Dow Tumbles Over 200 Points; US Retail Sales Rise In April

U.S. stocks traded lower this morning, with the Dow Jones dropping over 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.71% to 33,111.92 while the NASDAQ fell 0.10% to 12,353.38. The S&P 500, also fell, dropping, 0.38% to 4,120.40.

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Leading and Lagging Sectors

• Information technology shares rose by 0.3% on Tuesday. Meanwhile, top gainers in the sector included Applied Digital Corporation APLD, up 30%, and Navitas Semiconductor Corporation NVTS, up 16%.
• In trading on Tuesday, energy shares fell 1.8%.

Top Headline

Retail sales in the US rose 0.4% month-over-month in April following two straight months of declines, but came in below market expectations for a 0.8% growth.

Equities Trading UP

• GD Culture Group Limited GDC shares shot up 88% to $8.17 after gaining over 8% on Monday. GD Culture recently announced an $11.55 million registered direct offering.
• Shares of Applied Digital Corporation APLD got a boost, shooting 30% to $4.46 after the company announced that its recently launched AI Cloud Service has secured its first major AI customer with an agreement worth up to $180 million over a 24-month period.
• Atlas Lithium Corporation ATLX shares were also up, gaining 21% to $22.99.

Equities Trading DOWN

• Ohmyhome Limited OMH shares dropped 80% to $6.25. Ohmyhome signed a MOU for potential acquisition of a leading Singapore tech-enabled property management company to deliver quality services directly to customers' fingertips and doorsteps.
• Shares of Eloxx Pharmaceuticals, Inc. ELOX were down 32% to $7.47 after the company reported worse-than-expected first-quarter EPS results.
• Predictive Oncology Inc. POAI was down, falling 18% to $2.81 after the company reported a loss for the first quarter.

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Commodities

In commodity news, oil traded up 0.1% to $71.14 while gold traded down 0.3% at $2,016.50.

Silver traded down 0.6% to $24.155 on Tuesday while copper fell 2.2% to $3.6675.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2% The German DAX rose 0.1%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB Index gained 0.2%.

The quarterly economic growth for Eurozone was confirmed at 0.1% during the first quarter, while the number of employed persons in the Eurozone increased by 0.6% from the prior quarter to 166.1 million during the three months. The ZEW Indicator of Economic Sentiment for the Eurozone fell to -9.4 in May compared to 6.4 a month ago.

The ZEW Indicator of Economic Sentiment for Germany dropped to -10.7 in May, recording its weakest level in five months. Annual inflation rate in Italy increased to 8.2% in April from 7.6% in March.

Labor productivity in the UK declined by 1.4% on quarter during the three months to March, while unemployment rate rose 0.1 percentage points to 3.9% in the first quarter. Average weekly earnings, including bonuses, increased 5.8% year-over-year to GBP 642 in the three months.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.73%, Hong Kong’s Hang Seng Index climbing 0.04% and China’s Shanghai Composite Index dropping 0.60%. India’s S&P BSE Sensex fell 0.7%.

China's retail sales climbed by 18.4% from the previous year in April, while industrial production surged by 5.6% year-over-year in April.

Economics

• Retail sales in the US rose 0.4% month-over-month in April following two straight months of declines, but came in below market expectations for a 0.8% growth.
• The NAHB/Wells Fargo Housing Market Index increased by 5 points to 50 in May.
• Industrial production increased 0.5% from a month ago in April.
• U.S. business inventories dropped by 0.1% from a month ago in March.

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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 106,819,800 cases with around 1,163,020 deaths. India confirmed a total of at least 44,981,470 cases and 531,770 deaths, while France reported over 40,045,590 COVID-19 cases with 166,970 deaths. In total, there were at least 688,379,960 cases of COVID-19 worldwide with more than 6,874,900 deaths.