Dow Surges 200 Points; Designer Brands Shares Plunge Following Q1 Earnings

U.S. stocks turned higher toward the end of trading, with the Dow Jones gaining around 200 points on Tuesday.

The Dow traded up 0.53% to 38,774.55 while the NASDAQ rose 0.29% to 16,877.87. The S&P 500 also rose, gaining, 0.25% to 5,296.54.

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Leading and Lagging Sectors

Real estate shares rose by 1.3% on Tuesday.

In trading on Tuesday, materials shares fell by 1.4%.

Top Headline

Shares of Designer Brands Inc DBI dipped more than 22% on Tuesday after the company reported worse-than-expected first-quarter earnings.

The company reported first-quarter FY24 sales growth of 0.6% year-on-year to $746.596 million, beating the analyst consensus estimate of $741.630 million. Total comparable sales decreased by 2.5%. Adjusted EPS of 8 cents missed the analyst consensus estimate of 21 cents.

Equities Trading UP
                       

• MicroAlgo Inc MLGO shares shot up 558% to $10.26 after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.
• Shares of Sobr Safe Inc SOBR got a boost, surging 96% to $0.52 after the company announced SOBRsure device purchases from two new customers.
• Annexon, Inc. ANNX shares were also up, gaining 28% to $5.88 after the company’s Phase 3 trial of ANX005 met its primary endpoint.

Equities Trading DOWN

• ENDRA Life Sciences Inc NDRA shares dropped 64% to $0.0788 after the company announced pricing of $8.0 million public offering.
• Shares of Equillium Inc EQ were down 24% to $1.12 after the company announced topline data from its Phase 2 study of EQ101 in alopecia areata.
• Designer Brands Inc DBI was down, falling 22% to $8.56 following first-quarter earnings.

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Commodities

In commodity news, oil traded down 1% to $73.46 while gold traded down 0.9% at $2,348.30.

Silver traded down 3.6% to $29.68 on Tuesday, while copper fell 2.7% to $4.5395.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.54%, Germany's DAX dipped 1.09% and France's CAC 40 fell 0.75%. Spain's IBEX 35 Index declined 0.97%, while London's FTSE 100 fell 0.37%.

German jobless rate came in unchanged at 5.9% for the sixth straight month in May. Retail sales in the UK gained 0.4% from a year ago in May following a 4.4% decline in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei falling 0.22%, China's Composite Index gaining 0.14%, Hong Kong's Hang Seng Index climbing 0.22% and India's S&P BSE Sensex dipping 5.74%.

Australia reported a current account deficit of AUD 4.9 billion in the first quarter, versus a revised surplus of AUD 2.7 billion in the fourth quarter. Retail sales in Australia increased by 0.1% month-over-month in April compared to a 0.4% decline in the previous period.

Economics

• The Logistics Manager's Index rose to 55.6 in May from a reading of 52.9 in April.
• The RealClearMarkets/TIPP Economic Optimism Index declined to 40.5 in June compared to 41.8 in May.
• U.S. factory orders increased by 0.7% from the prior month to $588.2 billion in April.
• The number of job openings fell by 296,000 from the prior month to 8.059 million for April.

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