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.

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Leading and Lagging Sectors

Energy shares rose by 3.5% on Tuesday. Meanwhile, top gainers in the sector included Borr Drilling Limited (NYSE:BORR), up 12% and Borr Drilling Limited (NYSE: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. (NASDAQ: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 (NYSE:INDO) got a boost, shooting 38% to $10.59 after gaining over 6% on Monday.

Eargo, Inc. (NASDAQ:EAR) shares were also up, gaining 24% to $2.7427.

Equities Trading DOWN

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

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

Foghorn Therapeutics Inc. (NASDAQ: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.

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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.


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.

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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 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.

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