- Freshly Diced/Flickr
US stocks opened higher for trading but pared most of those gains to close little changed.
An early rally in West Texas Intermediate crude futures also fizzled out. Venezuelan President Nicolas Maduro earlier said a deal between OPEC and non-OPEC producers to stabilize the market could be announced at the upcoming meeting in September.
First, the scoreboard:
Dow: 18,120.17, -3.63, (-0.02%) S&P 500: 2,139.12, -0.04, (0.00%) Nasdaq: 5,235.03, -9.54, (-0.18%) WTI crude oil: $43, +0.27, (0.6%)
Sarepta Therapuetics shares jumped 80% after the US Food and Drug Administration green-lighted Exondys 51 (eteplirsen), the first approved drug to treat patients with Duchenne muscular dystrophy (DMD). DMD is a rare, deadly disorder in males that destroys muscle fiber. Sarepta shares were briefly halted for volatility after the spike. The Securities and Exchange Commission is investigating John McAfee’s mysterious company. The SEC subpoenaed MGT Capital Investments requesting certain information, sending the shares down 16%. MGT, previously a fantasy sports and mobile games company with almost no revenue, announced McAfee as its CEO in May. The National Association of Homebuilders’ housing market index, which measures sentiment, rose to an 11-month high of 65 in September. All three components – current sales, sales expectations, and traffic of prospective buyers – improved. NAHB members were encouraged by rising household incomes and a steady jobs market. GoPro shares rallied after the company unveiled three new action cameras and a drone. The Karma drone, retailing at $799, features a removable three-axis gimbal to stabilize footage captured by a GoPro on the drone itself, in your hands, or when a GoPro camera is mounted on your equipment. The stock gained 8% before retreating and closing up 2.3%.