Crude Oil Rises 2%; Avalo Therapeutics Shares Spike Higher

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite falling over 100 points on Tuesday.

The Dow traded up 0.11% to 34,702.55 while the NASDAQ fell 0.86% to 13,797.73. The S&P 500, also fell, dropping, 0.42% to 4,468.82.

Check This Out: Adobe To Rally Over 14%? Here Are 10 Other Analyst Forecasts For Tuesday

 

Leading and Lagging Sectors

Energy shares jumped by 2.4% on Tuesday.

In trading on Tuesday, information technology shares fell by 1.5%.

 

Top Headline

Shares of Oracle Corporation ORCL fell around 12% on Tuesday after the company released first-quarter results.

Oracle reported first-quarter revenue of $12.45 billion, which was up 9% year-over-year, compared to market estimated of $12.46 billion. The company reported first-quarter adjusted earnings per share of $1.19, which beat a Street consensus estimate of $1.15.

 

Equities Trading UP

Tenon Medical, Inc. TNON shares shot up 43% to $0.2063 after the company announced it has withdrawn its proposed public offering of shares of its common stock.

Shares of Avalo Therapeutics, Inc. AVTX got a boost, shooting 39% to $0.1184 after the company agreed to divest AVTX-800 series.

Cognyte Software Ltd. CGNT shares were also up, gaining 23% to $5.69 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.

 

Equities Trading DOWN

Acelyrin, Inc. SLRN shares dropped 58% to $11.72 after the company announced topline results from Part B of a Phase 2b/3 trial evaluating izokibep for moderate-to-severe Hidradenitis Suppurativa (HS).

Shares of Sight Sciences, Inc. SGHT were down 46% to $3.4850 after the company issued third-quarter total revenue guidance below estimates and cut full-year 2023 revenue guidance below estimates.

Datasea Inc. DTSS was down, falling 47% to $0.34 as the company reported pricing of $2.0 million underwritten public offering.

Also Check This Out: Top 5 Real Estate Stocks That Could Lead To Your Biggest Gains In September

 

Commodities

In commodity news, oil traded up 2% to $89.01 while gold traded down 0.6% at $1,935.40.

Silver traded down 0.1% to $23.38 on Tuesday while copper fell 0.4% to $3.7920.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.18% London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index rose 0.21% The German DAX fell 0.54% French CAC 40 fell 0.35%, while Italy’s FTSE MIB Index rose 0.21%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell to -8.9 in September from -5.5 a month ago, while German ZEW Indicator of Economic Sentiment rose to -11.4 in September from -12.3 in the previous month.

Spain's annual consumer price inflation rose to 2.6% in August from 2.3% in July. German wholesale prices declined for the fifth straight month by 2.7% year-over-year in August following a 2.8% decline in July.

Regular pay, excluding bonus payment in the UK, rose by 7.8% year-over-year to GBP 617/week in the three months to July, while unemployment rate increased to 4.3% in May to July.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.95%, Hong Kong’s Hang Seng Index falling 0.39% and China’s Shanghai Composite Index declining 0.18%. India’s S&P BSE Sensex, meanwhile, rose 0.2%.

Total passenger vehicle sales in India surged by 11.6% year-over-year 313,715 in August, following a 2.9% growth in the prior month.

 

Economics

The NFIB Small Business Optimism Index fell to 91.3 in August from 91.9 in the previous month, down from market estimates of 91.6.

Now Read This: Matrix Service, Oracle And 3 Stocks To Watch Heading Into Tuesday

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,319,700 cases with around 1,174,630 deaths. India confirmed a total of at least 44,997,780 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,135,600 cases of COVID-19 worldwide with more than 6,914,460 deaths.