Dow Surges 250 Points; Smucker Earnings Top Estimates

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 250 points on Tuesday.

The Dow traded up 0.74% to 34,814.53 while the NASDAQ rose 1.73% to 13,942.34. The S&P 500, also rose, gaining, 1.34% to 4,492.62.

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Leading and Lagging Sectors

Communication services shares jumped by 2.4% on Tuesday.

In trading on Tuesday, utilities shares rose by just 0.1%.

Top Headline

The J. M. Smucker Company SJM reported better-than-expected earnings for its first quarter.

Smucker posted a first-quarter FY24 sales decline of 4% year-on-year to $1.805 billion, missing the analyst consensus of $1.84 billion. Adjusted EPS of $2.21 beat the consensus estimate of $2.04.

J M Smucker raised FY24 adjusted EPS guidance from $9.20 - $9.60 to $9.45 - $9.85 versus the consensus of $9.39.

Equities Trading UP

Axcella Health Inc. AXLA shares shot up 287% to $0.4370 after the company announced it was granted a patent for long COVID fatigue treatment.

Shares of Big Lots, Inc. BIG got a boost, shooting 25% to $7.87 following better-than-expected quarterly results.

LifeVantage Corporation LFVN shares were also up, gaining 18% to $6.09 after the company posted fourth-quarter results and declared a special one-time cash dividend of $0.40 per share of common stock.

Equities Trading DOWN

JOANN Inc. JOAN shares dropped 10% to $1.05 following weak quarterly earnings

Shares of Genius Group Limited GNS were down 21% to $1.82 after jumping 57% on Monday.

Antelope Enterprise Holdings Limited AEHL was down, falling 13% to $0.39. Antelope Enterprise Holdings, last week, pre-announced H1 2023 revenue results.

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Commodities

In commodity news, oil traded up 1.3% to $81.15 while gold traded up 0.9% at $1,963.30.

Silver traded up 1.9% to $24.715 on Tuesday while copper rose 1.2% to $3.8360.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.97% London’s FTSE 100 rose 1.72% while Spain’s IBEX 35 Index rose 0.96% The German DAX rose 0.88% French CAC 40 gained 0.67%, while Italy’s FTSE MIB Index surged 1.21%.

Retail sales in Spain climbed by 7.3% year-over-year in July, versus a revised 6.5% increase in the prior month. France's consumer confidence indicator came in unchanged at 85 in August. The GfK Consumer Climate Indicator of Germany fell to a reading of -25.5 heading into September compared to a revised reading of -24.6 for August.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.18%, China’s Shanghai Composite Index climbing 1.20% and Hong Kong’s Hang Seng Index gaining 1.95%. India’s S&P BSE Sensex, meanwhile, rose 0.12%.

Japanese unemployment rate rose to 2.7% in July from 2.5% in the prior month, while Singapore’s Domestic Supply Price Index declined 8.9% year-over-year in July compared to a 14.3% fall a month ago.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index declined by 1.2% year-over-year in June, versus market expectations for a 1.3% fall.

The FHFA house price index rose by 0.3% from the previous month in June versus a 0.7% growth in May.

The number of job openings fell by 338,000 from a month ago to 8.827 million in July, declining to the lowest level since March 2021.

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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 107,992,780 cases with around 1,173,420 deaths. India confirmed a total of at least 44,997,030 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 694,499,240 cases of COVID-19 worldwide with more than 6,910,960 deaths.