Gold Down Over 2%; 3M Profit Beats Expectations

U.S. stocks traded lower toward the end of trading, with the Dow Jones falling around 1% on Tuesday.

The Dow traded down 0.99% to 38,005.55 while the NASDAQ fell 1.09% to 15,808.29. The S&P 500 also fell, dropping, 0.85% to 5,072.88.

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Leading and Lagging Sectors

Health care shares rose by 0.1% on Tuesday.

In trading on Tuesday, energy shares fell by 2.1%.

Top Headline

3M Company MMM reported better-than-expected first-quarter 2024 results.

The company reported net sales of $8.00 billion, a slight decline of 0.35%Y/Y. Adjusted net sales totaled $7.72 billion, up 0.5% Y/Y, beating the consensus of $7.63 billion with 0.8% growth organic sales. Adjusted EPS was $2.39 compared to $1.97 in the prior-year quarter, beating the consensus of $2.10.

Equities Trading UP
                       

• Akili, Inc. AKLI shares shot up 64% to $0.3862 after the company announced Shionogi has canceled and forgiven a $5.0 million long-term debt obligation and agreed to make certain payments for SDT-001.
• Shares of GeneDx Holdings Corp. WGS got a boost, surging 47% to $16.17 after the company reported better-than-expected first-quarter financial results and raised its FY2024 sales guidance.
• Global Mofy Metaverse Limited GMM shares were also up, gaining 49% to $1.3850 after the company’s Gauss AI teamed with Heartdub to develop the Gausspeed generative AI platform.

Equities Trading DOWN

• Chegg, Inc. CHGG shares dropped 27% to $5.25 after the company reported first-quarter financial results. Also, Piper Sandler reiterated an Underweight rating on the stock and lowered its price target from $8.5 to $6.
• Shares of NRx Pharmaceuticals, Inc. NRXP were down 25% to $2.6501 after the company announced findings from its Phase 2b/3 trial of NRX-101 vs. Lurasidone.
• Medifast, Inc. MED was down, falling 21% to $27.98 after the company reported mixed first-quarter financial results.

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Commodities

In commodity news, oil traded down 0.7% to $82.08 while gold traded down 2.2% at $2,306.60.

Silver traded down 3.7% to $26.645 on Tuesday, while copper fell 2.5% to $4.5590.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.68%, London's FTSE 100 fell 0.04% while Spain's IBEX 35 Index fell 2.22% The German DAX fell 1.03% French CAC 40 fell 0.99% while Italy's FTSE MIB Index fell 1.60%.

The annual inflation rate in the eurozone remained at 2.4% in April, in line with market estimates, while annual inflation rate in Italy slowed to 0.9% in April from 1.2% in the prior month. The annual inflation rate in France slowed to 2.2% in April from 2.3% in March, while producer prices in France declined 0.2% month-over-month in March. The French economy expanded by 0.2% quarter-over-quarter in the first quarter.

Consumer credit in the UK increased by £1.577 billion in March versus a revised £1.429 billion in the previous month. German economy grew by 0.2% in the first quarter following a 0.5% contraction in the prior period, while jobless rate in Germany remained at 5.9%for the fifth straight month in April. German retail sales rose by 1.8% month-over-month during March.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 adding 1.24%, Hong Kong's Hang Seng Index gaining 0.09%, China's Shanghai Composite falling 0.26% and India's S&P BSE Sensex falling 0.25%.

Japan’s housing starts fell by 12.8% year-over-year in March following an 8.2% decline in the previous month. Retail sales in Japan climbed 1.2% year-over-year in March, while industrial production in rose 3.8% month-over-month in March.

The Caixin China General Manufacturing PMI rose to 51.4 in April versus 51.1 a month ago, while official NBS Manufacturing PMI declined to 50.4 in April from 50.8 in March.

Economics

• The Chicago Business Barometer fell to 37.9 in April from 41.4 in the previous month.
• The FHFA house price index rose 1.2% in February.
• The S&P CoreLogic Case-Shiller 20-city home price index rose by 7.3% year-over-year in February.
• Compensation costs for civilian workers climbed by 1.2% during the first quarter.

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