US stock markets traded lower this morning, with the Dow Jones Industrial Average falling over 1% on Tuesday. The broader market also showed declines, with the NASDAQ Composite falling 1.59% and the S&P 500 dipping 1.22%.
Energy sector shares were among the biggest decliners, dropping 3% on Tuesday. This decline could be attributed to concerns about global economic growth, as energy demand is often tied to industrial activity. On the other hand, consumer staples shares showed resilience, gaining 0.4% on the day. This suggests investors are seeking out more defensive sectors during periods of market volatility.
The Institute for Supply Management (ISM) released its manufacturing PMI for August, which came in at 47.2, slightly higher than the previous month’s 46.8 but falling short of market expectations of 47.5. A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 signifies contraction. This data point highlights continued challenges in the US manufacturing sector, contributing to market concerns.
Individual stock movers on the day included:
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Sify Technologies Limited (SIFY)
: Shares surged 110% after the company announced it became the first in India to achieve NVIDIA DGX-ready data center certification for liquid cooling. This certification enables breakthrough AI performance, positioning Sify as a leader in the rapidly growing AI field.*
BranchOut Food Inc. (BOF):
Shares climbed 90%, potentially due to positive news or investor sentiment surrounding the company’s operations.*
Conifer Holdings, Inc. (CNFR):
Shares gained 73% following the company’s announcement that it completed the sale of its insurance agency operations for $45 million. The company also appointed a new CEO, Brian Roney.*
Agape ATP Corporation (ATPC):
Shares dropped 33% following a significant jump on Friday. The reason for the decline is unclear but may be related to profit taking or investor concerns.*
Dyne Therapeutics, Inc. (DYN):
Shares fell 34% after the company announced new clinical data from its ongoing Phase 1/2 trial. While the data demonstrated promising results, investors might have reacted negatively to potential risks or uncertainties associated with the trial.*
Brenmiller Energy Ltd (BNRG):
Shares declined 30%, despite the company recently reporting a year-over-year increase in H1 EPS results and announcing a projected pipeline valued at up to $500 million.In commodity markets, oil prices fell 1.6% to $72.41. Gold prices also saw a decline, dropping 0.3% to $2,520.70. Silver and copper prices followed suit, falling 1.9% and 3.3%, respectively.
European markets also closed lower on Tuesday. The eurozone’s STOXX 600 fell 0.4%, with Germany’s DAX and France’s CAC 40 also declining by 0.4% and 0.3%, respectively. Spain’s IBEX 35 Index fell 0.7%, while London’s FTSE 100 fell 0.5%.
France’s government budget deficit shrank to EUR 156.91 billion in January to July, compared to EUR 168.99 billion in the same period last year. Spain’s unemployment rate saw a slight increase, rising 0.9% month-over-month to 2.6 million in August. The UK’s retail sales grew by 0.8% year-over-year in August.
Asian markets also closed lower on Tuesday. Japan’s Nikkei 225 fell 0.04%, Hong Kong’s Hang Seng Index fell 0.23%, China’s Shanghai Composite Index declined 0.29%, and India’s BSE Sensex fell 0.005%. Singapore’s manufacturing PMI rose to 50.9 in August from 50.7 in the prior month.
Overall, the US stock markets experienced a mixed performance on Tuesday, with energy sector shares leading the declines and consumer staples seeing gains. The ISM manufacturing PMI missed expectations, adding to market uncertainty. European and Asian markets also closed lower, with notable economic data releases in Spain and the UK.
