US stocks experienced a decline on Tuesday, with the Dow Jones Industrial Average falling over 1%. The Dow traded down 0.94% to 41,173.76, while the tech-heavy Nasdaq Composite dropped 2.22% to 17,320.89. The S&P 500 also fell, declining 1.28% to 5,575.91.
Consumer staples shares were a bright spot, climbing by 0.9% on the day, while information technology shares experienced a sharp drop, falling by 3%.
The Institute for Supply Management (ISM) manufacturing PMI rose to 47.2 in August, up from 46.8 in July. However, this figure missed market expectations of 47.5.
Several stocks saw notable price fluctuations. Sify Technologies Limited (SIFY) shares surged 105% to $0.68, becoming the first company in India to achieve NVIDIA DGX-ready data center certification for liquid cooling. SPAR Group, Inc. (SGRP) shares also saw a significant boost, jumping 65% to $2.39 after the company announced a definitive agreement to be acquired by Highwire Capital for $2.50 per share. Conifer Holdings, Inc. (CNFR) shares were also up, gaining 46% to $0.9604, following the company’s announcement that it had completed the sale of its insurance agency operations for a $45 million consideration. Brian Roney was also appointed as CEO of Conifer Holdings.
On the downside, IO Biotech, Inc. (IOBT) shares dropped 28% to $1.08 after the company announced that the Independent Data Monitoring Committee (IDMC) observed no new safety signals in the Phase 3 trial of IO102-IO103. Morgan Stanley maintained an Overweight rating on the stock but lowered its price target from $7 to $4. Shares of Dyne Therapeutics, Inc. (DYN) were down 33% to $30.88 after the company released new clinical data from its ongoing Phase 1/2 DELIVER trial of DYNE-251 in patients with Duchenne muscular dystrophy, showing unprecedented dystrophin expression and functional improvement in multiple cohorts. Recursion Pharmaceuticals, Inc. (RXRX) shares fell 12% to $6.43 after the company announced Phase 2 data for an investigational treatment for symptomatic Cerebral Cavernous Malformation (CCM).
In commodity markets, oil traded down 4.2% to $70.45, while gold traded down 0.7% at $2,510.00. Silver fell 3.3% to $28.19, and copper declined 3.5% to $4.0660.
European shares also traded lower on Tuesday. The eurozone’s STOXX 600 fell 1.07%, Germany’s DAX dropped 1.04%, and France’s CAC 40 declined 1.06%. Spain’s IBEX 35 Index fell 1.18%, while London’s FTSE 100 fell 0.86%.
French government budget deficit shrunk to EUR 156.91 billion in January to July compared to EUR 168.99 billion in the year-ago period. The number of people registering as jobless in Spain increased by 0.9% month-over-month to 2.6 million in August. UK’s retail sales increased 0.8% year-over-year in August.
Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 0.04%, Hong Kong’s Hang Seng Index declining 0.23%, China’s Shanghai Composite Index dropping 0.29%, and India’s BSE Sensex falling 0.005%. Singapore’s manufacturing PMI rose to 50.9 in August from 50.7 in the prior month.
In economic news, the Logistics Manager’s Index fell to 56.4 in August compared to 56.5 in July. The S&P Global manufacturing PMI was revised lower to 47.9 in August versus a preliminary reading of 48. U.S. construction spending declined by 0.3% month-over-month to an annual rate of $2,162 billion in July. The RealClearMarkets/TIPP Economic Optimism Index rose by 1.6 points to a reading of 46.1 in September.
