Crude Oil Falls; Dick's Sporting Goods Earnings Miss Views

U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones falling over 100 points on Tuesday.

The Dow traded down 0.39% to 34,330.87 while the NASDAQ rose 0.24% to 13,530.50. The S&P 500, also fell, dropping, 0.11% to 4,394.78.

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Leading and Lagging Sectors

Utilities shares rose by 0.3% on Tuesday.

In trading on Tuesday, financial shares fell by 0.8%.

 

Top Headline

Dick's Sporting Goods, Inc. DKS reported worse-than-expected second-quarter results and lowered FY23 guidance.

Sales grew 3.6% Y/Y to $3.22 billion, missing the analyst consensus of $3.23 billion. Adjusted EPS of $2.82, down 23% Y/Y, missed the analyst consensus of $3.81.

The company reduced the adjusted EPS outlook to $11.50-$12.30 from $12.90-$13.80 vs. the consensus of $13.49.

 

Equities Trading UP

Fulcrum Therapeutics, Inc. FULC shares shot up 46% to $5.71 after the FDA lifted clinical hold on the company’s FTX-6058 for sickle cell disease.

Shares of Fabrinet FN got a boost, shooting 29% to $151.15 after the company reported better-than-expected fourth-quarter financial results and issued guidance.

ProMIS Neurosciences, Inc. PMN shares were also up, gaining 20% to $1.89. ProMIS Neurosciences announced a $20.4 million private placement financing at $1.88 per unit.

 

Equities Trading DOWN

Republic First Bancorp, Inc. FRBK shares dropped 41% to $0.4132 after the Nasdaq notified the company that it will not be listed on the exchange because it has not filed its Form 10-K Annual Report with the SEC for FY22.

Shares of DICK'S Sporting Goods, Inc. DKS were down 24% to $112.21 after the company reported worse-than-expected second-quarter results and lowered FY23 guidance.

Dragonfly Energy Holdings Corp. DFLI was down, falling 17% to $1.5901 after the company reported downbeat second-quarter results and issued weak forecast for the third quarter.

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Commodities

In commodity news, oil traded down 0.6% to $80.25 while gold traded up 0.2% at $1,926.10.

Silver traded up 0.6% to $23.48 on Tuesday while copper rose 1% to $3.7565.

 

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.68% London’s FTSE 100 rose 0.18% while Spain’s IBEX 35 Index climbed 0.55% The German DAX gained 0.66% French CAC 40 rose 0.59%, while Italy’s FTSE MIB Index jumped 0.64%.

The Eurozone reported a current account surplus of EUR 36.8 billion in June versus a revised EUR 4.4 billion gap in the year-ago month. Italy's current account surplus widened to EUR 5.995 billion in June from EUR 0.938 billion in the year-ago month.

Public sector net borrowing, excluding banks, in the UK increased to £4.3 billion in July from £0.9 billion in the year-ago month. The Confederation of British Industry survey's total order book balance fell by 6 points to a reading of -15 in August.

 

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 rising 0.92%, China’s Shanghai Composite Index gaining 0.88% and Hong Kong’s Hang Seng Index gaining 0.95%. India’s S&P BSE Sensex, meanwhile, rose 0.01%.

 

Economics

Existing-home sales in the U.S. fell 2.2% from a month ago to an annualized rate of 4.07 million units in July.

The Manufacturing Activity Index in the Richmond area rose to -7 in August compared to July’s reading of -9.

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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 107,846,210 cases with around 1,172,800 deaths. India confirmed a total of at least 44,996,650 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,026,200 cases of COVID-19 worldwide with more than 6,909,370 deaths.