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Stocks Turn Lower Tuesday as Lows Outpace Highs

Tuesday, September 06, 2022 02:48 PM | Nick Dey
Stocks Turn Lower Tuesday as Lows Outpace Highs

During trading Tuesday, 13 stocks traded to a 52-week high, while 258 stocks bottomed out at new 52-week lows. The S&P 500 is down 0.38% so far today while the Dow is down 0.51%, the Nasdaq is down 0.66%, and the Russell 2000 is down 0.69%.

Stocks fluctuated Tuesday and are currently lower this afternoon. Ethereum is up 4.42% after the protocol activated the "Bellatrix" upgrade. This is the final hard fork before the long-anticipated "Merge" that will see Ethereum adopt a Proof of Stake protocol. The merge is expected to kick in sometime between September 13-16.

The services index expanded at a faster pace than expected, rising to a reading of 56.9% in August. Expectations were set for a cooling to 55.2% from 56.7% in July. The report supports an aggressive Fed, as prices cooled while the pace of supplier deliveries improved and new orders rose at a faster pace.

Digital World Acquisition Corp (DWAC) is declining 16.73% after the company failed to get enough votes for a one-year extension to its merger with former President Trump's Truth Social. The transaction had been stalled amid civil and criminal probes, leading to the company failing to meet the 65% threshold needed to extend the deal. The SPAC noted difficulties in getting individual investors to vote through their brokers, however, the vote remained well-off the amount needed by Monday afternoon.

Sector Highlights

Financial Services stocks dominated our list of highs today with 5 out of the 13 total stocks that reached their high coming from the Financial Services sector. The Financial Services sector is underperforming the market, decreasing 0.49% so far on the day. Over the last month, the Financial Services sector has outperformed the market, increasing 1.76% while the S&P decreased by 4.72%.

Financial Services: AAC, AVAN, JWSM, LGAC, TWND

The Healthcare sector makes up the majority of our 52-week lows, as 49 out of our 258 lows come from the Healthcare sector. The Healthcare sector is outperforming the market today, increasing 0.28% so far on the day. Over the last month, the Healthcare sector has underperformed the market, decreasing 5.01% while the S&P decreased by 4.72%.

Healthcare: ALBO, ATHX, AUPH, AVNS, BAX, BLI, AZTA, BTX, CDNA, CERS, CERT, CGEN, CNMD, CRL, EBS, EGRX, ELAN, EPIX, FLGT, HCSG, HGEN, ICUI, ITGR, LIVN, MD, MPLN, NVAX, NVST, OFIX, OMCL, OMI, OPK, PAHC, PDCO, PIRS, PLXP, PSNL, QTNT, SMFR, SNCE, TFX, TNGX, TNXP, TXG, USPH, VCEL, VTRS, XRAY, XXII

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