Benzinga - by Lisa Levin, Benzinga Editor.
U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite falling over 100 points on Tuesday.
The Dow traded up 0.11% to 34,702.55 while the NASDAQ fell 0.86% to 13,797.73. The S&P 500, also fell, dropping, 0.42% to 4,468.82.
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Leading and Lagging Sectors
Energy shares jumped by 2.4% on Tuesday.
In trading on Tuesday, information technology shares fell by 1.5%.
Top Headline
Shares of Oracle Corporation (NYSE: ORCL) fell around 12% on Tuesday after the company released first-quarter results.
Oracle reported first-quarter revenue of $12.45 billion, which was up 9% year-over-year, compared to market estimated of $12.46 billion. The company reported first-quarter adjusted earnings per share of $1.19, which beat a Street consensus estimate of $1.15.
Equities Trading UP
Tenon Medical, Inc. (NASDAQ: TNON) shares shot up 43% to $0.2063 after the company announced it has withdrawn its proposed public offering of shares of its common stock.
Shares of Avalo Therapeutics, Inc. (NASDAQ: AVTX) got a boost, shooting 39% to $0.1184 after the company agreed to divest AVTX-800 series.
Cognyte Software Ltd. (NASDAQ: CGNT) shares were also up, gaining 23% to $5.69 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.
Equities Trading DOWN
Acelyrin, Inc. (NASDAQ: SLRN) shares dropped 58% to $11.72 after the company announced topline results from Part B of a Phase 2b/3 trial evaluating izokibep for moderate-to-severe Hidradenitis Suppurativa (HS).
Shares of Sight Sciences, Inc. (NASDAQ: SGHT) were down 46% to $3.4850 after the company issued third-quarter total revenue guidance below estimates and cut full-year 2023 revenue guidance below estimates.
Datasea Inc. (NASDAQ: DTSS) was down, falling 47% to $0.34 as the company reported pricing of $2.0 million underwritten public offering.
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Commodities
In commodity news, oil traded up 2% to $89.01 while gold traded down 0.6% at $1,935.40.
Silver traded down 0.1% to $23.38 on Tuesday while copper fell 0.4% to $3.7920.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.18% London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index rose 0.21% The German DAX fell 0.54% French CAC 40 fell 0.35%, while Italy’s FTSE MIB Index rose 0.21%.
The ZEW Indicator of Economic Sentiment for the Eurozone fell to -8.9 in September from -5.5 a month ago, while German ZEW Indicator of Economic Sentiment rose to -11.4 in September from -12.3 in the previous month.
Spain's annual consumer price inflation rose to 2.6% in August from 2.3% in July. German wholesale prices declined for the fifth straight month by 2.7% year-over-year in August following a 2.8% decline in July.
Regular pay, excluding bonus payment in the UK, rose by 7.8% year-over-year to GBP 617/week in the three months to July, while unemployment rate increased to 4.3% in May to July.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.95%, Hong Kong’s Hang Seng Index falling 0.39% and China’s Shanghai Composite Index declining 0.18%. India’s S&P BSE Sensex, meanwhile, rose 0.2%.
Total passenger vehicle sales in India surged by 11.6% year-over-year 313,715 in August, following a 2.9% growth in the prior month.
Economics
The NFIB Small Business Optimism Index fell to 91.3 in August from 91.9 in the previous month, down from market estimates of 91.6.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,319,700 cases with around 1,174,630 deaths. India confirmed a total of at least 44,997,780 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,135,600 cases of COVID-19 worldwide with more than 6,914,460 deaths.
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