Dow Turns Higher; Oracle Shares Tumble After Q1 Results

U.S. stocks traded mixed midway through trading, with the Dow Jones turning higher on Tuesday.

The Dow traded up 0.22% to 34,740.15 while the NASDAQ fell 0.55% to 13,841.02. The S&P 500, also fell, dropping, 0.24% to 4,476.51.

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Leading and Lagging Sectors

Energy shares jumped by 1.9% on Tuesday.

In trading on Tuesday, information technology shares fell by 1%.

 

Top Headline

Shares of Oracle Corporation ORCL fell around 12% on Tuesday after the company released first-quarter results.

Oracle reported first-quarter revenue of $12.45 billion, which was up 9% year-over-year, compared to market estimated of $12.46 billion. The company reported first-quarter adjusted earnings per share of $1.19, which beat a Street consensus estimate of $1.15.

 

Equities Trading UP

Tenon Medical, Inc. TNON shares shot up 56% to $0.2245 after the company announced it has withdrawn its proposed public offering of shares of its common stock.

Shares of Avalo Therapeutics, Inc. AVTX got a boost, shooting 30% to $0.1103 after the company agreed to divest AVTX-800 series.

Cognyte Software Ltd. CGNT shares were also up, gaining 20% to $5.53 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.

 

Equities Trading DOWN

Acelyrin, Inc. SLRN shares dropped 61% to $10.85 after the company announced topline results from Part B of a Phase 2b/3 trial evaluating izokibep for moderate-to-severe Hidradenitis Suppurativa (HS).

Shares of Sight Sciences, Inc. SGHT were down 47% to $3.4699 after the company issued third-quarter total revenue guidance below estimates and cut full-year 2023 revenue guidance below estimates.

Datasea Inc. DTSS was down, falling 48% to $0.3311 as the company reported pricing of $2.0 million underwritten public offering.

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Commodities

In commodity news, oil traded up 1.8% to $88.88 while gold traded down 0.5% at $1,937.40.

Silver traded down 0.1% to $23.355 on Tuesday while copper fell 0.8% to $3.7785.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.23% London’s FTSE 100 rose 0.32% while Spain’s IBEX 35 Index rose 0.17% The German DAX fell 0.53% French CAC 40 fell 0.42%, while Italy’s FTSE MIB Index rose 0.07%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell to -8.9 in September from -5.5 a month ago, while German ZEW Indicator of Economic Sentiment rose to -11.4 in September from -12.3 in the previous month.

Spain's annual consumer price inflation rose to 2.6% in August from 2.3% in July. German wholesale prices declined for the fifth straight month by 2.7% year-over-year in August following a 2.8% decline in July.

Regular pay, excluding bonus payment in the UK, rose by 7.8% year-over-year to GBP 617/week in the three months to July, while unemployment rate increased to 4.3% in May to July.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.95%, Hong Kong’s Hang Seng Index falling 0.39% and China’s Shanghai Composite Index declining 0.18%. India’s S&P BSE Sensex, meanwhile, rose 0.2%.

Total passenger vehicle sales in India surged by 11.6% year-over-year 313,715 in August, following a 2.9% growth in the prior month.

 

Economics

The NFIB Small Business Optimism Index fell to 91.3 in August from 91.9 in the previous month, down from market estimates of 91.6.

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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 108,319,700 cases with around 1,174,630 deaths. India confirmed a total of at least 44,997,780 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,135,600 cases of COVID-19 worldwide with more than 6,914,460 deaths.