US Stocks Lower; Donaldson Earnings Beat Views

U.S. stocks traded lower this morning, with the Dow Jones falling more than 70 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.20% to 38,493.85 while the NASDAQ fell 0.22% to 16,790.91. The S&P 500 also fell, dropping, 0.24% to 5,270.55.

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Leading and Lagging Sectors

Real estate shares rose by 0.2% on Tuesday.

In trading on Tuesday, energy shares fell by 1.7%.

Top Headline

Donaldson Company Inc DCI reported better-than-expected third-quarter earnings and raised its FY24 guidance.

Sales increased 6.0% Y/Y to $927.9 million beating the consensus of $915.8 million, led by higher volume growth and pricing benefits. Adjusted EPS rose 21.7% Y/Y to 92 cents, beating the consensus of 83 cents.

Donaldson raised its FY24 EPS forecast to $3.33-$3.39 (vs. consensus of $3.27) from $3.24-$3.32. The company now anticipates sales growth of 4%-6% Y/Y (vs. 3%-7% earlier).

Equities Trading UP
                       

• MicroAlgo Inc MLGO shares shot up 284% to $5.99 after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.
• Shares of Sobr Safe Inc SOBR got a boost, surging 101% to $0.53 after the company announced SOBRsure device purchases from two new customers.
• WiMi Hologram Cloud Inc – ADR WIMI shares were also up, gaining 34% to $1.16 after the company announced that the company and MicroAlgo will jointly establish a micro-consciousness quantum research center.

Equities Trading DOWN

• ENDRA Life Sciences Inc NDRA shares dropped 65% to $0.076 after the company announced pricing of $8.0 million public offering.
• Shares of Avalon Globocare Corp ALBT were down 26% to $0.91 after surging 317% on Monday.
• Equillium Inc EQ was down, falling 20% to $1.18 after the company announced topline data from its Phase 2 study of EQ101 in alopecia areata.

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Commodities

In commodity news, oil traded down 1.8% to $72.91 while gold traded down 1% at $2,346.60.

Silver traded down 3.1% to $29.84 on Tuesday, while copper fell 2.2% to $4.5660.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.6%, Germany's DAX dipped 1% and France's CAC 40 fell 0.8%. Spain's IBEX 35 Index declined 1.2%, while London's FTSE 100 fell 0.5%.

German jobless rate came in unchanged at 5.9% for the sixth straight month in May. Retail sales in the UK gained 0.4% from a year ago in May following a 4.4% decline in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei falling 0.22%, China's Composite Index gaining 0.14%, Hong Kong's Hang Seng Index climbing 0.22% and India's S&P BSE Sensex dipping 5.74%.

Australia reported a current account deficit of AUD 4.9 billion in the first quarter, versus a revised surplus of AUD 2.7 billion in the fourth quarter. Retail sales in Australia increased by 0.1% month-over-month in April compared to a 0.4% decline in the previous period.

Economics

The Logistics Manager's Index rose to 55.6 in May from a reading of 52.9 in April.

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