Dow Dips Over 300 Points; McDonald's Beats Q1 Expectations - United Breweries Co (NYSE:CCU)

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 300 points on Tuesday.

The Dow traded down 0.92% to 33,562.53 while the NASDAQ fell 1.75% to 11,826.47. The S&P 500, also fell, dropping, 1.40% to 4,079.31.

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Leading and Lagging Sectors

Consumer staples shares rose by 0.1% on Tuesday. Meanwhile, top gainers in the sector included Compañía Cervecerías Unidas S.A. (NYSE:CCU), up 4%, and Utz Brands, Inc. (NYSE:UTZ), up 3%.
In trading on Tuesday, energy shares dipped by 2.1%.

Top Headline

McDonald's Corp (NYSE:MCD) reported better-than-expected results for its first quarter.

McDonald's reported first-quarter FY23 sales growth of 4% year-on-year to $5.89 billion, beating the consensus of $5.59 billion. Adjusted EPS of $2.63 beat the analyst consensus of $2.33.

Equities Trading UP

Virios Therapeutics, Inc. (NASDAQ:VIRI) shares shot up 32% to $2.0992 after the company announced initial FDA feedback on its proposed IMC-1 Phase 3 program for the treatment of fibromyalgia. The company said the proposed program is considered acceptable based on initial FDA feedback pending review of the final chronic toxicology program results.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) got a boost, shooting 24% to $0.8533 after Assertio announced it will acquire the company in an all-stock and CVR transaction.
Agrify Corporation (NASDAQ:AGFY) shares were also up, gaining 24% to $0.2630 after the company announced that it will not consummate the warrant inducement transaction that Agrify had previously announced on April 19, 2023.

Equities Trading DOWN

First Republic Bank (NYSE:FRC) shares dropped 40% to $9.62 after the company announced a decline in deposits for the first quarter and said it will reduce its workforce by 20-25%.
Shares of HomeStreet, Inc. (NASDAQ:HMST) were down 37% to $11.00 following weak Q1 earnings.
Vyant Bio, Inc. (NASDAQ:VYNT) was down, falling 41% to $0.3234 as the company announced voluntary Nasdaq delisting and SEC deregistration.

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Commodities

In commodity news, oil traded down 2.5% to $76.80 while gold traded up 0.2% at $2,004.40.

Silver traded down 1.7% to $24.89 on Tuesday while copper fell 2.8% to $3.8450.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.40%, London’s FTSE 100 fell 0.27% while Spain’s IBEX 35 Index fell 1.23% The German DAX rose 0.05%, French CAC 40 fell 0.56% and Italy’s FTSE MIB Index fell 1.03%.

Producer prices in Spain dropped 1% year-over-year in March versus a revised 8% increase in February.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.09%, Hong Kong’s Hang Seng Index falling 1.71% and China’s Shanghai Composite Index declining 0.32%. India’s S&P BSE Sensex rose 0.3%.

Hong Kong’s trade deficit widened to $40.6 billion in March from $37.3 billion in the year-ago month. Year-on-year, exports declined 1.5% to $367.2 billion.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index rose 0.4% year-over-year in February, recording the smallest growth since 2012, and versus a 2.6% increase in January.
US house price index climbed by 0.5% from a month ago in February, the FHFA said.
Sales of new single-family houses rose 9.3% month-over-month to an annualised rate of 683,000 in March.
The Dallas Fed general business activity index for Texas' service sector rose to -14.4 in April versus -18 in March.
The Manufacturing Activity Index in the Richmond area declined to -10 in April compared to previous month’s reading of -5.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,580,790 cases with around 1,159,310 deaths. India confirmed a total of at least 44,905,820 cases and 531,360 deaths, while France reported over 39,951,430 COVID-19 cases with 166,280 deaths. In total, there were at least 686,587,930 cases of COVID-19 worldwide with more than 6,860,230 deaths.

CCUUnited Breweries Co Inc

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