Crude Oil Dips Over 4%; SPAR Group Shares Spike Higher

Author: Avi Kapoor | September 03, 2024 02:59pm

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling around 2% on Tuesday.

The Dow traded down 1.49% to 40,944.47 while the NASDAQ fell 3.07% to 17,169.68. The S&P 500 also fell, dropping, 2% to 5,535.29.

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Leading and Lagging Sectors

Consumer staples shares climbed by 1% on Tuesday.

In trading on Tuesday, information technology shares fell by 3.7%.

Top Headline

U.S. construction spending declined by 0.3% month-over-month to an annual rate of $2,162 billion in July.

Equities Trading UP
                       

• Sify Technologies Limited (NASDAQ:SIFY) shares shot up 112% to $0.7017. Sify becomes first in India to achieve NVIDIA DGX-ready data center certification for liquid cooling to enable breakthrough AI performance.
• Shares of SPAR Group, Inc. (NASDAQ:SGRP) got a boost, surging 65% to $2.3950 after the company announced it entered into a definitive agreement to be acquired by Highwire Capital for $2.50 per share.
• Conifer Holdings, Inc. (NASDAQ:CNFR) shares were also up, gaining 83% to $1.2089 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

• IO Biotech, Inc. (NASDAQ:IOBT) shares dropped 31% to $1.0299 after the company announced the IDMC observed no new safety signals in the Phase 3 trial of IO102-IO103. Also, Morgan Stanley maintained an Overweight rating on the stock but lowered its price target from $7 to $4.
• Shares of Dyne Therapeutics, Inc. (NASDAQ:DYN) were down 35% to $30.17. 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.
• Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) was down, falling 16% to $6.11. The company on Tuesday announced Phase 2 data for an investigational treatment for symptomatic Cerebral Cavernous Malformation (CCM).

Commodities

In commodity news, oil traded down 4.5% to $70.21 while gold traded down 0.3% at $2,521.10.

Silver traded down 2.7% to $28.345 on Tuesday, while copper fell 2.9% to $4.0910.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.97%, Germany's DAX fell 0.97% and France's CAC 40 fell 0.93%. Spain's IBEX 35 Index fell 1.02%, while London's FTSE 100 fell 0.78%.

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.
• U.S. construction spending declined by 0.3% month-over-month to an annual rate of $2,162 billion in July.
• The RealClearMarkets/TIPP Economic Optimism Index rose by 1.6 points to a reading of 46.1 in September.

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Posted In: CNFR DYN IOBT RXRX SGRP SIFY