Dow Drops Over 100 Points; Aerie Pharmaceuticals Shares Spike Higher

U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones dropping over 100 points on Tuesday.

The Dow traded down 0.35% to 32,946.74 while the NASDAQ rose 0.30% to 12,418.54. The S&P 500 also fell, dropping, 0.02% to 4,137.21.

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

Leading and Lagging Sectors

Energy shares rose by 3.4% on Tuesday. Meanwhile, top gainers in the sector included Obsidian Energy Ltd. OBE, up 11% and Borr Drilling Limited BORR up 9%.

In trading on Tuesday, health care shares dipped by 1.4%.

Top Headline

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.

Equities Trading UP

Aerie Pharmaceuticals, Inc. AERI shares shot up 36% to $15.12 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 Marin Software Incorporated MRIN got a boost, shooting 24% to $0.6503 after the company announced the ability to optimize Snap Inc's SNAP Snapchat ad campaigns through its MarinOne platform.


Windtree Therapeutics, Inc. WINT shares were also up, gaining 44% to $0.6503 after the company announced it has entered into a global licensing agreement for the development and commercialization of KL4 surfactant and AEROSURF. The company may receive up to $78.9 million in milestones.


Equities Trading DOWN

Aspira Women's Health Inc. AWH shares tumbled 37% to $0.5583. Aspira Women's Health priced 12 million share common stock offering at $0.75 per share.

Shares of Assertio Holdings, Inc. ASRT were down 26% to $2.6932 after the company priced a $60 million convertible senior notes offering.

Foghorn Therapeutics Inc. FHTX was down, falling 22% to $11.51 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


In commodity news, oil traded up 3.8% to $93.75, while gold traded up 0.7% to $1,760.80.

Silver traded up 0.6% to $18.995 on Tuesday while copper rose 1% to $3.6895.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.42%, London’s FTSE 100 fell 0.61% while Spain’s IBEX 35 Index fell 0.71%. The German DAX dropped 0.27%, French CAC 40 fell 0.26% and Italy’s FTSE MIB Index gained 0.97%.

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.



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.

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.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!