Gold Down 1%; Bath & Body Works Shares Tumble After Q1 Results

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 50 points on Tuesday.

The Dow traded down 0.14% to 38,516.73 while the NASDAQ fell 0.38% to 16,764.41. The S&P 500 also fell, dropping, 0.39% to 5,262.91.

Check This Out: Top 3 Financial Stocks You’ll Regret Missing This Quarter

Leading and Lagging Sectors

Real estate shares rose by 0.8% on Tuesday.

In trading on Tuesday, energy shares fell by 1.7%.

Top Headline

Shares of Bath & Body Works Inc (NYSE:BBWI) fell around 10% during Tuesday's session after the company reported results for its first quarter.

Bath & Body Works reported a first-quarter FY24 sales decline of 0.9% year-on-year to $1.38 billion, beating the analyst consensus estimate of $1.36 billion. Adjusted EPS of 38 cents beat the analyst consensus estimate of 32 cents.

Bath & Body Works narrowed FY24 EPS guidance to $3.05-$3.35 (prior $3.00 – $3.35)  versus the consensus of $3.31. The company also narrowed its FY24 sales outlook to decline of 2.5% – 0% (prior decline of 3% – 0%).

The company said it sees second-quarter sales to decline 2% – flat and sees EPS of $0.31 – $0.36, versus the consensus estimate of $0.39.

Equities Trading UP
                       

• MicroAlgo Inc (NASDAQ:MLGO) shares shot up 365% to $7.26 after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.
• Shares of Sobr Safe Inc (NASDAQ:SOBR) got a boost, surging 140% to $0.63 after the company announced SOBRsure device purchases from two new customers.
• Annexon, Inc. (NASDAQ:ANNX) shares were also up, gaining 28% to $5.85 after the company’s Phase 3 trial of ANX005 met its primary endpoint.

Equities Trading DOWN

• ENDRA Life Sciences Inc (NASDAQ:NDRA) shares dropped 66% to $0.074 after the company announced pricing of $8.0 million public offering.
• Shares of Equillium Inc (NASDAQ:EQ) were down 22% to $1.14 after the company announced topline data from its Phase 2 study of EQ101 in alopecia areata.
• Designer Brands Inc (NYSE:DBI) was down, falling 18% to $9.03 following first-quarter earnings.

Also Check This Out: Wall Street’s Most Accurate Analysts’ Views On 3 Utilities Stocks With Over 4% Dividend Yields

Commodities

In commodity news, oil traded down 1.7% to $72.96 while gold traded down 1% at $2,346.30.

Silver traded down 3.5% to $29.715 on Tuesday, while copper fell 2.4% to $4.5540.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.25%, Germany's DAX dipped 0.54% and France's CAC 40 fell 0.29%. Spain's IBEX 35 Index declined 0.54%, while London's FTSE 100 fell 0.21%.

German jobless rate came in unchanged at 5.9% for the sixth straight month in May. Retail sales in the UK gained 0.4% from a year ago in May following a 4.4% decline in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei falling 0.22%, China's Composite Index gaining 0.14%, Hong Kong's Hang Seng Index climbing 0.22% and India's S&P BSE Sensex dipping 5.74%.

Australia reported a current account deficit of AUD 4.9 billion in the first quarter, versus a revised surplus of AUD 2.7 billion in the fourth quarter. Retail sales in Australia increased by 0.1% month-over-month in April compared to a 0.4% decline in the previous period.

Economics

• The Logistics Manager's Index rose to 55.6 in May from a reading of 52.9 in April.
• The RealClearMarkets/TIPP Economic Optimism Index declined to 40.5 in June compared to 41.8 in May.
• U.S. factory orders increased by 0.7% from the prior month to $588.2 billion in April.
• The number of job openings fell by 296,000 from the prior month to 8.059 million for April.

Now Read This: Nvidia To Rally Around 11%? Here Are 10 Top Analyst Forecasts For Tuesday