Durable goods orders dropped 2% in August sending the markets tumbling to a sharply lower open with the Dow crashing 242 points to 16,037. Nasdaq plummeted 64 points to 4,688.
On the upside
Arrowhead Research (Nasdaq: ARWR) reported positive data from a Heparc-2001 Phase 2a study of ARC-520 to treat chronic hepatitis B.
Clinical data for Capnia’s (Nasdaq: CAPN) CoSense was published online in Neonatology and will appear in the January 2016 print edition.
Arch Coal (NYSE: ACI) extended its private debt exchange offers.
On the downside
Caterpillar (NYSE: CAT) cut its 2015 revenue outlook and will eliminate approximately 5,000 jobs by the end of 2016.
JPMorgan downgraded DigitalGlobe (NYSE: DGI) from an Overweight rating to a Neutral rating.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 plunged 22 points to 1,915. Bitcoin added $2 to $231.