE MIB Index slipped 1.45 percent. Meanwhile the German DAX declined 1.82 percent, and the French CAC 40 dropped 1.69 percent, while U.K. shares rose 0.35 percent.

Economics

U.S. factory orders declined 1.00 percent for May, versus economists’ expectations for a 0.90 percent drop.