Crude Oil Down 1%; Home Depot Posts Downbeat Sales

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 50 points on Tuesday.

The Dow traded up 0.05% to 39,449.40 while the NASDAQ rose 0.40% to 16,453.62. The S&P 500 also rose, gaining, 0.14% to 5,228.91       .

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Leading and Lagging Sectors

Real estate shares rose by 0.7% on Tuesday.

In trading on Tuesday, consumer staples shares fell by 0.5%.

Top Headline

Home Depot Inc HD reported downbeat sales for its first quarter on Tuesday.

Home Depot reported a first-quarter FY24 sales decline of 2.3% year-on-year to $36.418 billion, missing the analyst consensus estimate of $36.672 billion. EPS of $3.63 beat the consensus estimate of $3.59.

Equities Trading UP
                       

• Cheetah Net Supply Chain Service Inc. CTNT shares shot up 291% to $4.6083 as the company reported pricing of $8.19 million follow-on public offering.
• Shares of AMC Entertainment Holdings, Inc. AMC got a boost, surging 87% to $9.69 after surging 78% on Monday.
• GameStop Corp. GME shares were also up, gaining 71% to $52.21 after retail investor Roaring Kitty made a return to social media on Monday via a post on X. The company’s stock jumped over 74% on Monday.

Equities Trading DOWN

• Augmedix, Inc. AUGX shares dropped 51% to $1.1450 after the company reported first-quarter financial results.
• Shares of Scorpius Holdings, Inc. SCPX were down 55% to $0.0817 after the company reported pricing of public offering.
• Inotiv, Inc. NOTV was down, falling 48% to $2.17 after Jefferies downgraded the stock from Buy to Hold and lowered its price target from $11.5 to $3.75.

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Commodities

In commodity news, oil traded down 1.2% to $78.16 while gold traded up 0.7% at $2,358.20.

Silver traded up 1.1% to $28.75 on Tuesday, while copper rose 4.2% to $4.9640.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.11%, Germany's DAX fell 0.13% and France's CAC 40 rose 0.13%. Spain's IBEX 35 Index rose 0.71%, while London's FTSE 100 rose 0.17%.

The ZEW Indicator of Economic Sentiment for Germany rose to 47.1 in May, recording the strongest level since Feb. 2022. The ZEW Indicator of Economic Sentiment for the eurozone climbed by 3.1 points to 47 in May, notching the highest level since Feb. 2022.

The UK's unemployment rate increased to 4.3% from January to March, compared to 4.2% in the three months to December, while number of payrolled employees declined by 0.3% to 30.2 million in April. Regular pay, excluding bonus payment, rose 6% year-over-year to GBP 637/week in the three months to March.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.46%, China's Composite Index falling 0.07%, Hong Kong's Hang Seng Index falling 0.22% and India's S&P BSE Sensex gaining 0.5%.

Indian wholesale prices rose by 1.26% year-over-year in April compared to a 0.53% increase in the prior month. Japanese machine tool orders fell 11.6% year-over-year to JPY 117,262 million in April, while producer prices in Japan rose by 0.9% year-over-year in April.

Economics

• The NFIB Small Business Optimism Index climbed to 89.7 in April from 88.5 in March.
• U.S. producer prices rose 0.5% month-over-month in April compared to a revised 0.1% decline in March and higher than market expectations of 0.3%.

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