The S&P 500 struggled to maintain the psychological 2,000 point level amid sell offs in commodities and bonds. Volume continues to remain light despite a largely anticipated uptick in trading following Labor Day.
- The Dow Jones Industrial Average fell 30.9 points, or 0.18 percent, to close at 17,068.6.
- The S&P 500 dropped 1.1 points, or 0.05 percent, to close at 2002.3.
- The Nasdaq gave added 17.9 points, or 0.4 percent, to close at 4,598.2.
Casino stocks were of the hardest hit Tuesday after a six percent drop in August gaming revenue. The drop in sales comes after an increase in regulation for the semi-autonomous city by the Chinese government. A conference, expected to end in October, should give more detail on future policy.
Dollar General (NYSE: DG) increased its bid for Family Dollar (NYSE: FDO) to $80 per share, beating Dollar Tree’s (NASDAQ: DLTR) most recent offer. Dollar General indicated it is willing to pay the $500 million breakup fee and divest up to 1,500 stores.Stock Movers
Norwegian Cruise Line Holdings (NASDAQ: NCLH) shares shot up 11.1 percent to $36.99 after the company announced its plans to acquire Prestige Cruises International for $3.025 billion.
Shares of Conns (NASDAQ: CONN) were down 30.9 percent to $31.00 after the company reported weaker than expected second-quarter earnings and cut its full-year forecast.
Finisar (NASDAQ: FNSR) shares tumbled 6.8 percent to $18.94. Analysts at Jefferies downgraded Finisar from Buy to Hold and lowered the target price from $25 to $19.
Exelixis (NASDAQ: EXEL) was down, falling 55.3 percent to $1.85 after the company announced its plans to lower around 70 percent of its workforce. The company reported that its phase 3 pivotal trial of cabozantinib did not meet primary endpoint.Global Markets
Asian markets kicked off the week on a high note. The Shanghai index gained 1.4 percent with Hong Kong’s Hang Seng remaining flat with a 0.01 percent drop. Japan’s Nikkei added 1.2 percent in value on the session.
European results, on the other hand, were mixed. The Euro Stoxx index, which tracks 50 blue chips added 0.2 percent, London’s FTSE gained 0.1 percent and France’s CAC gave up 0.03 percent.Commodities
Crude futures made a massive three percent move down to $93.02. The commodity looks to be sitting near some support.
Gold futures make a similar jump, selling off 1.6 percent. The commodity was last trading at $1,266.50.Currencies
The Powershares ETF (NYSE: UUP), which tracks the value of the U.S. dollar versus a basket of foreign currencies, jumped 0.3 percent, extending last week’s sharp increase in the value of the dollar.Bonds
Yields moved higher amid the equity market sell off. The iShares 20+ Year Bond ETF (NYSE: TLT), which tracks the performance of a basket of treasury bonds with maturity greater than 20 years, sold off 1.7 percent.
See more from Benzinga
- Market Wrap For Friday, August 29: Gas Prices Lower Into Holiday Weekend Despite Crude Rally
- Amazon Buys Twitch For 0M, Says Will Expand Offering To Gaming World
- Aeropostale Selling Off On Disappointing Guidance
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- Personal Investing Ideas & Strategies
- Canada International News