Why Dow Is Down Around 600 Points; Crude Oil Tumbles Over 8%

U.S. stocks traded lower midway through trading, after all the major indices closed another losing week.

The Dow traded down 1.91% to 30,503.49 while the NASDAQ fell 0.65% to 11,055.44. The S&P also fell, dropping, 1.70% to 3,760.37.

Also check this: More Than $582 Million Bet On This Stock? 3 Stocks Insiders are Buying

Leading and Lagging Sectors

Communication services shares fell by just 0.1% on Tuesday. Meanwhile, top gainers in the sector included Lytus Technologies Holdings PTV. Ltd. LYT, up 14% and PropertyGuru Limited PGRU up 8%.

In trading on Tuesday, energy shares dipped by 5.4%.

Top Headline

JPMorgan analyst Ryan Brinkman maintained Tesla with an Underweight rating and lowered the price target from $395 to $385, citing weaker-than-expected deliveries.

Tesla shares dropped 3.7% to trade at $656.37 on Tuesday.


Equities Trading UP

Rubicon Technology, Inc. RBCN shares shot up 62% to $14.68 after the company announced that it entered into a definitive stock purchase and sale agreement with Janel Corporation.

Shares of Maris-Tech Ltd. MTEK got a boost, shooting 40% to $1.6189 after the company received a purchase order from SpaceIL for the development of a video recording, streaming and image processing solution for the Beresheet 2 Lunar Mission.


Ra Medical Systems, Inc. RMED shares were also up, gaining 65% to $0.5099 after the company announced it has received FDA 510(k) clearance for its DABRA 2.0 catheter.

Equities Trading DOWN

Kalera Public Limited Company KAL shares tumbled 24% to $2.7416 after tumbling 39% on Friday.

Shares of Staffing 360 Solutions, Inc. STAF were down 20% to $4.96. Staffing 360 Solutions reported a $4 million private placement priced at-the-market under Nasdaq rules.

Allena Pharmaceuticals, Inc. ALNA was down, falling 16% to $0.1771. Allena Pharmaceuticals announced rescheduling of special meeting to approve reverse stock split.

Also check out: US Factory Orders Might Rise This Much In May, Here's The Major Macro Issues For Tuesday


In commodity news, oil traded down 8.8% to $98.92, while gold traded down 2% to $1,765.60.

Silver traded down 2.9% to $19.095 on Tuesday while copper fell 4.5% to $3.4435.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.11%, London’s FTSE 100 fell 2.86% while Spain’s IBEX 35 Index fell 2.48%. The German DAX dropped 2.91%, French CAC 40 fell 2.68% and Italy’s FTSE MIB Index fell 3%.

The S&P Global/CIPS UK services PMI was revised higher to 54.3 in June versus a preliminary reading of 53.4, while new car registrations declined 24.3% year-over-year to 140,958 units in June.

The S&P Global Eurozone services PMI was revised higher to 53 in June compared to a preliminary level of 52.8, while German services PMI was confirmed at 52.4 in June. The S&P Global Spain services PMI declined to 54 in June from 56.5 in May, while French services PMI dropped to 53.9 in June from 58.3 in May.


U.S. factory orders surged 1.6% month-over-month in May, following a revised 0.7% increase in April.

Check out this: Why U.S. Stocks Are Trading Lower; Tesla Shares Drop After Price Target Cut At JPMorgan

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,567,320 cases with around 1,043,370 deaths. India confirmed a total of at least 43,532,780 cases and 525,240 deaths, while Brazil reported over 32,536,300 COVID-19 cases with 672,100 deaths. In total, there were at least 552,339,000 cases of COVID-19 worldwide with more than 6,362,670 deaths.

Posted In: Mid-Day Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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