Crude Oil Rises Sharply; Jabil Earnings Top Views

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 150 points on Tuesday.

The Dow traded down 0.70% to 42,217.89 while the NASDAQ fell 0.87% to 19,530.08. The S&P 500 also fell, dropping, 0.79% to 5,985.31.

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Leading and Lagging Sectors

Energy shares jumped by 1.4% on Tuesday.

In trading on Tuesday, health care stocks fell by 0.7%.

Top Headline

Jabil Inc. JBL reported better-than-expected third-quarter results on Tuesday.

The company reported quarterly adjusted earnings per share of $2.55, beating the analyst consensus estimate of $2.31. Quarterly sales of $7.83 billion outpaced the analyst consensus estimate of $7.06 billion.

This positive performance was further bolstered by an optimistic outlook for the upcoming quarter and fiscal year 2025, and a significant investment announcement for expanding its footprint in the Southeast United States, specifically to support cloud and AI data center infrastructure customers.

Equities Trading UP

Processa Pharmaceuticals, Inc. PCSA shares shot up 113% to $0.48 after the company signed a binding term sheet granting Intact Therapeutics an exclusive option to license PCS12852 for gastroparesis.
Shares of Acurx Pharmaceuticals, Inc. ACXP got a boost, surging 144% to $0.75 after the company announced publication of its Phase 2 ibezapolstat study results in The Lancet.
CERo Therapeutics Holdings, Inc. CERO shares were also up, gaining 258% to $24.62 after the company received FDA Orphan Drug Designation for CER-1236 for the treatment of acute myeloid leukemia.

Equities Trading DOWN

Stardust Power Inc. SDST shares dropped 55% to $0.17 after the company announced the pricing of a $4.3 million public offering of 21.5 million shares at $0.20 per share.
Shares of Sunrun Inc. RUN were down 42% to $5.64 after GLJ Research downgraded the stock from Hold to Sell. Keybanc analyst Sophie Karp also downgraded Sunrun from Sector Weight to Underweight.
Solaredge Technologies Inc SEDG was down, falling 37% to $15.04 after GLJ Research downgraded the stock from Hold to Sell. Keybanc analyst Sophie Karp downgraded the stock from Sector Weight to Underweight.

Commodities

In commodity news, oil traded up 3.7% to $74.43 while gold traded down 0.4% at $3,403.10.

Silver traded up 2.1% to $37.215 on Tuesday, while copper fell 1.2% to $4.7805.

Euro zone

European shares were lower today. The eurozone's STOXX 600 declined 0.72%, while Spain's IBEX 35 Index dipped 1.23%. London's FTSE 100 fell 0.39%, Germany's DAX 40 declined 0.88% and France's CAC 40 fell 0.70% during the session.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.59%, Hong Kong's Hang Seng Index falling 0.34%, China's Shanghai Composite falling 0.04% and India's BSE Sensex falling 0.26%.

Economics

U.S. retail sales fell 0.9% month-over-month in May compared to a revised 0.1% decline in April and versus market estimates of a 0.7% fall.
U.S. import prices came in unchanged from the previous month in May, while export prices declined 0.9% month-over-month in May.
U.S. industrial production declined 0.2% in May, versus market estimates of a 0.1% gain.
The NAHB/Wells Fargo Housing Market Index declined two points to 32 for June, recording the lowest reading since December 2022.
U.S. business inventories came in flat month-over-month in April following a 0.1% gain in the previous month.

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