Crude Oil Down 4%; Arlington Asset Investment Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Dow Jones dropping over 100 points on Tuesday.

The Dow traded down 0.39% to 32,963.28 while the NASDAQ rose 0.73% to 13,070.56. The S&P 500, also rose, gaining, 0.17% to 4,212.41.

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Leading and Lagging Sectors

• Information technology shares rose by 1.4% on Tuesday. Meanwhile, top gainers in the sector included Lightwave Logic, Inc. LWLG, up 30%, and C3.ai, Inc. AI, up 18%.
• In trading on Tuesday, energy shares fell 1.6%.

Top Headline

The Dallas’ Fed manufacturing index fell by 5.7 points from the prior month to a reading of -29.1 in May.

Equities Trading UP

• Arlington Asset Investment Corp. AAIC shares shot up 49% to $4.11 after Ellington Financial announced plans to acquire the company.
• Shares of Aclarion, Inc. ACON got a boost, shooting 62% to $0.9964 after the company announced a commercial agreement with the London Clinic and London Spine Clinic.
• T2 Biosystems, Inc. TTOO shares were also up, gaining 82% to $0.1721 after the company announced the second-largest sepsis-driven T2Dx instruments sale in the company's history.

Equities Trading DOWN

• Smart for Life, Inc. SMFL shares dropped 38% to $1.35. Smart for Life reported exercise of warrants for $4.5 million in gross proceeds.
• Shares of SeqLL Inc. SQL were down 27% to $0.3777. SeqLL entered into definitive merger agreement with Lyneer Staffing Solutions and Atlantic Acquisition Corp.
• Applied UV, Inc. AUVI was down, falling 37% to $0.3514. Applied UV reported a 1-for-5 reverse stock split.

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Commodities

In commodity news, oil traded down 4% to $69.75 while gold traded up 0.7% at $ 1,976.10.

Silver traded down 0.2% to $23.32 on Tuesday while copper fell 0.5% to $3.6630.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.74%, London’s FTSE 100 fell 1.08% while Spain’s IBEX 35 Index rose 0.08% The German DAX slipped 0.01% French CAC 40 fell 1.17% and Italy’s FTSE MIB Index rose 0.03%.

Bank lending to households in the Eurozone climbed by 2.5% year-over-year to EUR 6.87 trillion during the month of April.

Industrial producer prices in Italy dropped by 1.5% year-over-year in April, recording the first drop since Jan. 2021. Retail sales in Spain rose 5.5% year-over-year in April, versus a revised 9.9% surge in the prior month. Spanish consumer price inflation fell to 3.2% in May.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.30%, Hong Kong’s Hang Seng Index rising 0.24% and China’s Shanghai Composite Index gaining 0.09%. India’s S&P BSE Sensex rose 0.1%.

Japanese unemployment rate fell to 2.6% in April from March's reading of 2.8%, and compared to market expectations of 2.7%.

Economics

• The S&P CoreLogic Case-Shiller home price index in the U.S. declined 1.1% year-over-year in March, recording the first drop since May 2012.
• The FHFA house price index increased by 0.6% versus the previous month in March.
• The CB consumer confidence index fell to 102.3 in May, versus prior reading of 103.7. However, analysts were expecting a reading of 99.0.
• The Dallas’ Fed manufacturing index fell by 5.7 points from the prior month to a reading of -29.1 in May.

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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 107,104,020 cases with around 1,165,280 deaths. India confirmed a total of at least 44,990,270 cases and 531,860 deaths, while France reported over 40,080,480 COVID-19 cases with 167,260 deaths. In total, there were at least 689,478,910 cases of COVID-19 worldwide with more than 6,884,010 deaths.