Dow Tumbles 150 Points; US House Prices Rise in July

U.S. stocks traded lower this morning, with the Dow Jones falling around 150 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.45% to 33,852.58 while the NASDAQ fell 0.74% to 13,173.33. The S&P 500 also fell, dropping, 0.65% to 4,309.40.

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Leading and Lagging Sectors

Health care shares fell by just 0.2% on Tuesday.

In trading on Tuesday, communication services shares tumbled by 1.1%.

Top Headline

The S&P CoreLogic Case-Shiller 20-city home price index rose 0.1% year-over-year in July, recording the first rise in five months, versus market expectations for a 0.3% decline.

Equities Trading UP

Soleno Therapeutics, Inc. SLNO shares shot up 383% to $21.40 after the company released top-line results from randomized withdrawal period of study C602 of DCCR for Prader-Willi Syndrome.

Shares of Femasys Inc. FEMY got a boost, shooting 277% to $1.25 after the company received FDA 510(k) clearance for FemaSeed, an infertility treatment designed to deliver sperm directly to where conception occurs in a woman's fallopian tube.

Intercept Pharmaceuticals, Inc. ICPT shares were also up, gaining 77% to $18.47. Alfasigma agreed to acquire Intercept Pharmaceuticals for $19.00 per share in cash.

Equities Trading DOWN

TransCode Therapeutics, Inc. RNAZ shares dropped 64% to $0.92 after the company priced its $8 million public offering of 15.7 million shares at $0.51 per share.

Shares of Murphy Canyon Acquisition Corp. CDT were down 32% to $7.08 after dipping 38% on Monday.

Polished.com Inc. POL was down, falling 25% to $0.0936 after surging 40% on Monday.

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Commodities

In commodity news, oil traded down 0.8% to $88.93 while gold traded down 0.3% at $1,931.60.

Silver traded down 0.5% to $23.28 on Tuesday while copper fell 0.2% to $3.6635.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4% London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 0.1% The German DAX fell 0.6% French CAC 40 declined 0.7%, while Italy’s FTSE MIB Index fell 0.7%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.11%, Hong Kong’s Hang Seng Index falling 1.48% and China’s Shanghai Composite Index declining 0.43%. India’s S&P BSE Sensex, meanwhile, slipped 0.1%.

Hong Kong’s trade deficit increased to $25.6 billion in August from $13.3 billion in the year-ago month. Imports to Hong Kong declined 0.3% year-over-year, while exports from Hong Kong fell 3.7% year-over-year in August.

Economics

U.S. building permits increased by 6.8% to an annual rate of 1.541 million in August, recording the highest level since October 2022.

The FHFA house price index rose by 0.8% from the previous month in July versus a revised 0.4% increase in June.

The S&P CoreLogic Case-Shiller 20-city home price index rose 0.1% year-over-year in July, recording the first rise in five months, versus market expectations for a 0.3% decline.

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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 108,602,110 cases with around 1,176,150 deaths. India confirmed a total of at least 44,998,560 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,750,000 cases of COVID-19 worldwide with more than 6,919,470 deaths.