Mid-Afternoon Market Update: Dow Falls 100 Points; Fabrinet Shares Plunge On Weak Forecast

Toward the end of trading Tuesday, the Dow traded down 0.38% to 26,035.23 while the NASDAQ fell 0.47% to 7,965.39. The S&P also fell, dropping 0.55% to 2,907.65.

Leading and Lagging Sectors

Consumer discretionary shares rose 0.2% on Tuesday. Meanwhile, top gainers in the sector included MOGU Inc. MOGU, up 21%, and Hilton Grand Vacations Inc. HGV, up 12%.

In trading on Tuesday, materials shares tumbled by 1.1%.

Top Headline

Home Depot Inc HD reported upbeat earnings for its second quarter, while sales missed views. The company also lowered its 2019 sales outlook.

Home Depot reported second-quarter earnings of $3.17 per share, which beat the analyst consensus estimate of $3.09. The company reported quarterly sales of $30.839 billion, which missed the analyst consensus estimate of $31.04 billion. Home Depot reaffirmed EPS for 2019.

Equities Trading UP

iBio, Inc. IBIO shares shot up 50% to $1.05 after the company announced an agreement with United Therapeutics to produce recombinant human collagen-based bioink for 3D bioprinted organ transplants.

Shares of Cheetah Mobile Inc CMCM got a boost, shooting up 29% to $4.25 after the company reported better-than-expected Q2 sales results.

Cemtrex, Inc. CETX shares were also up, gaining 55% to $2.36 after the company reported results for the three months ended June 30, 2019. The company posted quarterly net loss of $2,933,338, versus a year-ago loss of $3,498,291.

Equities Trading DOWN

Fabrinet FN shares tumbled 16% to $47.25. Fabrinet reported stronger-than-expected results for its fourth quarter, but issued weak outlook for the first quarter.

Shares of Synlogic, Inc. SYBX were down 28% to $3.4847 after the company announced that it would discontinue the development of its SYNB1020. The SYNB1020 is an early-stage clinical product candidate for the treatment of Hyperammonemia.

ToughBuilt Industries, Inc.. TBLT was down, falling 29% to $0.3914 after the company reported Q2 earnings results. ToughBuilt Industries posted Q2 EPS of $0.00, versus a year-ago loss of $0.74. Its sales rose to $4.75 million from $4.54 million.

Commodities

In commodity news, oil traded down 0.1% to $56.18, while gold traded up 0.3% to $1,516.4.

Silver traded up 1.3% Tuesday to $17.16, while copper fell 1% to $2.576.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.68%, the Spanish Ibex Index fell 1.32%, while Italy’s FTSE MIB Index slipped 1.11%. Meanwhile, the German DAX dropped 0.55%, and the French CAC 40 fell 0.50% while UK shares fell 0.90%.

Economics

San Francisco Federal Reserve Bank President Mary Daly is set to speak at 4:30 p.m. ET.

Federal Reserve Board of Governors Vice Chairman for Supervision Randal Quarles will speak in Salt Lake City, Utah at 6:00 p.m. ET.