U.S. stocks traded lower this morning, with the Dow Jones falling around 40 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 0.12% to 34,581.70 while the NASDAQ fell 0.33% to 13,665.29. The S&P 500 also fell, dropping, 0.15% to 4,446.78.
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Leading and Lagging Sectors
Energy shares rose by 0.4% on Tuesday.
In trading on Tuesday, consumer discretionary shares fell by 1%.
Top Headline
Housing starts in the U.S. fell 11.3% month-over-month to an annualized rate of 1.283 million in August, recording the lowest level since June 2020.
Equities Trading UP
Connexa Sports Technologies Inc. (NASDAQ:CNXA) shares shot up 130% to $0.1740 after falling 15% on Monday.
Shares of Avinger, Inc. (NASDAQ:AVGR) got a boost, shooting 66% to $10.15, adding to outsized gains from Monday. On Monday, Avinger shares soared 46.8% after the company announced the commercial launch of its Tigereye ST image-guided CTO crossing device.
Sezzle Inc. (NASDAQ:SEZL) shares were also up, gaining 41% to $18.28.
Equities Trading DOWN
Digital Transformation Opportunities Corp. (NASDAQ:DTOC) shares dropped 49% to $14.77 after jumping 173% on Monday.
Shares of Histogen Inc. (NASDAQ:HSTO) were down 45% to $0.3622 as the company reported board approval of complete liquidation and dissolution.
Revance Therapeutics, Inc. (NASDAQ:RVNC) was down, falling 33% to $11.20 after the company issued corporate update at Investor Day. Revance Therapeutics estimates total non-cash impairment charges from goodwill and other assets to be between an estimated $80 million and $100 million.
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Commodities
In commodity news, oil traded up 1% to $92.37 while gold traded up 0.2% at $1,957.30.
Silver traded up 0.6% to $23.64 on Tuesday while copper fell 1% to $3.7430.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.4% The German DAX fell 0.1% French CAC 40 rose 0.3%, while Italy’s FTSE MIB Index gained 0.6%.
Annual inflation rate in the Eurozone was revised lower to 5.2% in August versus an initial reading of 5.3%, recording the lowest reading since Jan. 2022. The Eurozone posted a current account surplus of €26.9 billion in July versus a €15.8 billion deficit in the year-ago month.
Italy's current account surplus widened to EUR 5.156 billion in July from EUR 0.795 billion in the year-ago month.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.87%, Hong Kong’s Hang Seng Index rising 0.37% and China’s Shanghai Composite Index falling 0.03%.
Hong Kong's unemployment rate came in unchanged at 2.8% during the three months ending Aug. 2023.
Economics
The FOMC will start its two-day policy meeting today.
Housing starts in the U.S. fell 11.3% month-over-month to an annualized rate of 1.283 million in August, recording the lowest level since June 2020.
Building permits rose 6.9% to an annual rate of 1.543 million in August, notching the highest level in 10 months.
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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 108,479,200 cases with around 1,175,350 deaths. India confirmed a total of at least 44,998,210 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 695,437,400 cases of COVID-19 worldwide with more than 6,916,330 deaths.
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