U.S. stocks trade lower as health-care shares slide; ABM beats estimates

  • U.S. stocks traded lower midway through Tuesday, led by a 1.06% Dow decline.
  • ABM Industries reported $1.04 adjusted third-quarter earnings per share.
  • PDS Biotechnology shares rose 65% after announcing up to $22.55 million in funding.

U.S. stocks traded lower midway through Tuesday’s session, with the Dow Jones Industrial Average down 1.06% at 52,849.66, the Nasdaq Composite down 0.12% at 26,476.11 and the S&P 500 down 0.36% at 7,690.48. Energy shares rose 1.6%, while health-care stocks fell 2%. ABM Industries reported adjusted third-quarter earnings of $1.04 per share and sales of $2.317 billion, exceeding estimates of $1.01 and $2.310 billion, respectively. PDS Biotechnology shares jumped 65% after the company announced up to $22.55 million in equity funding, while Roivant Sciences and Pharvaris each gained 17% on clinical-trial updates. Dyne Therapeutics, Novartis and Lexaria Bioscience declined sharply following company-specific developments. Oil rose 1.5% to $92.88 and copper gained 2.5% to $6.8525, while the Manheim Used Vehicle Value Index and NFIB Small Business Optimism Index both fell in August. An earlier market snapshot had shown larger declines for the major indexes and the five largest U.S. stocks by market value, indicating differing market timing or data snapshots.

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