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Dow Falls 75 Points; US Small Business Optimism Drops In August

Published 12/09/2023, 14:59
Updated 12/09/2023, 16:10
© Reuters.  Dow Falls 75 Points; US Small Business Optimism Drops In August
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Benzinga - by Lisa Levin, Benzinga Editor.

U.S. stocks traded lower this morning, with the Dow Jones falling around 75 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.22% to 34,587.58 while the NASDAQ fell 0.21% to 13,888.42. The S&P 500, also fell, dropping, 0.27% to 4,475.46.

Check This Out: Adobe To Rally Over 14%? Here Are 10 Other Analyst Forecasts For Tuesday

Leading and Lagging Sectors

Energy shares jumped by 1.7% on Tuesday.

In trading on Tuesday, health care shares fell by 0.8%.

Top Headline

The NFIB Small Business Optimism Index fell to 91.3 in August from 91.9 in the previous month, down from market estimates of 91.6.

Equities Trading UP

Tenon Medical, Inc. (NASDAQ: TNON) shares shot up 95% to $0.2801 after the company announced it has withdrawn its proposed public offering of shares of its common stock.

Shares of Avalo Therapeutics, Inc. (NASDAQ: AVTX) got a boost, shooting 50% to $0.1277 after the company agreed to divest AVTX-800 series.

Aurora Cannabis Inc. (NASDAQ: ACB) shares were also up, gaining 24% to $1.1300.

Equities Trading DOWN

Acelyrin, Inc. (NASDAQ: SLRN) shares dropped 62% to $10.57 after the company announced topline results from Part B of a Phase 2b/3 trial evaluating izokibep for moderate-to-severe Hidradenitis Suppurativa (HS).

Shares of Sight Sciences, Inc. (NASDAQ: SGHT) were down 43% to $3.6950 after the company issued third-quarter total revenue guidance below estimates and cut full-year 2023 revenue guidance below estimates.

Spectral AI Ltd. (NASDAQ: MDAI) was down, falling 44% to $6.49. Spectral AI, Inc. commenced trading on the Nasdaq Global Market following the closing of its earlier announced business combination with Rosecliff Acquisition Corp I.

Also Check This Out: Top 5 Real Estate Stocks That Could Lead To Your Biggest Gains In September

Commodities

In commodity news, oil traded up 1.3% to $88.46 while gold traded down 0.6% at $1,935.10.

Silver traded down 0.4% to $23.285 on Tuesday while copper fell 0.3% to $3.7965.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1% London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.6% The German DAX fell 0.3% French CAC 40 fell 0.1%, while Italy’s FTSE MIB Index rose 0.1%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell to -8.9 in September from -5.5 a month ago, while German ZEW Indicator of Economic Sentiment rose to -11.4 in September from -12.3 in the previous month.

Spain's annual consumer price inflation rose to 2.6% in August from 2.3% in July. German wholesale prices declined for the fifth straight month by 2.7% year-over-year in August following a 2.8% decline in July.

Regular pay, excluding bonus payment in the UK, rose by 7.8% year-over-year to GBP 617/week in the three months to July, while unemployment rate increased to 4.3% in May to July.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.95%, Hong Kong’s Hang Seng Index falling 0.39% and China’s Shanghai Composite Index declining 0.18%. India’s S&P BSE Sensex, meanwhile, rose 0.2%.

Total passenger vehicle sales in India surged by 11.6% year-over-year 313,715 in August, following a 2.9% growth in the prior month.

Economics

The NFIB Small Business Optimism Index fell to 91.3 in August from 91.9 in the previous month, down from market estimates of 91.6.

Now Read This: Matrix Service, Oracle And 3 Stocks To Watch Heading Into Tuesday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,319,700 cases with around 1,174,630 deaths. India confirmed a total of at least 44,997,780 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 695,135,600 cases of COVID-19 worldwide with more than 6,914,460 deaths.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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