Oil Rises 1%, US Pending Home Sales Fall 2.3% MoM in July

US stocks traded lower mid-session Tuesday, with the S&P 500 down about 0.5%.

The Dow Jones fell 0.17% to 53,369.65 points, while the Nasdaq dropped 1.08% to 26,357.23 points. The S&P 500 also declined 0.51% to 7,705.81 points.

Leading and Lagging Sectors

Healthcare stocks rose 1.6% on Tuesday.

Information technology stocks fell 2.1% in Tuesday trading.

Top News

US pending home sales fell 2.3% month-over-month in July, compared to a revised 4.8% decline in June and market expectations of a 0.3% rise.

Stocks on the Rise

Amylyx Pharmaceuticals Inc shares surged 47% to $31.41 after the company announced its LUCIDITY Phase III trial met its primary endpoint.

Xos Inc shares jumped sharply, soaring 100% to $4.19, as the electric vehicle fleet and energy solutions company secured its first military order.

Weave Communications Inc shares also rose, climbing 32% to $7.30, after the company announced it would be acquired by Francisco Partners.

Stocks on the Decline

Klarna Group PLC shares fell 20% to $15.59 after the company reported second-quarter financial results and issued FY26 sales guidance below expectations.

Ucloudlink Group Inc shares dropped 29% to $0.48 after reporting weaker-than-expected second-quarter financial results and cutting its FY26 sales guidance.

Fabrinet declined 19% to $485.10 after reporting fourth-quarter results and issuing first-quarter GAAP EPS guidance below expectations.

Commodities

In commodity news, crude oil rose 1.2% to $85.55, while gold fell 1.2% to $4,419.60.

Silver dropped 3.3% to $64.04 on Tuesday, and copper fell 1.3% to $6.5300.

Eurozone

European markets were mostly lower today. The Eurozone STOXX 600 index fell 0.4%, Spain's IBEX 35 rose 0.2%, London's FTSE 100 gained 0.4%, Germany's DAX declined 0.5%, and France's CAC 40 fell 0.6%.

Asia-Pacific Markets

Asia-Pacific markets closed mixed on Tuesday, with Japan's Nikkei 225 down 2.54%, Hong Kong's Hang Seng up 0.07%, China's Shanghai Composite up 0.19%, and India's BSE Sensex down 0.63%.

Economic Data

The New York Federal Reserve's services business activity index fell to 0.5 in August, compared to 8.7 in July.

US export prices fell 1.3% month-over-month in July, compared to a revised 0.7% decline in June.

US import prices fell 0.4% month-over-month in July, compared to a revised 0.3% decline in June and market expectations of a 0.1% rise.

US housing starts fell 12.4% month-over-month in July to an annualized rate of 1.239 million units.

US building permits rose 5% month-over-month in July to an annualized rate of 1.443 million units, compared to market expectations of 1.37 million.

US pending home sales fell 2.3% month-over-month in July, compared to a revised 4.8% decline in June and market expectations of a 0.3% rise.

US industrial production rose 0.2% in July, compared to a revised 0.3% increase in June and market expectations of a 0.3% rise.