The U.S. stock market experienced a decline towards the end of trading, with the Dow Jones dropping over 400 points on Tuesday. The Dow traded down 1.19% to 33,601.60, while the NASDAQ fell 1.48% to 13,074.97. The S&P 500 also saw a decrease, dropping 1.42% to 4,276.00.
In terms of sectors, energy shares only fell by 0.01% on Tuesday, while utility shares experienced a significant tumble of 2%. (source: none)
United Natural Foods Inc (UNFI) reported mixed results for its fourth quarter. The company reported fourth-quarter FY23 sales growth of 2% year-on-year to $7.417 billion, missing the analyst consensus. However, the adjusted EPS beat the consensus estimate. For FY24, United Natural Foods expects sales of $30.9 billion to $31.5 billion and adjusted EPS of $(0.88)-$0.38. (source: none)
In terms of equities trading, Soleno Therapeutics, Inc. (SLNO) saw a significant increase of 442% after releasing positive results for a study of DCCR for Prader-Willi Syndrome. Femasys Inc. (FEMY) also experienced a boost, shooting up 260% after receiving FDA clearance for FemaSeed, an infertility treatment. Immunovant, Inc. (IMVT) shares rose by 100% after Alfasigma agreed to acquire Intercept Pharmaceuticals. On the other hand, TransCode Therapeutics, Inc. (RNAZ) shares dropped 71% following a public offering, and United Natural Foods, Inc. (UNFI) saw a 25% decrease after reporting mixed financial results and issuing guidance. New Pacific Metals Corp. (NEWP) was also down, falling 13% after announcing a bought deal financing. (source: none)
In commodity news, oil prices traded up 1% to $90.61, while gold prices declined by 0.9% to $1,920.10. Silver and copper prices also saw decreases on Tuesday. (source: none)
European shares closed mostly lower, with the eurozone’s STOXX 600 falling 0.61%. Asian markets also closed lower, including Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, China’s Shanghai Composite Index, and India’s S&P BSE Sensex. Hong Kong reported an increased trade deficit of $25.6 billion in August. (source: none)
In economic news, U.S. building permits increased to the highest level since October 2022, the FHFA house price index rose, and the S&P CoreLogic Case-Shiller 20-city home price index recorded its first rise in five months. However, sales of new single-family houses fell, and the Dallas Fed general business activity index for Texas’ service sector declined. The manufacturing activity index in the Richmond area showed improvement. (source: none)
The COVID-19 pandemic continues to affect countries worldwide, with the U.S. reporting the highest number of cases and deaths. India, France, and other countries also record significant case numbers and fatalities. (source: none)
In summary, the U.S. stock market experienced a decline, with the Dow Jones dropping over 400 points. Various factors, including mixed earnings reports, company acquisitions, and market trends, influenced the performance of individual stocks. Additionally, global economic indicators and the ongoing COVID-19 pandemic continue to impact the market. (source: none)
Definitions:
Dow Jones: A stock market index that measures the stock performance of 30 large companies listed on stock exchanges in the United States.
NASDAQ: A stock market index that includes stocks of over 3,000 companies, primarily in the technology and biotechnology sectors.
S&P 500: A stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.
Equities Trading: The buying and selling of stocks or shares of a company on a stock exchange.
Commodities: Raw materials or primary agricultural products that can be bought and sold, such as oil, gold, silver, and copper.
COVID-19: The disease caused by the novel coronavirus, SARS-CoV-2, which first emerged in late 2019 and has since become a global pandemic.
STOXX 600: A stock index representing the performance of 600 leading European companies.
Nikkei 225: A stock market index for the Tokyo Stock Exchange, tracking the performance of 225 large, publicly traded companies in Japan.
Hang Seng Index: A stock market index representing the performance of 50 blue-chip stocks on the Hong Kong Stock Exchange.
Shanghai Composite Index: A stock market index that reflects the performance of all Shanghai Stock Exchange-listed A-shares and B-shares.
S&P BSE Sensex: A stock market index that tracks the performance of 30 well-established and financially sound companies listed on the Bombay Stock Exchange.
Building Permits: Official authorizations issued by local governments, allowing individuals or companies to construct or make changes to a property.
FHFA House Price Index: A measure of the changes in prices of single-family houses throughout the United States, calculated quarterly.
S&P CoreLogic Case-Shiller 20-City Home Price Index: An index that measures the average change in home prices among 20 major cities in the United States.
Trade Deficit: The amount by which the value of a country’s imports exceeds the value of its exports.
COVID-19 Cases and Deaths: The number of confirmed cases and deaths attributed to the COVID-19 virus worldwide and in specific countries.
Sources:
None.