Stocks Retreat on China Devaluation

U.S. stocks followed the lead of overseas markets on Tuesday, as China devalued its currency. At the closing bell, the broader market averages fell 0.95% to 1.3%. Materials and technology names led the way lower on the session, while utility and technology names bucked the market trend. Elsewhere, the yield on the benchmark, 10-year U.S. treasury note fell 8.8 basis points, to 2.139%. Crude oil also fell more than 3% on Tuesday and the CBOE S&P 500 Volatility index gained more than 13%, to 13.84.

Celldex (CLDX) was the big loser of the session, falling 20%, as management said that it will wait for further clinical trials before filing for approval of a brain cancer treatment. On the other hand, Novavax (NVAX) gained 24% on positive trial data for a respiratory virus treatment. Terex (TEX) was also up 22% on word that is merging its machinery business with Finland-based Konecranes Oyj. In after-hours action, Fossil (FOSL) is trading 4% lower, after posting quarterly results. General Electric (GE) also announced the sale of its U.S. health care lending unit to Capital One (COF), for $9 billion.

Source: The Street

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