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Dow Tumbles 150 Points; US House Prices Rise in July

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The Dow Jones Industrial Average opened lower this morning, falling around 150 points on Tuesday.

In early trading on Tuesday, the Dow declined by 0.45% to 33,852.58, while the NASDAQ dropped by 0.74% to 13,173.33. The S&P 500 also fell, decreasing by 0.65% to 4,309.40.

Leading and Lagging Sectors

Healthcare shares experienced a modest decline of 0.2% on Tuesday.

However, communication services shares tumbled by 1.1% in today’s trading.

S&P CoreLogic Case-Shiller 20-City Home Price Index Shows July Increase

The S&P CoreLogic Case-Shiller 20-city home price index revealed a 0.1% year-over-year rise in July. This marked the first increase in home prices in five months, surprising the market which had expected a 0.3% decline.

Top Performing Stocks

Soleno Therapeutics, Inc. (SLNO) shares soared by 383% to $21.40 following the release of positive results from a study on DCCR for Prader-Willi Syndrome.

Femasys Inc. (FEMY) received FDA 510(k) clearance for FemaSeed, an infertility treatment designed to improve the chances of conception. The stock surged by 277% to $1.25.

Intercept Pharmaceuticals, Inc. (ICPT) gained 77% to $18.47 as Alfasigma agreed to acquire the company for $19.00 per share in cash.

Worst Performing Stocks

TransCode Therapeutics, Inc. (RNAZ) saw its shares plummet by 64% to $0.92 after pricing its $8 million public offering at $0.51 per share.

Murphy Canyon Acquisition Corp. (CDT) dropped 32% to $7.08, continuing a decline from Monday.

Polished.com Inc. (POL) experienced a 25% decrease, falling to $0.0936 after a 40% surge on Monday.


In commodity news, oil prices dipped by 0.8% to $88.93 per barrel, while gold prices were down by 0.3% at $1,931.60 per ounce.

Silver prices dropped by 0.5% to $23.28, and copper prices fell by 0.2% to $3.6635 per pound.

European and Asian Market Updates

European shares mostly declined today. The Eurozone’s STOXX 600 fell by 0.4%, while London’s FTSE 100 rose by 0.2%. Spain’s IBEX 35 Index saw a 0.1% increase. The German DAX decreased by 0.6%, and the French CAC 40 declined by 0.7%. Italy’s FTSE MIB Index also fell by 0.7%.

Asian markets closed lower on Tuesday. Japan’s Nikkei 225 dropped by 1.11%, Hong Kong’s Hang Seng Index declined by 1.48%, and China’s Shanghai Composite Index fell by 0.43%. India’s S&P BSE Sensex slipped by 0.1%.

In August, Hong Kong’s trade deficit widened to $25.6 billion from $13.3 billion in the same month last year. Imports to Hong Kong recorded a 0.3% decline, while exports from Hong Kong fell by 3.7% year-over-year in August.

Economic Highlights

U.S. building permits reached their highest level since October 2022, increasing by 6.8% to an annual rate of 1.541 million in August.

The FHFA house price index rose by 0.8% in July compared to a revised 0.4% increase in June.

Additionally, the S&P CoreLogic Case-Shiller 20-city home price index recorded a 0.1% year-over-year rise in July, signaling the first increase in five months and defying market expectations for a 0.3% decline.

COVID-19 Update

The United States has the highest number of confirmed COVID-19 cases and deaths globally, reporting a total of 108,602,110 cases and approximately 1,176,150 deaths. India confirmed at least 44,998,560 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases and 167,640 deaths. Worldwide, there have been at least 695,750,000 COVID-19 cases and more than 6,919,470 deaths.

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