Crude Oil Gains 1%; Macy's Plans To Close 150 Stores
U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 150 points on Tuesday.
The Dow traded down 0.39% to 38,915.65 while the NASDAQ rose 0.15% to 15,999.50. The S&P 500 also fell, dropping, 0.03% to 5,067.80.
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Leading and Lagging Sectors
Utilities shares rose by 1.5% on Tuesday.
In trading on Tuesday, energy shares fell by 0.5%.
Top Headline
Macy’s Inc (NYSE:M) reported mixed quarterly results and announced plans to close 150 stores.
The company reported fourth-quarter adjusted EPS of $2.45, beating the analyst consensus of $1.96. Quarterly revenue of $8.12 billion missed the analyst consensus of $8.15 billion. Sales fell 1.7% year over year.
Macy’s announced a new strategy, “A Bold New Chapter,” designed to return the company to enterprise growth. The company plans to focus on Macy’s resources by closing approximately 150 underproductive locations through 2026.
Equities Trading UP
Janux Therapeutics, Inc. (NASDAQ:JANX) shares shot up 195% to $44.47 after the company announced updated clinical data for both of its clinical programs.
Shares of Hims & Hers Health, Inc. (NYSE:HIMS) got a boost, surging 35% to $13.80 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.
Viking Therapeutics, Inc. (NASDAQ:VKTX) shares were also up, gaining 100% to $76.92 after the company announced the Phase 2 VENTURE trial successfully achieved its primary endpoint and all secondary endpoints.
Equities Trading DOWN
Minerva Neurosciences, Inc. (NASDAQ:NERV) shares dropped 58% to $2.88 after the company announced it received a Complete Response Letter from the FDA for the New Drug Application for roluperidone for the treatment of negative symptoms in patients with schizophrenia.
Shares of Thoughtworks Holding, Inc. (NASDAQ:TWKS) were down 28% to $3.33 after the company reported worse-than-expected fourth-quarter financial results and issued weak guidance.
NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) was down, falling 32% to $0.2901 after the company announced pricing of $1.5 million underwritten public offering of common stock at a price of $0.30/share together with investor commitment for additional $1 million.
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Commodities
In commodity news, oil traded up 1% to $78.35 while gold traded up 0.2% at $2,042.60.
Silver traded fell 0.2% to $22.485 on Tuesday while copper rose 0.5% to $3.8520.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.24%, London’s FTSE 100 rose 0.04% while Spain’s IBEX 35 Index fell 0.22% The German DAX gained 0.78% French CAC 40 rose 0.29% while Italy’s FTSE MIB Index rose 0.48%.
Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.870 trillion for January. The consumer confidence indicator in France declined to 89 in February versus around two-year high level of 91 in the prior month. The GfK Consumer Climate Indicator for Germany climbed to a reading of -29.0 heading into March compared to February's level of 29.6.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.01%, Hong Kong’s Hang Seng Index climbing 0.94%, China’s Shanghai Composite Index surging 1.29% and India’s S&P BSE Sensex gaining 0.4%.
Hong Kong recorded a trade surplus of $3.6 billion in January compared to a year-ago deficit of $25.4 billion. The annual inflation rate in Japan slowed to 2.2% in January compared to 2.6% in the earlier month.
Economics
U.S. durable goods orders fell by 6.1% month-over-month in January compared to a 0.3% decline in December.
The FHFA house price index rose 0.1% in December following a 0.4% increase in November.
The S&P CoreLogic Case-Shiller 20-city home price index climbed by 6.1% year-over-year in December.
The Dallas Fed general business activity index for Texas’ service sector rose to -3.9 in February from -9.3 in the previous month.
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