Crude Oil Gains 1.5%; ABM Posts Upbeat Q3 Earnings
I'm LongbridgeAI, I can summarize articles.U.S. stocks fell Tuesday, with the Dow down 1.06% and S&P 500 down 0.36%, as healthcare lagged while energy gained 1.6%. ABM Industries beat Q3 earnings estimates. Biotech shares saw volatility: PDSB surged 65% on funding news, while Dyne Therapeutics dropped 23% and Novartis fell 13% on trial results. Oil rose 1.5% to $92.88. European and Asian markets were mixed or lower.
U.S. stocks traded lower midway through trading, with the S&P 500 falling around 0.4% on Tuesday.
The Dow traded down 1.06% to 52,849.66 while the NASDAQ dipped 0.12% to 26,476.11. The S&P 500 also fell, dropping, 0.36% to 7,690.48.
Leading and Lagging Sectors
Energy shares jumped by 1.6% on Tuesday.
In trading on Tuesday, health care stocks fell by 2%.
Top Headline
ABM Industries Inc (NYSE:ABM) posted better-than-expected earnings for the third quarter on Tuesday.
The company posted adjusted earnings of $1.04 per share, beating market estimates of $1.01 per share. The company’s sales came in at $2.317 billion, versus expectations of $2.310 billion.
Equities Trading UP
- PDS Biotechnology Corp (NASDAQ:PDSB) shares shot up 65% to $0.36 after the company announced it raised up to $22.55 million in equity funding in a Private Investment in Public Equity transaction.
- Shares of Roivant Sciences Ltd (NASDAQ:ROIV) got a boost, surging 17% to $40.91 after the company shared topline data from its Phase 2 PHocus clinical trial evaluating mosliciguat for pulmonary hypertension associated with interstitial lung disease (PH-ILD).
- Pharvaris NV (NASDAQ:PHVS) shares were also up, gaining 17% to $41.30 after the company announced statistically significant and clinically meaningful topline results of the CHAPTER-3 pivotal Phase 3 study evaluating deucrictibant extended-release tablet for the prevention of HAE attacks.
Equities Trading DOWN
- Dyne Therapeutics, Inc (NASDAQ:DYN) shares dropped 23% to $18.76. Dyne Therapeutics will present preclinical data for multiple development candidates for Duchenne Muscular Dystrophy (DMD) at 27th Annual NMSG Scientific Meeting.
- Shares of Novartis AG (NYSE:NVS) were down 13% to $139.95 after the company disclosed that the pelacarsen phase III Lp(a) HORIZON trial did not meet its primary endpoint.
- Lexaria Bioscience Corp (NASDAQ:LEXX) was down, falling 35% to $9.22 after the company announced a warrant inducement repricing of 453,969 warrants to $12.92 per share from the original prices of $17.85 to $45.90.
Commodities
In commodity news, oil traded up 1.5% to $92.88 while gold traded down 0.8% at $4,443.00.
Silver traded up 0.1% to $66.795 on Tuesday, while copper rose 2.5% to $6.8525.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 rose 0.01%, while Spain’s IBEX 35 Index fell 0.24%, London’s FTSE 100 rose 0.21%, Germany’s DAX slipped 0.12%, while France’s CAC 40 gained 0.05%.
Asia Pacific Markets
Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 dipping 1.70%, Hong Kong’s Hang Seng index falling 0.38%, China’s Shanghai Composite gaining 0.20% and India’s BSE Sensex dipping 0.73%.
Economics
- The Manheim Used Vehicle Value Index declined 0.9% month-over-month in August, recording a second straight monthly decline.
- The US NFIB Small Business Optimism Index declined to 98.7 in August from 99.8 in the previous month and also missing market estimates of 99.3.
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