Dow Tumbles 350 Points; Constellation Brands Earnings Top Views

U.S. stocks traded lower this morning, with the Dow Jones index falling around 350 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.69% to 51,166.67 while the NASDAQ declined 0.54% to 27,451.57. The S&P 500 also fell, dropping, 0.41% to 7,787.18.

Leading and Lagging Sectors

Energy shares jumped by 1% on Wednesday.

In trading on Wednesday, materials stocks fell by 1.1%.

Top Headline

Constellation Brands, Inc. (NYSE:STZ) posted better-than-expected second-quarter results, after the closing bell on Tuesday.

Constellation Brands reported quarterly earnings of $3.74 per share which beat the analyst consensus estimate of $3.56 per share. The company reported quarterly sales of $2.633 billion which beat the analyst consensus estimate of $2.542 billion.

The company also announced the acquisition of spirit-based ready-to-drink brand SpikedAde.

Equities Trading UP
           

• China SXT Pharmaceuticals Inc (NASDAQ:SXTC) shares shot up 114% to $2.68.
• Shares of Baiya International Group Inc (NASDAQ:BIYA) got a boost, surging 58% to $2.16.
• Lipocine Inc (NASDAQ:LPCN) shares were also up, gaining 41% to $2.97 after the company announced that Health Canada approved TLANDO for testosterone replacement therapy in adult males.

Equities Trading DOWN

• Caribou Biosciences Inc (NASDAQ:CRBU) shares dipped 47% to $0.60 after the company announced it is exploring strategic alternatives.
• Shares of VCI Global Ltd (NASDAQ:VCIG) were down 45% to $0.78.
• Innventure Inc (NASDAQ:INV) was down, falling 30% to $0.40. Innventure recently announced a partnership between its AeroFlexx unit and ZXP Technologies to expand industrial liquid packaging technology across various sectors.

Commodities

In commodity news, oil traded up 0.8% to $90.14 while gold traded down 2% at $4,105.20.

Silver traded down 3.7% to $59.295 on Wednesday, while copper fell 0.5% to $6.6185.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, while Spain’s IBEX 35 Index dipped 1.8%, London’s FTSE 100 declined 0.6%, Germany’s DAX declined 1.3%, while France’s CAC 40 tumbled 1.1%.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.92%, Hong Kong’s Hang Seng Index declining 0.62% and India’s BSE Sensex dropping 0.59%.

Economics

The volume of mortgage applications dropped by 4.2% in the week ending Oct. 2, recording the fifth straight decline.

Photo via Shutterstock