Benzinga - U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite dropping around 50 points on Tuesday.
The Dow traded down 0.01% to 33,616.00 while the NASDAQ fell 0.43% to 12,204.79. The S&P 500, also fell, dropping, 0.24% to 4,128.12.
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Leading and Lagging Sectors
- Energy shares rose by 0.3% on Tuesday. Meanwhile, top gainers in the sector included Hallador Energy Company (NASDAQ: HNRG), up 16%, and A Hallador Energy Company (NYSE: LEU), up 8%.
- In trading on Tuesday, information technology shares fell 0.7%.
Top Headline
PayPal Holdings Inc (NASDAQ: PYPL) shares dropped around 12% on Tuesday despite reporting better-than-expected quarterly results.
PayPal reported first-quarter revenue of $7.04 billion, which was up 9% year-over-year. The revenue beat a Street consensus estimate of $6.98 billion. The company reported earnings per share of $1.17 for the first quarter, beating a Street estimate of $1.10.
Equities Trading UP
- TScan Therapeutics, Inc. (NASDAQ: TCRX) shares shot up 132% to $4.99 after the company and Amgen announced collaboration to identify novel targets in Crohn's disease.
- Shares of ClearOne, Inc. (NASDAQ: CLRO) got a boost, shooting 63% to $2.02 after the company announced a special one-time cash dividend of $1.00 per share of common stock, payable May 31 to shareholders of record on May 22, 2023.
- Novavax, Inc. (NASDAQ: NVAX) shares were also up, gaining 37% to $10.21 after the company reported mixed Q1 financial results and issued FY23 revenue guidance above estimates.
Equities Trading DOWN
- PRA Group, Inc. (NASDAQ: PRAA) shares dropped 37% to $21.57 after the company reported a year-over-year decrease in Q1 EPS and sales results.
- Shares of Coherus BioSciences, Inc. (NASDAQ: CHRS) were down 27% to $5.99 after the company reported worse-than-expected Q1 financial results.
- Enanta Pharmaceuticals, Inc. (NASDAQ: ENTA) was down, falling 27% to $25.11 after the company reported Q2 results and announced topline results from Phase 2 SPRINT trial evaluating EDP-235 in standard risk patients with COVID-19.
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Commodities
In commodity news, oil traded down 0.8% to $72.56 while gold traded up 0.5% at $2,043.40.
Silver traded up 0.2% to $25.89 on Tuesday while copper fell 0.7% to $3.9010.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 dropped 0.33%, London’s FTSE 100 fell 0.18% while Spain’s IBEX 35 Index fell 0.31% The German DAX rose 0.02%, French CAC 40 dipped 0.59% and Italy’s FTSE MIB Index fell 0.16%.
France recorded a current account surplus of EUR 1.4 billion in March versus a revised EUR 1.5 billion gap in the prior month. France's trade deficit also shrank to EUR 8 billion in March. The Halifax house price index rose 0.1% year-over-year in April following a 1.6% increase in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 1.01%, Hong Kong’s Hang Seng Index dropping 2.12% and China’s Shanghai Composite Index falling 1.10%. India’s S&P BSE Sensex rose 0.1%.
Chinese trade surplus widened to $90.2 billion in April from $49.5 billion in the year-ago period. Household spending in Japan fell by 1.9% year-over-year in March, while average cash earnings in Japan increased by 0.8% year-over-year in March.
Economics
- The NFIB Small Business Optimism Index dropped to 89 in April, recording the lowest level since January 2013, compared to 90.1 in the prior month.
- The IBD/TIPP Economic Optimism Index fell 5.8 points to 41.6 in May, recording the lowest level since November.
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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 106,771,290 cases with around 1,162,470 deaths. India confirmed a total of at least 44,972,800 cases and 531,700 deaths, while France reported over 40,021,940 COVID-19 cases with 166,810 deaths. In total, there were at least 687,944,490 cases of COVID-19 worldwide with more than 6,871,730 deaths.
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