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.
Looking ahead to Wednesday morning, Alibaba (BABA) and Macy's (M) headline the earnings calendar. Elsewhere, JM Smucker (SJM) and Xilinx (XLNX) will host annual investor meetings. On the economic front, we'll get a look at the weekly mortgage applications before the opening bell.