Dow Tumbles 350 Points; US Inflation Rate Slows In August

Author: Avi Kapoor | September 11, 2024 09:47am

U.S. stocks traded mostly lower this morning, with the Dow Jones falling around 350 points on Wednesday.

The Dow traded down 0.87% to 40,384.56 while the NASDAQ rose 0.05% to 17,034.56. The S&P 500 also fell, dropping, 0.41% to 5,473.12.

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Leading and Lagging Sectors

Information technology shares surged by 0.9% on Wednesday.

In trading on Wednesday, real estate shares fell by 1.5%.

Top Headline

U.S. annual inflation rate eased for a fifth straight month to 2.5% in August from 2.9% in the previous month, and down from market estimates of 2.6%.

Equities Trading UP

CN Energy Group. Inc. (NASDAQ:CNEY) shares shot up 190% to $0.8101.
Shares of BriaCell Therapeutics Corp. (NASDAQ:BCTX) got a boost, surging 165% to $1.66 after the company announced overall survival data of its Phase 2 clinical study of Bria-IMT in combination with an immune check point inhibitor in late stage metastatic breast cancer.
Tantech Holdings Ltd (NASDAQ:TANH) shares were also up, gaining 48% to $0.2052.

Equities Trading DOWN

Telesis Bio, Inc. (NASDAQ:TBIO) shares dropped 61% to $1.4993 after the company announced that it has notified the Nasdaq Stock Market of its decision to delist.
Shares of Laser Photonics Corporation (NASDAQ:LASE) were down 21% to $7.22.
Torrid Holdings Inc. (NYSE:CURV) was down, falling 27% to $4.85 after the company announced the launch of secondary offering of common stock.

Commodities

In commodity news, oil traded up 1.7% to $66.85 while gold traded down 0.3% at $2,535.90.

Silver traded up 0.9% to $28.88 on Wednesday, while copper rose 1.2% to $4.1475.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.6%, Germany's DAX gained 0.8% and France's CAC 40 rose 0.5%. Spain's IBEX 35 Index rose 1%, while London's FTSE 100 rose 0.3%.

The UK’s trade deficit widened to £7.51 billion in July from £5.32 billion in the previous month, while industrial production fell 0.8% month-over-month in July. The UK's economy stalled during the month of July compared to market estimates of a 0.2% increase.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.49%, Hong Kong's Hang Seng Index falling 0.73%, China's Shanghai Composite Index dipping 0.82% and India's BSE Sensex falling 0.49%.

The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +4 in September compared to August's reading of +10. China’s vehicle sales dipped by 5.0% year-over-year to 2.45 million units for the month of August.

Economics

U.S. mortgage applications increased 1.4% in the week ending Sept. 6, compared to a 1.6% rise in the prior period.
U.S. annual inflation rate eased for a fifth straight month to 2.5% in August from 2.9% in the previous month, and down from market estimates of 2.6%.

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