Mid-Afternoon Market Update: U.S. Stocks Turn Lower; Crude Oil Down Over 2%

Toward the end of trading Tuesday, the Dow traded down 0.59% to 26791.93 while the NASDAQ fell 1.4% to 7,998.61. The S&P also fell, dropping 0.86% to 2,966.20.

Leading and Lagging Sectors

Utilities shares climbed 1.1% on Tuesday. Meanwhile, top gainers in the sector included Sunnova Energy International Inc. NOVA, up 7%, and PG&E Corporation PCG, up 4%.

In trading on Tuesday, energy shares fell 1.6%.

Top Headline

CarMax, Inc KMX reported better-than-expected results for its second quarter.

CarMax reported quarterly earnings of $1.4 per share on revenue of $5.2 billion. However, analysts were expecting earnings of $1.33 per share on sales of $5.06 billion.
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Equities Trading UP

Ovid Therapeutics Inc. OVID shares shot up 31% to $3.24. Citigroup raised the price target on Ovid Therapeutics from $8 to $10.

Shares of Cellcom Israel Ltd. CEL got a boost, shooting up 19% to $2.47 after reporting a restructuring plan.

New Age Beverages Corporation NBEV shares were also up, gaining 16% to $3.2294 after the company announced the approval by the Japanese Narcotics Control Division and the Japanese Ministry of Health for New Age's CBD products in Japan..

Equities Trading DOWN

NIO Inc. NIO shares tumbled 23% to $2.0850 after the company reported worse-than-expected Q2 EPS results and issued Q3 sales guidance below analyst estimates. The company also reported Q2 ES8 deliveries down from last quarter and is aiming to reduce the global headcount from 9,900 to 7,800 by the end of Q3.

Shares of BlackBerry Limited BB were down 21% to $5.94 after the company reported worse-than-expected Q2 sales results.

Neogen Corporation NEOG was down, falling 11% to $67.00 after the company reported Q1 EPS and sales results down from last year.
 

Commodities


In commodity news, oil traded down 2.2% to $57.37, while gold traded up 0.2% to $1,534.30.

Silver traded down 0.8% Tuesday to $18.555, while copper fell 0.3% to $2.603.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.01%, the Spanish Ibex Index rose 0.27%, while Italy’s FTSE MIB Index climbed 0.01%. Meanwhile, the German DAX dropped 0.29%, and the French CAC 40 slipped 0.04% while UK shares fell 0.47%.

Economics

The Johnson Redbook Retail Sales Index fell 1.1% during the first three weeks of September versus August.

The S&P Corelogic Case-Shiller home price index increased 2% year-over-year in July, versus a revised 2.2% gain in the prior month.

The FHFA house price index rose 0.4% from a month earlier for July, compared to a 0.2% rise in the prior month.

The Conference Board consumer confidence index dropped to 125.1 in September, versus prior reading of 135.1.