Crude Oil Moves Lower; Neogen Posts Downbeat Results

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 175 points on Tuesday.

The Dow traded up 0.53% to 33,781.59 while the NASDAQ rose 0.72% to 13,581.64. The S&P 500 also rose, gaining, 0.68% to 4,364.93.

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Leading and Lagging Sectors

 

Materials shares surged by 1.5% on Tuesday.

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

 

Top Headline

 

Neogen Corporation NEOG reported weaker-than-expected results for its first quarter on Tuesday.

The company posted quarterly sales of $229 million, an increase of 73.0% Y/Y, missing the consensus of $231.1 million. It reported an adjusted EPS of 11 cents, which missed the consensus of 12 cents.

 

Equities Trading UP

 

SMX (Security Matters) Public Limited Company SMX shares shot up 62% to $2.75 after the company announced it secured a majority stake in True Gold Consortium.

Shares of Intrusion Inc. INTZ got a boost, shooting 59% to $0.5568. Intrusion has been awarded a $5 million agreement with a large telecommunications provider to provide Intrusion Shield support for its data centers.

Startek, Inc. SRT shares were also up, gaining 29% to $4.2199 as the company agreed to be acquired by funds managed by CSP Management Limited for $4.30 per share in cash.

 

Equities Trading DOWN

 

Akero Therapeutics, Inc. AKRO shares dropped 62% to $18.21 after the company reported a 36-week analysis of its Phase 2b SYMMETRY study evaluating the efficacy and safety of its lead product candidate efruxifermin.

Shares of Athersys, Inc. ATHX were down 51% to $0.1471 after the company reported interim analysis results of MASTERS-2 clinical study with multistem in ischemic stroke and signed a Memorandum of Understanding for global ARDS license with Healios.

Ventyx Biosciences, Inc. VTYX was down, falling 21% to $23.71 after the company announced results from the Phase 2 trial of VTX002 in patients with moderate-to-severely active ulcerative colitis.

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Commodities

 

In commodity news, oil traded down 0.6% to $85.89 while gold traded up 0.6% at $1,875.60.

Silver traded up 0.4% to $22.02 on Tuesday while copper fell 0.4% to $3.6325.

 

Euro zone

 

European shares closed higher today. The eurozone’s STOXX 600 gained 1.96% London’s FTSE 100 gained 1.82% while Spain’s IBEX 35 Index rose 2.19% The German DAX rose 1.95% French CAC 40 climbed 2.01%, while Italy’s FTSE MIB Index gained 2.3%.

Industrial production in Italy rose 0.2% month-over-month in August following a revised 0.9% fall in July. Retail sales in the UK rose 2.8% from a year ago in September.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 2.43%, China’s Shanghai Composite Index falling 0.70% and Hong Kong’s Hang Seng Index gaining 0.84%. India’s S&P BSE Sensex, meanwhile, rose 0.9%.

Japan's current account surplus narrowed to JPY 2.280 trillion in August from JPY 2.772 trillion in the prior month, compared to market estimates of JPY 3.091 trillion.

 

Economics

 

The NFIB Small Business Optimism Index fell for a second month to a reading of 90.8 in September from 91.3 in the prior month.

U.S. wholesale inventories fell 0.1% month-over-month in August.

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