Mid-Afternoon Market Update: Dow Tumbles 500 Points; Sonoma Pharmaceuticals Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 1.45% to 34,363.18 while the NASDAQ fell 2.54% to 14,590.40. The S&P also fell, dropping 1.82% to 4,362.34.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,116,440 cases with around 690,430 deaths. India confirmed a total of at least 33,697,580 cases and 447,370 deaths, while Brazil reported over 21,366,390 COVID-19 cases with 594,650 deaths. In total, there were at least 232,407,580 cases of COVID-19 worldwide with more than 4,758,270 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 1% on Tuesday. Meanwhile, top gainers in the sector included Tsakos Energy Navigation Limited (NYSE:TNP), up 12% and Camber Energy, Inc. (NYSE:CEI) up 14%.

In trading on Tuesday, information technology shares fell 2.5%.

Top Headline

IHS Markit Ltd. (NYSE:INFO) reported better-than-expected earnings for its third quarter on Tuesday.

IHS Markit reported quarterly adjusted earnings of $0.85 per share, exceeding analysts’ estimates of $0.83 per share. The company’s quarterly sales came in at $1.18 billion, versus expectations of $1.17 billion.

Equities Trading UP

Digital Brands Group, Inc. (NASDAQ:DBGI) shares shot up 25% to $3.6914 after the company issued full-year 2022 revenue guidance of $37.5 million to $42.5 million, representing a 350% increase year-over-year.

Shares of Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) got a boost, shooting 31% to $6.99 after the company announced the OTC consumer launch of Regenacyn Advanced Scar Gel and Ocucyn Eyelid & Eyelash Cleanser on Amazon.com and MucoClyns on Amazon sites in Europe.

Gogo Inc. (NASDAQ:GOGO) shares were also up, gaining 34% to $16.40 after the company raised the long-term financial targets announced during Q4 2020 earnings.

Check out these big movers of the day

Equities Trading DOWN

First High-School Education Group Co., Ltd. (NYSE:FHS) shares tumbled 24% to $2.9597 after the company reported H1 results.

Shares of Hyzon Motors Inc. (NASDAQ:HYZN) were down 25% to $6.94. The company was the target of a short report from Blue Orca Capital.

AGM Group Holdings Inc. (NASDAQ:AGMH) was down, falling 15% to $9.01 after jumping 15% on Monday.

Commodities

In commodity news, oil traded down 0.3% to $75.22, while gold traded down 1% to $1,735.10.

Silver traded down 1.1% Tuesday to $22.445 while copper fell 0.9% to $4.2495.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 tumbled 2.18%, the Spanish Ibex Index fell 2.59% and the German DAX 30 dipped 2.09%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 fell 2.17% and Italy’s FTSE MIB fell 2.14%.

The GfK Consumer Climate Indicator for Germany increased to 0.3 for October versus a revised reading of -1.1 in September, while French consumer confidence indicator rose by 3 points to a reading of 102.0 in September.

Economics

The goods trade deficit widened to $87.6 billion in August from $86.8 billion in July.

Wholesale inventories rose 1.2% to $731 billion in August.

The S&P Corelogic Case-Shiller home price index rose at a fresh record 19.9% year-over-year in July.

The FHFA’s house price index rose 1.4% from a month ago in July.

The Conference Board’s consumer confidence index fell to 109.30 in September versus previous reading of 113.80.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:00 p.m. ET.

Federal Reserve Bank of St. Louis President James Bullard will speak at 7:00 p.m. ET.

Check out the full economic calendar here