HomeMarket NewsMicro Cap StocksNasdaq Down 1.5%; Immunovant Shares Spike Higher

Nasdaq Down 1.5%; Immunovant Shares Spike Higher

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The U.S. stock market experienced a downward trend in late trading on Tuesday, with the Dow Jones Industrial Average plummeting by over 400 points.

The Dow Jones dropped 1.19% to 33,601.60, while the tech-heavy NASDAQ declined 1.48% to 13,074.97. The S&P 500 also saw a considerable decrease, falling by 1.42% to 4,276.00.


Leading and Lagging Sectors

Energy shares experienced a minor decline of 0.01% on Tuesday.

Meanwhile, utilities shares saw a significant drop of 2% in trading.


United Natural Foods Inc Reports Mixed Q4 Results

United Natural Foods Inc UNFI announced its fourth-quarter results on Tuesday, revealing mixed figures.

The company reported a 2% year-on-year sales growth of $7.417 billion for Q4 FY23, falling short of the analyst consensus of $7.47 billion. However, its adjusted earnings per share (EPS) of $(0.25) exceeded the analyst consensus estimate of $(0.28).

For FY24, United Natural Foods expects sales in the range of $30.9 billion to $31.5 billion, compared to the consensus estimate of $31.03 billion. The company anticipates the adjusted EPS for FY24 to be between $(0.88) and $0.38, in contrast to the consensus of $2.56.


Stocks on the Rise

Soleno Therapeutics, Inc. SLNO shares surged by 442% to $24.01 after the company released positive top-line results from a study of DCCR for the treatment of Prader-Willi Syndrome.

Femasys Inc. FEMY received a significant boost as its shares spiked by 260% to $1.1950 after the company obtained FDA clearance for FemaSeed, an infertility treatment designed to target conception directly in a womanโ€™s fallopian tube.

Immunovant, Inc. IMVT shares also saw a surge of 100% to $40.58 after news of Alfasigmaโ€™s agreement to acquire Intercept Pharmaceuticals at $19.00 per share in cash.


Declining Stocks

TransCode Therapeutics, Inc. RNAZ shares plummeted by 71% to $0.7306 after the company announced a public offering of 15.7 million shares at $0.51 per share.

United Natural Foods, Inc. UNFI shares dropped by 25% to $14.18 following the companyโ€™s mixed Q4 financial results and guidance.

New Pacific Metals Corp. NEWP fell by 13% to $1.9408 after announcing a CAD$35 million bought deal financing.


Commodity Market Update

In commodity news, oil prices rose by 1% to $90.61, while gold prices decreased by 0.9% to $1,920.10.

Silver recorded a 1% decline to $23.155, and copper fell by 0.6% to $3.6475 on Tuesday.


European and Asian Market Performance

European markets closed mostly lower today. The STOXX 600, representing the eurozone, fell by 0.61%. However, Londonโ€™s FTSE 100 saw a slight increase of 0.02%, while Spainโ€™s IBEX 35 Index recorded a decline of 0.20%. The German DAX fell by 0.97%, and Franceโ€™s CAC 40 declined by 0.70%. Italyโ€™s FTSE MIB Index experienced a drop of 1%.

Asian markets also closed in the red on Tuesday, with Japanโ€™s Nikkei 225 falling by 1.11%, Hong Kongโ€™s Hang Seng Index declining by 1.48%, and Chinaโ€™s Shanghai Composite Index dropping by 0.43%. Indiaโ€™s S&P BSE Sensex slipped by 0.1%.

In August, Hong Kongโ€™s trade deficit increased to $25.6 billion from $13.3 billion in the previous year. Imports to Hong Kong experienced a year-over-year decline of 0.3%, while exports from Hong Kong fell by 3.7% in August.


Economic Indicators

In August, building permits in the U.S. rose by 6.8% to an annual rate of 1.541 million, marking the highest level since October 2022.

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

The S&P CoreLogic Case-Shiller 20-city home price index recorded a 0.1% year-over-year increase in July, marking the first rise in five months. This exceeded market expectations, which predicted a 0.3% decline.

Sales of new single-family houses experienced an 8.7% decline, reaching an annualized rate of 675,000 in August.

The Dallas Fed general business activity index for Texasโ€™ service sector dropped to a reading of -8.6 in September.

Meanwhile, the manufacturing activity index in the Richmond area saw an increase to 5 in September, up from Augustโ€™s reading of -7.


COVID-19 Update

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

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