Benzinga - by Lisa Levin, Benzinga Editor.
U.S. stocks traded lower toward the end of trading, with the Dow Jones falling more than 400 points on Tuesday.
The Dow traded down 1.19% to 33,601.60 while the NASDAQ fell 1.48% to 13,074.97. The S&P 500 also fell, dropping, 1.42% to 4,276.00.
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Leading and Lagging Sectors
Energy shares fell by just 0.01% on Tuesday.
In trading on Tuesday, utilities shares tumbled by 2%.
Top Headline
United Natural Foods Inc (NYSE: UNFI) reported mixed results for its fourth quarter on Tuesday.
United Natural Foods reported fourth-quarter FY23 sales growth of 2% year-on-year to $7.417 billion, missing the analyst consensus of $7.47 billion. Adjusted EPS of $(0.25) beat the analyst consensus estimate of $(0.28).
United Natural Foods sees FY24 sales of $30.9 billion-$31.5 billion, against the consensus of $31.03 billion. The company expects FY24 adjusted EPS of $(0.88)-$0.38 versus the consensus of $2.56.
Equities Trading UP
Soleno Therapeutics, Inc. (NASDAQ: SLNO) shares shot up 442% to $24.01 after the company released top-line results from randomized withdrawal period of study C602 of DCCR for Prader-Willi Syndrome.
Shares of Femasys Inc. (NASDAQ: FEMY) got a boost, shooting 260% to $1.1950 after the company received FDA 510(k) clearance for FemaSeed, an infertility treatment designed to deliver sperm directly to where conception occurs in a woman's fallopian tube.
Immunovant, Inc. (NASDAQ: IMVT) shares were also up, gaining 100% to $40.58. Alfasigma agreed to acquire Intercept Pharmaceuticals for $19.00 per share in cash.
Equities Trading DOWN
TransCode Therapeutics, Inc. (NASDAQ: RNAZ) shares dropped 71% to $0.7306 after the company priced its $8 million public offering of 15.7 million shares at $0.51 per share.
Shares of United Natural Foods, Inc. (NYSE: UNFI) were down 25% to $14.18 after the company reported mixed fourth-quarter financial results and issued guidance.
New Pacific Metals Corp. (NYSE: NEWP) was down, falling 13% to $1.9408. New Pacific Metals announced CAD$35 million bought deal financing.
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Commodities
In commodity news, oil traded up 1% to $90.61 while gold traded down 0.9% at $1,920.10.
Silver traded down 1% to $23.155 on Tuesday while copper fell 0.6% to $3.6475.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.61% London’s FTSE 100 rose 0.02% while Spain’s IBEX 35 Index fell 0.20% The German DAX fell 0.97% French CAC 40 declined 0.70%, while Italy’s FTSE MIB Index fell 1%.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.11%, Hong Kong’s Hang Seng Index falling 1.48% and China’s Shanghai Composite Index declining 0.43%. India’s S&P BSE Sensex, meanwhile, slipped 0.1%.
Hong Kong’s trade deficit increased to $25.6 billion in August from $13.3 billion in the year-ago month. Imports to Hong Kong declined 0.3% year-over-year, while exports from Hong Kong fell 3.7% year-over-year in August.
Economics
U.S. building permits increased by 6.8% to an annual rate of 1.541 million in August, recording the highest level since October 2022.
The FHFA house price index rose by 0.8% from the previous month in July versus a revised 0.4% increase in June.
The S&P CoreLogic Case-Shiller 20-city home price index rose 0.1% year-over-year in July, recording the first rise in five months, versus market expectations for a 0.3% decline.
Sales of new single-family houses fell by 8.7% to an annualized rate of 675,000 in August.
The Dallas Fed general business activity index for Texas' service sector fell to a reading of -8.6 in September.
The manufacturing activity index in the Richmond area climbed to 5 in September versus August’s reading of -7.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,602,110 cases with around 1,176,150 deaths. India confirmed a total of at least 44,998,560 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,750,000 cases of COVID-19 worldwide with more than 6,919,470 deaths.
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