Nasdaq Down 50 Points; Crude Oil Falls Sharply

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping around 50 points on Tuesday.

The Dow traded down 0.99% to 30,713.87 while the NASDAQ fell 0.50% to 11,477.13. The S&P 500 also fell, dropping, 0.92% to 3,863.94.

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Leading and Lagging Sectors

Information technology shares fell by just 0.3% on Tuesday. Meanwhile, top gainers in the sector included BYND Cannasoft Enterprises Inc. BCAN, up 13% and Innoviz Technologies Ltd. INVZ up 10%.

In trading on Tuesday, real estate shares dipped by 1.9%.

Top Headline

Housing starts in the US surged 12.2% month-over-month to an annualized rate of 1.575 million units in August, while building permits dipped 10% to an annualized rate of 1.517 million in August.

Equities Trading UP

• Renovacor, Inc. RCOR shares shot up 13% to $2.15. Rocket Pharmaceuticals agreed to acquire Renovacor in an all-stock transaction for an implied value of approximately $2.60 per share.
• Shares of Virax Biolabs Group Limited VRAX got a boost, shooting 38% to $3.4050 after the company announced the distribution of a Monkeypox Virus Antigen Rapid Test Kits which has been launched in markets accepting the CE mark, such as the European Union.
• TRxADE HEALTH, Inc. MEDS shares were also up, gaining 19% to $1.27 after the company announced Bonum Health, a subsidiary, signed a Telemedicine Services Distribution Deal with Wakefern Food, to deploy telemedicine services throughout ShopRite pharmacy-led locations in New Jersey, New York, Pennsylvania, Connecticut and Maryland.

Equities Trading DOWN

• Ford Motor Company F shares tumbled 9% to $13.52 after the company previewed the effect of parts shortages on the company in the third-quarter and said inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected. The company also projects to have about 40,000 to 45,000 vehicles in inventory at end of third quarter lacking certain parts presently in short supply.
• Shares of Spectrum Pharmaceuticals, Inc. SPPI were down 24% to $0.8079. AhAhead of an adcomm meeting for Spectrum Pharmaceutical, FDA released briefing documents related to poziotinib for treating patients with previously treated locally advanced or metastatic NSCLC harboring HER2 exon 20 insertion mutations. In a briefing document, the FDA scientists state that the data provided shows a low overall response rate (ORR) with a minimal duration of response. ORR was 28%, while the median DOR was 5.1 months.
• Virios Therapeutics, Inc. VIRI was down, falling 75% to $0.5079 after the company priced a 10 million share public offering at $0.50 per share. Also, HC Wainwright & Co downgraded the stock from Buy to Neutral.

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Commodities

In commodity news, oil traded down 2.2% to $83.89, while gold traded down 0.4% at $1,671.50.

Silver traded down 1.1% to $19.155 on Tuesday while copper fell 0.2% to $3.5045.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.17%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index fell 1.41%. The German DAX declined 1.14%, French CAC 40 fell 1.37% and Italy’s FTSE MIB Index fell 1.76%.

The Eurozone recorded a current account deficit of €10.1 billion in July versus a €36.8 billion surplus in the year-ago period. Spain's trade deficit increased to EUR 6.56 billion in July from EUR 1.60 billion in the year-ago month. The annual producer inflation in Germany accelerated to a fresh record high of 45.8% in August from 37.2% in the previous month.

Economics

• The Federal Open Market Committee will start its two-day policy meeting today.
• Housing starts in the US surged 12.2% month-over-month to an annualized rate of 1.575 million units in August, while building permits dipped 10% to an annualized rate of 1.517 million in August.
• The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,554,550 cases with around 1,078,930 deaths. India confirmed a total of at least 44,543,080 cases and 528,370 deaths, while France reported over 34,921,600 COVID-19 cases with 154,740 deaths. In total, there were at least 617,725,100 cases of COVID-19 worldwide with more than 6,532,190 deaths.