Dow Tumbles 1%; ISM Manufacturing PMI Misses Estimates

Author: Avi Kapoor | September 03, 2024 10:19am

U.S. stocks traded lower this morning, with the Dow Jones index falling over 1% on Tuesday.

Following the market opening Tuesday, the Dow traded down 1.09% to 41,109.54 while the NASDAQ fell 1.59% to 17,432.51. The S&P 500 also fell, dropping, 1.22% to 5,579.37.

Check This Out: Dow Hits Record High, S&P 500 Gains For 4th Consecutive Month: Fear Index In ‘Greed’ Zone

Leading and Lagging Sectors

Consumer staples shares climbed by 0.4% on Tuesday.

In trading on Tuesday, energy shares fell by 3%.

Top Headline

The ISM manufacturing PMI rose to 47.2 in August from 46.8 in the prior month, missing market estimates of 47.5.

Equities Trading UP
                       

• Sify Technologies Limited (NASDAQ:SIFY) shares shot up 110% to $0.6967. Sify becomes first in India to achieve NVIDIA DGX-ready data center certification for liquid cooling to enable breakthrough AI performance.
• Shares of BranchOut Food Inc.(NASDAQ:BOF) got a boost, surging 90% to $3.7990.
• Conifer Holdings, Inc. (NASDAQ:CNFR) shares were also up, gaining 73% to $1.14 after the company announced that it completed the sale of its insurance agency operations for a $45 million consideration. The company appointed Brian Roney as CEO.

Equities Trading DOWN

• Agape ATP Corporation (NASDAQ:ATPC) shares dropped 33% to $1.71 after jumping 60% on Friday.
• Shares of Dyne Therapeutics, Inc. (NASDAQ:DYN) were down 34% to $30.43. The company announced new clinical data from its ongoing Phase 1/2 DELIVER trial of DYNE-251 in patients with Duchenne muscular dystrophy who are amenable to exon 51 skipping demonstrating unprecedented dystrophin expression and functional improvement in multiple cohorts.
• Brenmiller Energy Ltd (NASDAQ:BNRG) was down, falling 30% to $1.0894. Brenmiller recently reported a year-over-year increase in H1 EPS results. Also, the company announced a projected pipeline valued up to $500 million.

Commodities

In commodity news, oil traded down 1.6% to $72.41 while gold traded down 0.3% at $2,520.70.

Silver traded down 1.9% to $28.60 on Tuesday, while copper fell 3.3% to $4.0730.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.4%, Germany's DAX fell 0.4% and France's CAC 40 fell 0.3%. Spain's IBEX 35 Index fell 0.7%, while London's FTSE 100 fell 0.5%.

French government budget deficit shrank to EUR 156.91 billion in January to July compared to EUR 168.99 billion in the year-ago period last year. The number of people registering as jobless in Spain increased by 0.9% month-over-month to 2.6 million in August. UK's retail sales increased 0.8% year-over-year in August.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.04%, Hong Kong's Hang Seng Index falling 0.23%, China's Shanghai Composite Index declining 0.29% and India's BSE Sensex falling 0.005%.

Singapore's manufacturing PMI rose to 50.9 in August from 50.7 in the prior month.

Economics

• The Logistics Manager's Index fell to 56.4 in August compared to 56.5 in July.
• The S&P Global manufacturing PMI was revised lower to 47.9 in August versus a preliminary reading of 48.
• The ISM manufacturing PMI rose to 47.2 in August from 46.8 in the prior month, missing market estimates of 47.5.

Now Read This:

• This Analyst With 87% Accuracy Rate Sees Over 24% Upside In Nvidia – Here Are 5 Stock Picks For Last Week From Wall Street’s Most Accurate Analysts

Posted In: ATPC BNRG BOF CNFR DYN SIFY