Dow Dips Over 200 Points; US Small Business Optimism Rises In May
U.S. stocks traded lower this morning, with the Dow Jones index falling by more than 200 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 0.63% to 38,624.13 while the NASDAQ fell 0.14% to 17,168.65. The S&P 500 also fell, dropping, 0.33% to 5,342.91.
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Leading and Lagging Sectors
Communication services shares climbed by 0.1% on Tuesday.
In trading on Tuesday, utilities shares fell by 1.1%.
Top Headline
The NFIB Small Business Optimism Index climbed to 90.5 in May, notching the highest level in five months, compared to 89.7 in April and also topping market estimates of 89.8.
Equities Trading UP
- Trio Petroleum Corp. (NYSE:TPET) shares shot up 89% to $0.4355 after the company completed its first two exploratory wells.
- Shares of Nauticus Robotics, Inc. (NASDAQ:KITT) got a boost, surging 39% to $0.3211 after surging 49% on Monday.
- Airship AI Holdings, Inc. (NASDAQ:AISP) shares were also up, gaining 28% to $4.03. Airship AI announced a six-figure sole-source contract award within the Department of Justice for Acropolis Enterprise Video and Data Management Platform.
Equities Trading DOWN
- Target Hospitality Corp. (NASDAQ:TH) shares dropped 41% to $6.22 after the company announced that it received notice that the U.S. government intends to terminate the existing South Texas Family Residential Center services agreement with its migrant programming partner.
- Shares of Big Tree Cloud Holdings Limited (NASDAQ:DSY) were down 28% to $2.59.
- CoreCivic, Inc (NYSE:CXW) was down, falling 23% to $11.38 after the company announced that it received a notice from the U.S. Immigration and Customs Enforcement that the agency intends to terminate its inter-governmental service agreement for services at the South Texas Family Residential Center.
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Commodities
In commodity news, oil traded down 0.1% to $77.70 while gold traded up 0.3% at $2,334.40.
Silver traded down 1.2% to $29.52 on Tuesday, while copper fell 0.9% to $4.5040.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.9%, Germany's DAX declined 0.8% and France's CAC 40 fell 1.3%. Spain's IBEX 35 Index fell 1.8%, while London's FTSE 100 fell 1.1%.
The number of people in work in the UK fell by 139 thousand during the three months to April, while average weekly earnings including bonuses rose 5.9% year-over-year to GBP 687 per week. The UK's unemployment rate increased to 4.4% from February to April, compared to the prior three-month period's 4.3% level.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.25%, Hong Kong's Hang Seng Index falling 1.04%, China's Shanghai Composite Index declining 0.76% and India's S&P BSE Sensex gaining 0.2%.
Japan's machine tool orders gained by 4.2% year-over-year to JPY 124,554 million in May compared to an 11.6% decline in the prior month.
Economics
The NFIB Small Business Optimism Index climbed to 90.5 in May, notching the highest level in five months, compared to 89.7 in April and also topping market estimates of 89.8.
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