US Stocks Open Lower, Dow Falls 100 Points

Author: Lisa Levin | October 11, 2022 10:16am

U.S. stocks traded lower this morning, with the Dow Jones dropping around 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.34% to 29,103.27 while the NASDAQ fell 1.68% to 10,364.72. The S&P 500 also fell, dropping, 1.11% to 3,572.28.

Also check this: Market Volatility Increases After Nasdaq Tumbles Over 100 Points

Leading and Lagging Sectors

Consumer staples shares rose by 0.6% on Tuesday. Leading the sector was strength from e.l.f. Beauty, Inc. (NYSE:ELF) and BJ's Wholesale Club Holdings, Inc. (NYSE:BJ).

In trading on Tuesday, energy shares dipped by 2%.

Top Headline

 

ForgeRock, Inc. (NYSE:FORG) announced it will be acquired by Thoma Bravo for $2.3 billion.

 

 

Equities Trading UP

 

• DICE Therapeutics, Inc. (NASDAQ:DICE) shares shot up 54% to $38.04 after the company announced topline data from its Phase 1 clinical trial of DC-806. Clinical proof-of-concept in psoriasis patients achieved with a mean percentage reduction in PASI from baseline at 4 weeks of 43.7% in the high dose group.
• Shares of ForgeRock, Inc. (NYSE:FORG) got a boost, shooting 49% to $22.60 after the company announced it will be acquired by Thoma Bravo for $2.3 billion.
• Albireo Pharma, Inc. (NASDAQ:ALBO) shares were also up, gaining 18% to $24.08 after the company announced topline results from the Phase 3 of Bylvay in Alagille syndrome showed highly statistically significant improvement in pruritus primary endpoint.

 

Equities Trading DOWN

• Orthofix Medical Inc. (NASDAQ:OFIX) shares tumbled 21% to $14.49 after the company and SeaSpine announced they will combine in a merger of equals. The company also announced preliminary Q3 net sales.
• Shares of Happiness Development Group Limited (NASDAQ:HAPP) were down 18% to $2.62. Happiness Development Group shareholders approved a 1 for 20 reverse split of ordinary shares.
• Uber Technologies, Inc. (NYSE:UBER) was down, falling 15% to $23.24 on reports the U.S. Department of Labor has released a proposal to make companies reclassify independent contractors as employees.

 

Also check out: Bilibili, H World Group And Other Big Losers From Monday

Commodities

In commodity news, oil traded down 2.6% to $88.74, while gold traded down 0.1% at $1,672.80.

Silver traded down 1.4% to $19.335 on Tuesday while copper fell 0.4% to $3.4175.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, London’s FTSE 100 fell 1.2% while Spain’s IBEX 35 Index fell 1%. The German DAX declined 1.1%, French CAC 40 fell 0.9% and Italy’s FTSE MIB Index fell 1.5%.

 

Economics

 

• The NFIB Small Business Optimism Index climbed to a four-month high of 92.1 in September from 91.8 in the previous month.
• The IBD/TIPP Economic Optimism Index declined to 41.6 in October versus a five-month high level of 44.7 in September.
• Philadelphia Fed President Patrick Harker is set to speak at 11:30 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester will speak at 12:00 p.m. ET.
• The Treasury will auction 3-year notes at 1:00 p.m. ET.

 

Check out this: Ethereum Falls Below $1,300; Here Are The Top Crypto Movers For Tuesday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,572,010 cases with around 1,087,970 deaths. India confirmed a total of at least 44,616,390 cases and 528,820 deaths, while France reported over 35,875,620 COVID-19 cases with 155,530 deaths. In total, there were at least 627,104,810 cases of COVID-19 worldwide with more than 6,562,340 deaths.

Posted In: ALBO BJ DICE ELF FORG HAPP OFIX SCPH UBER