Crude Oil Down 1%; Procter & Gamble Shares Fall After Q4 Results

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling around 1% on Tuesday.

The Dow traded up 0.20% to 40,622.69 while the NASDAQ dipped 1.05% to 17,188.10. The S&P 500 also fell, dropping, 0.51% to 5,435.63.

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Leading and Lagging Sectors

Financials shares jumped by 1.3% on Tuesday.

In trading on Tuesday, consumer staples shares fell by 1%.

Top Headline

Procter & Gamble Co PG shares fell around 6% on Tuesday after the company reported fourth-quarter FY24 sales of $20.53 billion (flat Y/Y), missing the analyst consensus estimate of $20.74 billion.

Adjusted EPS of $1.40 beat the analyst consensus of $1.37.

P&G said it sees FY25 all-in sales growth of 2% – 4% and organic sales growth of 3% – 5%. This outlook equates to FY25 revenue of $85.72 billion – $87.40 billion versus an estimate of $86.856 billion.

Equities Trading UP
                       

• Imunon, Inc. IMNN shares shot up 159% to $3.06 after the company announced topline results from its Phase 2 OVATION 2 study with IMNN-001. The results showed an 11.1-month improvement in median overall survival compared to standard-of-care alone in the intent-to-treat population.
• Shares of JetBlue Airways Corporation JBLU got a boost, surging 21% to $7.18 after the company reported better-than-expected second-quarter financial results.
• Processa Pharmaceuticals, Inc. PCSA shares were also up, gaining 30% to $2.2101 after the company announced FDA clearance of its IND application for a Phase 2 clinical trial of NGC-Cap in breast cancer.

Equities Trading DOWN

• QXO, Inc. QXO shares dropped 81% to $11.48. This sudden decline was triggered by the registration of two private placements with the U.S. Securities and Exchange Commission, which unlocked millions of shares and led to increased selling pressure, Bloomberg reported on Tuesday.
• Shares of Ekso Bionics Holdings, Inc. EKSO were down 23% to $1.1484 after the company reported worse-than-expected quarterly sales results.
• SmartRent, Inc. SMRT was down, falling 22% to $1.88 after the company announced a CEO resignation and suspended its 2024 outlook.

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Commodities

In commodity news, oil traded down 1.1% to $74.95 while gold traded up 0.5% at $2,436.70.

Silver traded up 1.1% to $28.165 on Tuesday, while copper fell 0.5% to $4.0635.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.62%, Germany's DAX gained 0.59% and France's CAC 40 climbed 0.53%. Spain's IBEX 35 Index rose 0.83%, while London's FTSE 100 fell 0.01%.

The Euro Area GDP grew by 0.3% on quarter during the second quarter, the same as in the prior period but above expectations of 0.2%. The economic sentiment indicator in the Eurozone slipped to 95.8 in July from 95.9 in the prior month, while services sentiment indicator fell to 4.8 in July from a revised 6.2 in the prior month.

The German economy shrank 0.1% on quarter during the second quarter, compared to a 0.2% increase in the prior quarter, while Spanish economy expanded by 0.8% quarter-over-quarter in the second quarter. The French economy grew by 0.3% quarter-over-quarter during the second quarter.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.15%, Hong Kong's Hang Seng Index dipping 1.37%, China's Shanghai Composite Index falling 0.43% and India's S&P BSE Sensex rising 0.12%.

Japanese unemployment rate came in at 2.5% for June, versus market projections of 2.6%.

Economics

• The number of job openings came in at 8.184 million in June compared to a revised 8.23 million in May.
• The S&P CoreLogic Case-Shiller 20-city home price index rose 6.8% year-over-year in May versus a revised 7.3% gain in April.
• The FHFA house price index came in unchanged for May.
• The Dallas Fed general business activity index for Texas’ service sector climbed to a reading of -0.1 versus prior reading of -4.1.

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