Crude Oil Down 1%; Under Armour Earnings Top Views

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping over 50 points on Tuesday.

The Dow traded down 0.07% to 33,593.48 while the NASDAQ fell 0.52% to 12,193.35. The S&P 500, also fell, dropping, 0.32% to 4,124.88.

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Leading and Lagging Sectors

• Industrials shares jumped by 0.2% on Tuesday. Meanwhile, top gainers in the sector included Shengfeng Development Limited SFWL, up 63%, and Aris Water Solutions, Inc. ARIS, up 19%.
• In trading on Tuesday, materials shares fell 1%.

Top Headline

Under Armour, Inc. UA reported better-than-expected Q4 financial results.

Under Armour posted sales growth of 8% year-on-year to $1.40 billion, beating the consensus of $1.36 billion. The company’s adjusted EPS was $0.18, beating the consensus of $0.15.

Under Armour sees FY24 revenue to be flat – up slightly. The company sees FY24 EPS of $0.47 - $0.51.

Equities Trading UP

• TScan Therapeutics, Inc. TCRX shares shot up 131% to $4.9589 after the company and Amgen announced collaboration to identify novel targets in Crohn's disease.
• Shares of ClearOne, Inc. CLRO got a boost, shooting 50% to $1.86 after the company announced a special one-time cash dividend of $1.00 per share of common stock, payable May 31 to shareholders of record on May 22, 2023.
• Novavax, Inc. NVAX shares were also up, gaining 44% to $10.72 after the company reported mixed Q1 financial results and issued FY23 revenue guidance above estimates.

Equities Trading DOWN

• PRA Group, Inc. PRAA shares dropped 43% to $19.54 after the company reported a year-over-year decrease in Q1 EPS and sales results.
• Shares of Tucows Inc. TCX were down 29% to $19.02 after posting a wider quarterly loss
• Enanta Pharmaceuticals, Inc. ENTA was down, falling 30% to $24.00 after the company reported Q2 results and announced topline results from Phase 2 SPRINT trial evaluating EDP-235 in standard risk patients with COVID-19.

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Commodities

In commodity news, oil traded down 1.1% to $72.37 while gold traded down 0.1% at $2,033.00.

Silver traded down 0.3% to $25.765 on Tuesday while copper fell 1% to $3.8920.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.41%, London’s FTSE 100 fell 0.23% while Spain’s IBEX 35 Index fell 0.35% The German DAX fell 0.11%, French CAC 40 dipped 0.71% and Italy’s FTSE MIB Index fell 0.22%.

France recorded a current account surplus of EUR 1.4 billion in March versus a revised EUR 1.5 billion gap in the prior month. France's trade deficit also shrank to EUR 8 billion in March. The Halifax house price index rose 0.1% year-over-year in April following a 1.6% increase in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 1.01%, Hong Kong’s Hang Seng Index dropping 2.12% and China’s Shanghai Composite Index falling 1.10%. India’s S&P BSE Sensex rose 0.1%.

Chinese trade surplus widened to $90.2 billion in April from $49.5 billion in the year-ago period. Household spending in Japan fell by 1.9% year-over-year in March, while average cash earnings in Japan increased by 0.8% year-over-year in March.

Economics

• The NFIB Small Business Optimism Index dropped to 89 in April, recording the lowest level since January 2013, compared to 90.1 in the prior month.
• The IBD/TIPP Economic Optimism Index fell 5.8 points to 41.6 in May, recording the lowest level since November.

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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 106,771,290 cases with around 1,162,470 deaths. India confirmed a total of at least 44,972,800 cases and 531,700 deaths, while France reported over 40,021,940 COVID-19 cases with 166,810 deaths. In total, there were at least 687,944,490 cases of COVID-19 worldwide with more than 6,871,730 deaths.