Nasdaq Down 1.5%; RPM Posts Upbeat Results

U.S. stocks turned lower midway through trading, with the Nasdaq Composite falling around 1.5% on Tuesday.

The Dow traded down 0.11% to 42,658.41 while the NASDAQ dipped 1.51% to 19,565.71. The S&P 500 also fell, dropping, 0.74% to 5,931.02.

Check This Out: Wells Fargo Gears Up For Q4 Print; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

Leading and Lagging Sectors

Energy shares jumped by 1.3% on Tuesday.

In trading on Tuesday, information technology shares fell by 1.5%.

Top Headline

RPM International Inc RPM reported better-than-expected second-quarter results.

Sales increased 3% year over year to $1.845 billion, beating the consensus of $1.789 billion. Adjusted EPS was $1.39, beating the consensus of $1.34.

For the third quarter, RPM expects consolidated sales to remain flat compared to prior-year records, with CPG sales increasing slightly, PCG sales flat to slightly higher, and SPG and Consumer Group sales declining modestly.

Equities Trading UP

Getty Images Holdings, Inc GETY shares shot up 26% to $3.2250. Getty Images and Shutterstock, Inc. SSTK entered a deal to create a visual content company in a merger of equals. The combined company will have an enterprise value of approximately $3.7 billion.
Shares of Hoth Therapeutics, Inc. HOTHgot a boost, surging 223% to $2.6500 after the company announced safety results from its Phase 2a trial, showing that 100% of patients in Cohort 1 achieved the primary efficacy endpoint.
UniFirst Corporation UNF shares were also up, gaining 28% to $216.09 after Cintas CTAS submitted a proposal to acquire the company for $275 per share.

Equities Trading DOWN

Acelyrin, Inc. SLRN shares dropped 36% to $2.2400 after the company announced additional Phase 2 data and the Phase 3 program design for lonigutamab in Thyroid Eye Disease. HC Wainwright & Co. cut its price target on the stock from $8 to $6.
Shares of Amesite Inc. AMST were down 31% to $2.7800 after the company announced a $3.6 million public offering of 1.2 million shares.
Lifeward Ltd. LFWD was down, falling 28% to $2.1840 after the company announced a $5 million registered direct offering.

Commodities

In commodity news, oil traded up 0.9% to $74.20 while gold traded up 0.4% at $2,658.20.

Silver traded up 0.2% to $30.630 on Tuesday, while copper rose 0.4% to $4.1800.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.41%, Germany's DAX 40 gained 0.57% and France's CAC 40 climbed 0.65%. Spain's IBEX 35 Index rose 0.17%, while London's FTSE 100 slipped 0.09%.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 1.97%, China's Shanghai Composite Index gaining 0.71%, Hong Kong's Hang Seng Index declining 1.22% and India's BSE Sensex rising 0.30%.

Economics

The U.S. trade deficit increased to $78.2 billion in November versus a revised $73.6 billion gap in the previous month and mostly in-line with market estimates. Imports increased 3.4% to $351.6 billion, while exports rose 2.7% to $273.4 billion.

Now Read This: