US Stocks Mostly Flat; Best Buy Posts Upbeat Results

U.S. stocks traded mostly flat this morning, with the Dow Jones falling around 10 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.01% to 34,555.23 while the NASDAQ rose 0.05% to 13,711.98. The S&P 500, also rose, gaining, 0.08% to 4,437.04.

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Leading and Lagging Sectors

Communication services shares jumped by 0.8% on Tuesday.

In trading on Tuesday, energy shares fell by 0.5%.

 

Top Headline

Best Buy Co Inc BBY posted better-than-expected results for the second quarter.

Best Buy reported second-quarter sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. Adjusted EPS of $1.22 beat the analyst consensus of $1.06.

For FY24, the company revised guidance for revenue to $43.80 billion-$44.50 billion from $43.8 billion - $45.2 billion against the Street view of $44.3 billion. It now expects a comparable sales decline of 4.5% to 6.0% (vs. 3.0% to 6.0% earlier).

 

Equities Trading UP

Axcella Health Inc. AXLA shares shot up 214% to $0.3543 after the company announced it was granted a patent for long COVID fatigue treatment.

Shares of Tivic Health Systems, Inc. TIVC got a boost, shooting 93% to $3.75 after falling 11% on Monday. Tivic Health Systems inked a pact to make its products available on AmerisourceBergen’s third-party marketplace.

iCoreConnect Inc. ICCT shares were also up, gaining 75% to $2.79 after dipping 20% on Monday.

 

Equities Trading DOWN

VinFast Auto Ltd. VFS shares dropped 19% to $66.37 after jumping around 20% on Monday.

Shares of Chanson International Holding CHSN were down 15% to $2.1615.

First Light Acquisition Group, Inc. FLAG was down, falling 13% to $8.91.

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Commodities

In commodity news, oil traded up 0.7% to $80.67 while gold traded down 0.1% at $1,945.90.

Silver traded down 0.1% to $24.25 on Tuesday while copper rose 0.1% to $3.76.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6% London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index rose 0.6% The German DAX rose 0.4% French CAC 40 gained 0.4%, while Italy’s FTSE MIB Index surged 0.7%.

Retail sales in Spain climbed by 7.3% year-over-year in July, versus a revised 6.5% increase in the prior month. France's consumer confidence indicator came in unchanged at 85 in August. The GfK Consumer Climate Indicator of Germany fell to a reading of -25.5 heading into September compared to a revised reading of -24.6 for August.

 

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.18%, China’s Shanghai Composite Index climbing 1.20% and Hong Kong’s Hang Seng Index gaining 1.95%. India’s S&P BSE Sensex, meanwhile, rose 0.12%.

Japanese unemployment rate rose to 2.7% in July from 2.5% in the prior month, while Singapore’s Domestic Supply Price Index declined 8.9% year-over-year in July compared to a 14.3% fall a month ago.

 

Economics

The S&P CoreLogic Case-Shiller 20-city home price index declined by 1.2% year-over-year in June, versus market expectations for a 1.3% fall.

The FHFA house price index rose by 0.3% from the previous month in June versus a 0.7% growth in May.

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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 107,992,780 cases with around 1,173,420 deaths. India confirmed a total of at least 44,997,030 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,499,240 cases of COVID-19 worldwide with more than 6,910,960 deaths.