Dow Dips Over 300 Points; DICE Therapeutics Shares Spike Higher
U.S. stocks traded lower midway through trading, with Dow Jones dropping over 300 points on Tuesday.
The Dow traded down 0.96% to 33,969.42 while the NASDAQ fell 0.74% to 13,588.13. The S&P 500, also fell, dropping, 0.80% to 4,374.24.
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Leading and Lagging Sectors
- Consumer staples shares fell by just 0.2% on Tuesday. Meanwhile, top gainers in the sector included MamaMancini's Holdings, Inc. (NASDAQ:MMMB), up 4%, and Forafric Global PLC (NASDAQ:AFRI), up 6%.
- In trading on Tuesday, energy shares dipped by 2.5%.
Top Headline
Housing starts in the US surged 21.7% month-over-month to an annualized rate of 1.631 million in May. Building permits rose by 5.2% to an annual rate of 1.491 million in May.
Equities Trading UP
- DICE Therapeutics, Inc. (NASDAQ:DICE) shares shot up 37% to $46.45 after Eli Lilly agreed to acquire the company for $48 per share in cash.
- Shares of VCI Global Limited (NASDAQ:VCIG) got a boost, shooting 79% to $5.07 after the company announced it has been appointed by Cogia GmbH to distribute its AI-based "Socializer Messenger".
- BranchOut Food Inc. (NASDAQ:BOF) shares were also up, gaining 22% to $5.40 after the company announced a supplier contract with Walmart.
Equities Trading DOWN
- Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) shares dropped 47% to $1.4795 after the company priced 10 million shares at $2 per share in an underwritten public offering.
- Shares of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) were down 30% to $0.3158 after the company announced it filed for approval to issue a Class A common stock and/or warrants offering up to $300 million. The company also announced a reverse stock split and said it would defer the second delivery phase of its limited edition FF 91 2.0 Futurist Alliance.
- Surgalign Holdings, Inc. (NASDAQ:SRGA) was down, falling 75% to $0.3099. Surgalign entered into definitive agreement to sell global hardware and biologics business through a structured sale process under Chapter 11 of the U.S. Bankruptcy Code for $5 million.
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Commodities
In commodity news, oil traded down 2.8% to $69.77 while gold traded down 1.3% at $1,945.10.
Silver traded down 3.9% to $23.175 on Tuesday while copper fell 0.5% to $3.8695.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.12% while Spain’s IBEX 35 Index rose 0.21% The German DAX dropped 0.49% French CAC 40 fell 0.22% and Italy’s FTSE MIB Index fell 0.48%.
Construction output in the Eurozone increased by 0.2% year-over-year in April versus a revised 0.7% decline in the prior month. Italy recorded a current account deficit of EUR 1.516 billion in April versus the EUR 2.637 billion gap in the year-ago month.
German population increased by 1.3% to 84.4 million in 2022. Germany's producer prices increased 1% year-over-year in May versus a 4.1% rise in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.06%, Hong Kong’s Hang Seng Index dropping 1.54% and China’s Shanghai Composite Index dropping 0.47%. India’s S&P BSE Sensex rose 0.3%.
The People's Bank of China reduced one-year loan prime rate and five-year rate at the June fixing. The annual inflation rate in Hong Kong fell to 2% in May from 2.1% in the prior month. Industrial production in Japan rose by 0.7% month-over-month in April following a revised 0.3% growth in the previous month.
Economics
- Housing starts in the US surged 21.7% month-over-month to an annualized rate of 1.631 million in May.
- Building permits rose by 5.2% to an annual rate of 1.491 million in May.
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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 107,246,330 cases with around 1,167,380 deaths. India confirmed a total of at least 44,993,570 cases and 531,890 deaths, while France reported over 40,124,880 COVID-19 cases with 167,540 deaths. In total, there were at least 690,605,800 cases of COVID-19 worldwide with more than 6,892,800 deaths.
