US stocks traded sharply lower this morning after the release of August inflation data
After Tuesday’s market open, the Dow fell 2.18% to 31,675.17, while the NASDAQ fell 3.30% to 11,861.20. The S&P 500 was also down 2.54% to 4,006.05.
Leading and lagging sectors
- Energy stocks fell just 0.6% on Tuesday. Meanwhile top winner in the sector included Cheniere Energy, Inc. LNGup to 5% and cosmos energy ltd COS increased by 3%.
- Shares in communications services fell 3.9% 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 126% to $27.57 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 155% to $42.61 as the stock traded on a 1:30 reverse split basis.
- 89bio, Inc. ETNB Shares were also higher, gaining 36% to $6.78. Analysts reportedly said that Akero’s NASH data could be positive for the company’s Pegoza program in NASH.
Stocks are trading down
- Rent the Runway, Inc. RENTAL FEE Shares fell 31% to $3.4050 after the company released its third-quarter guidance below estimates and announced a 24% reduction in the company’s workforce.
- shares of Cardiff Oncology, Inc. CRDF declined 30% to $2.2550. Following a strategic review, Cardiff Oncology has decided not to independently fund future clinical activities in metastatic castration-resistant prostate cancer (mCRPC) and cites…
