Closing Update: Biotechs Weigh on S&P 500, Nasdaq Composite Indices; Dow Scratches Out Small Gain

Stocks finished mixed on Tuesday, with a new selloff for biotech and health care stocks working to stall a three-day advance for the S&P 500 and Nasdaq Composite indices. Most industry sectors in the S&P 500 lost ground, although a big rise for crude oil and precious metals translated into large gains for energy and mining stocks. Technology stocks also hung on a small rise today.

The Dow Jones Industrial Average ended in the plus column for a third straight day, led by a rally for component stock DuPont ( DD ) after CEO and Board Chairwoman Ella Kullman said she would retire next week, giving in to pressure by several activist hedge funds. Tech companies Apple ( AAPL ), Cisco ( CSCO ) and Intel ( INTC ) also carried blue-chips higher, overcoming declines for health care companies in the Dow.

The International Monetary Fund earlier contributed to today's defensive market after trimming its global growth forecast while a 15% increase in the U.S. trade deficit also was working to keep pressure on stocks. Economic data today also was mostly bearish with the U.S. trade deficit rising 15% over year-ago levels.

Crude oil for November delivery settled $2.27 higher at $48.53 per barrel while November natural gas futures rose 2 cents higher to $2.47 per 1 million BTU. December gold rose $8.70 to $1.146.80 per ounce.

Here's where the U.S. markets stood at the end-of-day:

Dow Jones Industrial Average down 13.76 (+0.08%) to 16,790.19

S&P 500 down 7.13 (-0.36%) to 1,979.92

Nasdaq Composite Index down 32.90 (-0.69%) to 4,748.36


Hang Seng Index down 0.10%

Shanghai China Composite Index up 0.48%

FTSE 100 Index up 0.43%


(+) PMCS, Agrees to $2 bln buyout offer from SkyWorks ( SWKS ), which will pay $10.50 for each PMCS share, a 36.5% premium over Monday's closing price for the stock.

(+) WGBS, Announces commercial launch and presentation of data from its ICELL8 Single-Cell System at the American Society of Human Genetics annual meeting.

(+) UNT, Doubles FY15 production forecast, now expecting its oil and natural gas segment to grow between 6% to 8% this year compared with prior projections looking for 2% to 4% growth.


(-) EXAS, U.S. Preventive Services Task Force issues draft recommendation for colon cancer screenings that doesn't include the copany's Cologuard stool-based DNA screening test.

(-) RDWR, Trims Q3 revenue forecast to $48 mln from prior view looking for $57 mln to $59 mln and trailing the $57.98 mln consensus. Also cuts EPS outlook to $0.10 from $0.23 to $0.24 per share, missing $0.24 per share consensus.

(-) TCS, Adjusted Q2 EPS of $0.06 misses by $0.01 per share. Revenues rises 1.2% to $195.5 mln, lagging Street view looking for $197.68 mln in revenue.

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

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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