US Stocks Mixed; Dow Falls 50 Points

U.S. stocks traded mixed this morning, with the Dow Jones dropping around 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.16% to 33,010.58 while the NASDAQ rose 0.27% to 12,415.42. The S&P 500 also rose, gaining, 0.09% to 4,141.63.

Also check this: Investor Optimism Decreases Further After U.S. Stocks Record Weekly Losses

Leading and Lagging Sectors

Energy shares rose by 3.5% on Tuesday. Meanwhile, top gainers in the sector included Borr Drilling Limited BORR, up 12% and Nine Energy Service Inc NINE up 11%.

In trading on Tuesday, health care shares dipped by 1.1%.

Top Headline

The S&P Global services PMI declined to 44.1 in August from 47.3 in July, while manufacturing PMI slipped to 51.3 from 52.2.

Equities Trading UP

Aerie Pharmaceuticals, Inc. AERI shares shot up 35% to $15.07 after the company announced it will be acquired by Alcon for $15.25 per share, representing an equity value of approximately $770 million.

Shares of Indonesia Energy Corporation Limited INDO got a boost, shooting 38% to $10.59 after gaining over 6% on Monday.

Eargo, Inc. EAR shares were also up, gaining 24% to $2.7427.

Equities Trading DOWN

Bright Minds Biosciences Inc. DRUG shares tumbled 30% to $1.52 after jumping around 73% on Monday.

Shares of Assertio Holdings, Inc. ASRT were down 27% to $2.6699 after the company priced a $60 million convertible senior notes offering.

Foghorn Therapeutics Inc. FHTX was down, falling 25% to $10.97 after the company announced the FDA has placed a clinical hold on the Phase 1 dose escalation study of FHD-286.

Also check out: Wayfair, Bed Bath & Beyond And Other Big Losers From Friday

Commodities

In commodity news, oil traded up 3.3% to $93.38, while gold traded up 0.9% to $1,763.20.

Silver traded up 1% to $19.06 on Tuesday while copper rose 1.9% to $3.7210.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.6% while Spain’s IBEX 35 Index fell 0.5%. The German DAX gained 0.1%, French CAC 40 fell 0.1% and Italy’s FTSE MIB Index gained 1.1%.

The S&P Global Eurozone services PMI declined to 50.2 in August from 51.2 in July, while manufacturing PMI slipped to 49.7 from 49.8 in July. The S&P Global/CIPS Flash manufacturing PMI for the UK dropped to 46 in August from 52.1 in the previous month, while composite PMI declined to 50.9 from 52.1.

The S&P Global Germany composite PMI declined to 47.6 in August from 48.1 a month ago, while French composite PMI dropped to 49.8 from 51.7.

Economics

The S&P Global services PMI declined to 44.1 in August from 47.3 in July, while manufacturing PMI slipped to 51.3 from 52.2.

U.S. new home sales dropped 12.6% month-over-month to an annualised rate of 511,000 in July, recording the lowest reading since January 2016.

The Richmond Fed composite manufacturing index declined to -8 in August from 0 in the prior month.

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.

Data on money supply for July will be released at 1:00 p.m. ET.

Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 7:00 p.m. ET.

Check out this: Market Volatility Increases As S&P 500 Ends Four-Week Winning Streak

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,449,600 cases with around 1,066,080 deaths. India confirmed a total of at least 44,357,540 cases and 527,410 deaths, while France reported over 34,358,620 COVID-19 cases with 153,610 deaths. In total, there were at least 601,902,910 cases of COVID-19 worldwide with more than 6,474,610 deaths.