US Stocks Open Lower As Dow Drops Over 300 Points

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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.

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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 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.