Gold Down 1.5%; Baidu Earnings Top Estimates

U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones dropping over 250 points on Tuesday.

The Dow traded down 0.81% to 33,079.77 while the NASDAQ rose 0.11% to 12,378.50. The S&P 500, also fell, dropping, 0.38% to 4,120.45.

Check This Out: Top 5 Tech And Telecom Stocks That Are Ticking Portfolio Bombs

Leading and Lagging Sectors

• Communication services shares rose by 0.8% on Tuesday. Meanwhile, top gainers in the sector included Advantage Solutions Inc. ADV, up 10%, and iHuman Inc. IH, up 6%.
• In trading on Tuesday, energy shares fell 2.2%.

Top Headline

Baidu, Inc BIDU reported better-than-expected first-quarter financial results.

Baidu reported a quarterly revenue growth of 10% year-on-year to $4.535 billion, beating the consensus of $4.310 billion. Non-GAAP earnings per ADS of $2.34 beat the consensus of $1.79.

Equities Trading UP

• VivoPower International PLC VVPR shares shot up 30% to $0.60 after the company announced a definitive distribution agreement to distribute EV fleet charging solutions.
• Shares of Applied Digital Corporation APLD got a boost, shooting 53% to $5.24 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.
• The Singing Machine Company, Inc. MICS shares were also up, gaining 60% to $1.6798 after the company announced termination of its at-the-market equity program.

Equities Trading DOWN

• Ohmyhome Limited OMH shares dropped 80% to $6.70 on profit taking after the stock rallied yesterday. Also, the company announced it signed an MOU for the potential acquisition of a leading tech-enabled property management company in Singapore.
• Shares of Eloxx Pharmaceuticals, Inc. ELOX were down 39% to $6.70 after the company reported worse-than-expected first-quarter EPS results.
• Tivic Health Systems, Inc. TIVC was down, falling 31% to $0.1303 following weak first-quarter sales results.

Also Check This Out: Nikola And 2 Other Stocks Insiders Are Selling

Commodities

In commodity news, oil traded down 0.4% to $70.81 while gold traded down 1.5% at $1,993.20.

Silver traded down 1.8% to $23.845 on Tuesday while copper fell 2.2% to $ 3.6675.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.42%, London’s FTSE 100 fell 0.34% while Spain’s IBEX 35 Index fell 0.11% The German DAX fell 0.12%, French CAC 40 slipped 0.16% and Italy’s FTSE MIB Index declined 0.17%.

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 U.S. 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.

Now Read This: Wall Street's Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 4% Dividend Yields

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.