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Markets retreat ahead of Fed Chair nominee announcement

The markets retreated to close lower with the Dow falling 54 points to 23,273 as investors await the announcement of President Donald Trump's nominee for the Federal Reserve Chair. Nasdaq dropped 42 points to 6,586.


On the upside


Shares of Aimmune Therapeutics (Nasdaq: AIMT) surged after rival DBV Technologies (Nasdaq: DBVT) reported disappointing results from a Phase 3 study of the peanut allergy treatment AR101.


Exactech (Nasdaq: EXAC) will be taken private by TPG Capital in a transaction valued at approximately $625 million.


PetMed Express (Nasdaq: PETS) impressed with sharply higher second quarter earnings that surpassed analyst expectations by a wide margin.

On the downside


Eldorado Gold (NYSE: EGO) reported that gold recovery from the Kisladag gold mine has been much slower than anticipated prompting the company to lower its 2017 guidance for Kisladag.


Investors locked in profits on Qudian (NYSE: QD).

Arconic (NYSE: ARNC) disappointed with lower third quarter earnings that fell short of expectations.


In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 lost 10 points to 2,564. Bitcoin climbed $50 to $5,949.


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