Stocks ended modestly lower on Tuesday, ending a three-day win streak as investors looked to the first debate between President Donald Trump and Democratic presidential nominee Joe Biden.
With markets mostly shunning risk, money flowed into traditionally safe-haven assets like gold, which rose about 1%, and U.S. Treasurys.
The Dow Jones Industrial Average lost 131 points, or 0.48%, to finish at 27,452.
Beyond Meat’s booming distribution. Plant-based meat company Beyond Meat (ticker: BYND) must be seeing its signature product, the Beyond Burger, sell well at Walmart ( WMT). The big-box retailer has agreed to expand Beyond Burger’s availability at its stores threefold, taking the product from 800 locations to 2,400.
Plant-based meat is a fast-growing niche in the food industry, with upstart companies and established diversified agricultural giants alike diving into the business.
BYND stock rose nearly 9.5% on the news Tuesday.
Nio: The One? Shares of Chinese electric vehicle maker Nio ( NIO) surged on Tuesday, jumping 10.8% on the heels of a bullish analyst report out of Deutsche Bank. Deutsche Bank believes Nio will develop a highly autonomous vehicle in the coming years, notes that the company should showcase its all-electric sedan before 2021, and asserts that its brand is gaining respect in China, the world’s largest automotive market.
Prospective investors should tread carefully trying to pick winners in the highly competitive and sometimes overly hyped electric vehicle market. Nio shares are already up more than 420% in 2020 alone, and one need look no further than Nikola ( NKLA) to find an example of a potentially unsavory actor suspected of overhyping its technological capabilities.
Gambling stocks fall on NFL virus concerns. The NFL’s Tennessee Titans have a virus scare on their hands, sparking fears of a larger outbreak on the team and across the league. Eight members of the organization, three players and five personnel, tested positive, the NFL announced.
The Titans and the Minnesota Vikings, Tennessee’s last opponent, both suspended in-person activities.
With fears that the outbreak could abridge the season and put a damper on betting volumes, shares of Caesars Entertainment ( CZR) and Penn National Gaming ( PENN) fell 6.3% and 4.8%, respectively, on the day.
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