Dow Dips Over 100 Points; J.M. Smucker Posts Upbeat Earnings
U.S. stocks traded mixed toward the end of trading, with the Dow Jones index falling more than 100 points on Tuesday.
The Dow traded down 0.35% to 38,932.26 while the NASDAQ rose 0.28% to 16,021.41. The S&P 500 also rose, gaining, 0.04% to 5,071.40.
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Leading and Lagging Sectors
Utilities shares rose by 1.2% on Tuesday.
In trading on Tuesday, energy shares fell by 0.4%.
Top Headline
The J.M. Smucker Company (NYSE:SJM) posted better-than-expected earnings for its fourth quarter on Tuesday.
The company reported third-quarter adjusted earnings per share of $2.48, beating the analyst consensus of $2.27. J.M. Smucker registered quarterly revenues of $2.229 billion, marginally beating the consensus estimate of $2.220 billion.
Equities Trading UP
Janux Therapeutics, Inc. (NASDAQ:JANX) shares shot up 191% to $44.00 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 32% to $13.50 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 94% to $74.79 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 57% to $2.95 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 31% to $3.1785 after the company reported worse-than-expected fourth-quarter financial results and issued weak guidance.
NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) was down, falling 33% to $0.2851 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 1.6% to $78.81 while gold traded up 0.1% at $2,041.60.
Silver traded fell 0.3% to $22.46 on Tuesday while copper rose 0.4% to $3.85.
Euro zone
European shares closed mixed today. The eurozone’s STOXX 600 fell 0.18%, London’s FTSE 100 fell 0.02% while Spain’s IBEX 35 Index fell 0.24% The German DAX gained 0.76% French CAC 40 rose 0.23% while Italy’s FTSE MIB Index rose 0.46%.
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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