HomeMarket NewsMicro Cap StocksDow Tumbles 150 Points; US House Prices Rise in July

Dow Tumbles 150 Points; US House Prices Rise in July

Actionable Trade Ideas

always free

image19

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.

Commodities

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.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.