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Mid-Day Market Update: Dow Falls Over 400 Points; T2 Biosystems Shares Plunge


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Midway through trading Tuesday, the Dow traded down 1.67 percent to 24,340.59 while the NASDAQ declined 0.73 percent to 7,379.71. The S&P also fell, dropping 1.3 percent to 2,685.96.

Leading and Lagging Sectors

On Tuesday, the utilities shares surged 0.69 percent. Meanwhile, top gainers in the sector included Just Energy Group Inc. (NYSE: JE ), up 4 percent, and Genie Energy Ltd. (NYSE: GNE ) up 3 percent.

In trading on Tuesday, financial shares fell 3 percent.

Top Headline

Booz Allen Hamilton Holding Corporation (NYSE: BAH ) reported better-than-expected earnings for its fourth quarter.

Booz Allen posted adjusted earnings of $0.52 per share on revenue of $1.64 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $1.67 billion.

Booz Allen Hamilton expects FY19 adjusted earnings of $2.35 to $2.50 per share on sales growth of 6 percent to 8 percent.

Equities Trading UP

Mammoth Energy Services, Inc. (NASDAQ: TUSK ) shares shot up 19 percent to $37.06. Mammoth Energy's subsidiary Cobra signed a new $900 million contract to finish the restoration of critical electrical services and support the initial phase of reconstruction of the electrical utility system in Puerto Rico.

Shares of American Woodmark Corporation (NASDAQ: AMWD ) got a boost, shooting up 14 percent to $100.85 after the company reported upbeat Q4 results.

Axovant Sciences Ltd. (NASDAQ: AXON ) shares were also up, gaining 24 percent to $1.49. Axovant announced strengthening of management team and completion of organization restructuring which "enhanced capabilities in research and business development" and reduced internal headcount by 43 percent.

Equities Trading DOWN

Roadrunner Transportation Systems, Inc. (NYSE: RRTS ) shares dropped 16 percent to $1.85. Office Depot, Inc. (NASDAQ: ODP ) will replace Roadrunner Transportation Systems in the S&P SmallCap 600 on Monday, June 4.

Shares of T2 Biosystems, Inc. (NASDAQ: TTOO ) were down 12 percent to $7.80 after the health care company that targets unmet needs received clearance from the FDA. The company said the FDA granted a market clearance for its T2Bacteria Panel for the direct detection of bacterial species in human whole blood specimens from patients with suspected bloodstream infections.

Akers Biosciences, Inc. (NASDAQ: AKER ) was down, falling around 30 percent to $0.41 after the company withdrew marketing application for PIFA Chlamydia test device upon recommendation from the FDA.

Commodities

In commodity news, oil traded down 2 percent to $66.52 while gold traded down 0.07 percent to $1,308.10.

Silver traded down 0.67 percent Tuesday to $16.435, while copper fell 0.11 to $3.074.

Eurozone

European shares were lower today. The eurozone's STOXX 600 tumbled 1.38 percent, the Spanish Ibex Index fell 2.58 percent, while Italy's FTSE MIB Index declined 2.65 percent. Meanwhile the German DAX dipped 1.53 percent, and the French CAC 40 slipped 1.29 percent while U.K. shares fell 1.26 percent.

Economics

The S&P CoreLogic Case-Shiller home price index increased 6.8 percent year-over-year for March.

The Conference Board's consumer confidence index climbed to 128 in May, versus a revised reading of 125.6 in April.

The Dallas Fed manufacturing business index rose to 26.80 for May, versus prior reading of 21.80. Economists expected a reading of 23.30.

The Treasury will auction 4-week bills at 1:00 p.m. ET.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Commodities
Referenced Symbols: AMWD , ODP , BAH , RRTS , JE


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