Dow Dips Over 100 Points; GameStop Shares Spike higher

Author: Avi Kapoor | May 28, 2024 12:00pm

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling more than 100 points on Tuesday.

The Dow traded down 0.36% to 38,928.04 while the NASDAQ rose 0.48% to 17,001.83. The S&P 500 also rose, gaining, 0.04% to 5,306.91.

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Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Tuesday.

In trading on Tuesday, health care shares fell by 1.2%.

Top Headline

Shares of GameStop Corp. (NYSE:GME) jumped around 24% on Tuesday after the company announced late Friday that it had completed its previously disclosed "at-the-market" (ATM) equity offering, selling a maximum of 45 million common shares.

The company raised approximately $933.4 million in gross proceeds, which it intends to use for general corporate purposes, including potential acquisitions and investments.

Equities Trading UP

Insmed Incorporated (NASDAQ:INSM) shares shot up 112% to $46.62 after the company announced topline results from ASPEN Phase 3 study met its primary endpoint.
Shares of Calliditas Therapeutics AB (NASDAQ:CALT) got a boost, surging 75% to $38.10 after the company’s board recommended the acceptance of Asahi Kasei’s tender offer.
Pineapple Energy Inc. (NASDAQ:PEGY) shares were also up, gaining 83% to $0.3259 after the company on Friday announced its SUNation subsidiary signed a 1.95-megawatt project.

Equities Trading DOWN

Applied DNA Sciences, Inc. (NASDAQ:APDN) shares dropped 68% to $0.64 after the company reported the pricing of $12 million public offering.
Shares of Marpai, Inc. (NASDAQ:MRAI) were down 56% to $0.8515 after the company announced its intention to withdraw from the Nasdaq hearings process.
Netcapital Inc. (NASDAQ:NCPL) was down, falling 24% to $0.1463 after the company announced that it entered into definitive agreement for the immediate exercise of $2.2 million of certain outstanding Series A-2 warrants.

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Commodities

In commodity news, oil traded up 2.3% to $79.50 while gold traded up 1% at $2,357.70.

Silver traded up 5.3% to $32.10 on Tuesday, while copper rose 1.5% to $4.8260.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.68%, Germany's DAX slipped 0.59% and France's CAC 40 declined 1.03%. Spain's IBEX 35 Index fell 0.64%, while London's FTSE 100 declined 0.85%.

German wholesale prices fell by 1.8% year-over-year in April compared to a revised 2.6% decline a month ago.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei falling 0.11%, China's Composite Index declining 0.46%, Hong Kong's Hang Seng Index falling 0.03% and India's S&P BSE Sensex falling 0.2%.

Producer prices in Malaysia rose by 1.9% year-over-year in April compared to a 1.6% increase in the earlier month.

Economics

The S&P CoreLogic Case-Shiller home price index rose by 7.4% year-over-year in March versus 7.3% in the previous month.
The FHFA house price index rose by 0.1% in March, compared to market expectations of a 0.5% gain.
The Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas fell to a reading of -19.4 in May, compared to -14.5 a month ago.

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Posted In: APDN CALT GME INSM MRAI NCPL PEGY