US stocks extended losses during the session following the release of August inflation data
The Dow fell 2.74% to 31,494.46 while the NASDAQ fell 4.14% to 11,758.99. The S&P 500 was also down 3.17% to 3,980.12.
Leading and lagging sectors
Utilities shares fell just 1.3% on Tuesday. Meanwhile top winner in the sector included Consolidated Water Co.Ltd. CWCOup to 10% and About Renewables, Inc. ABOVE up 1%.
Shares in communications services fell 4.6% in Tuesday’s trading.
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The Labor Department reported an 8.3% yoy rise in August CPI, another sign inflation may have peaked in June. According to data from the US Bureau of Labor Statistics, headline CPI rose 8.3% in August compared to 8.5% in July. The August CPI reading came in above average economists’ estimates of 8%.
Stock trading UP
- Akero Therapeutics, Inc. ACRO Shares rose 115% to $26.42 after the company’s Phase 2b HARMONY trial met its primary endpoint for both the 50 mg and 28 mg EFX dose groups.
- shares of NeuroBo Pharmaceuticals, Inc. NRBO got a boost, rocketing 191% to $48.49 as the stock traded on a 1:30 reverse split basis.
- Comera Life Sciences Holdings, Inc. CMRA Shares were also higher, gaining 46% to $2.7999 after a Form 4 filing filed late Monday showed multiple insider buying of the stock.
Stocks are trading down
- Rent the Runway, Inc. RENTAL FEE Shares fell 31% to $3.3788 after the company released lower-than-estimates guidance for the third quarter and announced a 24% reduction in the company’s workforce.
- shares of Cardiff Oncology, Inc. CRDF fell 34% to $2.12. Following a strategic review, Cardiff Oncology decided not to independently fund future clinical activities in metastatic castration-resistant prostate cancer (mCRPC), citing clinical data and therapeutic…
