DNA sequencing company Illumina (ILMN) plummeted in midday trading Tuesday after reporting disappointing preliminary sales for its third quarter. The company said weak instrument sales performance in Europe and the Asia-Pacific was to blame. Stocks moved lower as the biotech sector suffered another selloff. Biotech stocks have suffered from massive declines over the past two weeks after Democratic presidential candidate Hillary Clinton vowed to address industry price gouging. The Container Store (TCS) slumped after missing quarterly estimates on its top- and bottom-lines. Earnings fell 62% over the quarter, weighed on by increased promotional spending. Total revenue increased just over 1%.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.