US Stocks Open Lower As Dow Drops Over 100 Points
U.S. stocks traded lower this morning, with the Dow Jones dropping more than 300 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 1.17% to 30,657.72 while the NASDAQ fell 0.88% to 11,433.04. The S&P 500 also fell, dropping, 1.13% to 3,855.93.
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Leading and Lagging Sectors
Consumer staples shares fell by just 0.6% on Tuesday. Meanwhile, top gainers in the sector included RLX Technology Inc. (NYSE:RLX), up 3% and Westrock Coffee Company, LLC (NASDAQ:WEST) up 2%.
In trading on Tuesday, real estate shares dipped by 2.2%.
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
- BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) shares shot up 48% to $8.14. BYND Cannasoft shares jumped over 32% on Monday after the company announced it has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments for $28 million in stock.
- Shares of Virax Biolabs Group Limited (NASDAQ:VRAX) got a boost, shooting 42% to $3.51 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.
- Mobile Global Esports Inc. (NASDAQ:MGAM) shares were also up, gaining 19% to $2.8804 after gaining over 4% on Monday.
Equities Trading DOWN
- Pagaya Technologies Ltd. (NASDAQ:PGY) shares tumbled 59% to $2.88 after dropping 11% on Monday.
- Shares of Tellurian Inc. (NYSE:TELL) were down 19% to $3.16.
- Ventoux CCM Acquisition Corp. (NASDAQ:VTAQ) was down, falling 18% to $5.75 after climbing around 55% on Monday.
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Commodities
In commodity news, oil traded down 1.6% to $84.40, while gold traded down 0.4% at $1,671.30.
Silver traded down 1.3% to $19.115 on Tuesday while copper fell 0.4% to $3.4975.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 1%, London’s FTSE 100 fell 0.6% while Spain’s IBEX 35 Index fell 1.1%. The German DAX declined 1.1%, French CAC 40 fell 1.3% and Italy’s FTSE MIB Index fell 1.4%.
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.
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.