U.S. stocks traded lower midway through trading, with the Dow Jones index dropping more than 350 points on Tuesday.
The Dow traded down 0.71% to 52,051.45 while the NASDAQ declined 0.67% to 26,010.20. The S&P 500 also fell, dropping, 0.42% to 7,588.35.
Leading and Lagging Sectors
Energy shares jumped by 1.4% on Tuesday.
In trading on Tuesday, consumer staples stocks fell by 1%.
Top Headline
Forgent Power Solutions Inc. (NYSE:FPS) shares jumped around 15% on Tuesday after the power infrastructure equipment maker reported strong fourth-quarter results and issued fiscal 2027 guidance above estimates.
Forgent reported adjusted earnings of 25 cents per share, beating the 24-cent estimate. Sales surged 94% year over year to $461.67 million, topping the $429.94 million estimate.
Equities Trading UP
- Veea Inc (NASDAQ:VEEA) shares shot up 160% to $5.95 after the company announced it signed a term sheet to combine with NovaGen Group.
- Shares of My Size Inc (NASDAQ:MYSZ) got a boost, surging 40% to $2.32 after the company announced an acquisition-led strategy focused on building a defense technology platform.
- Radiant Logistics Inc (NYSE:RLGT) shares were also up, gaining 15% to $9.46 after the company reported better-than-expected fourth-quarter financial results.
Equities Trading DOWN
- Huachen AI Parking Mgmt Tech Hldg Co Ltd (NASDAQ:HCAI) shares dropped 67% to $0.61 after the company announced the pricing of $2.75 million registered direct offering.
- Shares of Enova International Inc (NYSE:ENVA) were down 25% to $170.31 after the company announced that it has withdrawn its applications related to the proposed acquisition of Grasshopper Bancorp. Also, Citizens lowered its price target on the stock from $270 to $215.
- Intercont (Cayman) Ltd (NASDAQ:NCT) was down, falling 34% to $0.33 after the company announced a 1-for-25 reverse share split.
Commodities
In commodity news, oil traded up 4.6% to $106.05 while gold traded down 0.6% at $4,328.10.
Silver traded up 0.2% to $64.235 on Tuesday, while copper rose 0.5% to $6.4385.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.3%, while Spain’s IBEX 35 Index rose 0.2%, London’s FTSE 100 fell 0.5%, Germany’s DAX declined 0.1%, while France’s CAC 40 slipped 0.3%.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 0.01%, Hong Kong’s Hang Seng index dipping 1%, China’s Shanghai Composite falling 0.54% and India’s BSE Sensex tumbling 1.04%.
Economics
The New York Fed’s Empire State Manufacturing Index declined 13 points to a reading of 7.6 in September compared to 20.6 in August, and also missing market estimates of 14.75.
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