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Nasdaq Edges Higher; Joann Shares Plummet

Published 06/06/2023, 17:01
Updated 06/06/2023, 18:10
© Reuters.  Nasdaq Edges Higher; Joann Shares Plummet

© Reuters. Nasdaq Edges Higher; Joann Shares Plummet

Benzinga - U.S. stocks traded mixed midway through trading, with Nasdaq Composite turning higher on Tuesday.

The Dow traded down 0.08% to 33,534.50 while the NASDAQ rose 0.27% to 13,265.27. The S&P 500, also rose, gaining, 0.15% to 4,280.32.

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Leading and Lagging Sectors

  • Financials shares jumped by 1.2% on Tuesday. Meanwhile, top gainers in the sector included Velocity Financial Inc (NYSE: VEL), up 15%, and Metropolitan Bank Holding Corp (NYSE: MCB), up 12%.
  • In trading on Tuesday, health care shares fell by 0.8%.

Top Headline

J M Smucker Co (NYSE: SJM) reported better-than-expected earnings for its fourth quarter.

The company posted fourth-quarter FY23 sales growth of 10% year-on-year to $2.23 billion, beating the analyst consensus estimate of $2.17 billion. Adjusted EPS of $2.64 beat the Street view of $2.37.

J M Smucker said it sees FY24 adjusted EPS of $9.20 - $9.60 versus the consensus of $9.46.

Equities Trading UP

  • GitLab Inc. (NASDAQ: GTLB) shares shot up 31% to $46.40 after the company reported better-than-expected first-quarter results. Multiple analysts raised their price targets on the stock following the report.
  • Shares of Hoth Therapeutics Inc (NASDAQ: HOTH) got a boost, shooting 77% to $3.32 after the company announced preclinical results for HT-ALZ for the treatment of Alzheimer's disease.
  • Recruiter.Com Group Inc (NASDAQ: RCRT) shares were also up, gaining 98% to $0.38. Recruiter.com signed a definitive agreement for planned purchase of fintech assets of GoLogiq.

Equities Trading DOWN

  • Tingo Group, Inc. (NASDAQ: TIO) shares dropped 55% to $1.14. A short report from Hindenburg Research has hit Tingo Group, calling it an "exceptionally obvious scam" with alleged falsified financials.
  • Shares of NovoCure Limited (NASDAQ: NVCR) were down 32% to $56.41. NovaCure disclosed results from the Phase 3 LUNAR clinical trial evaluating the use of tumor treating fields therapy with standard treatment therapies and said it met its primary endpoint at 2023 ASCO Annual Meeting.
  • Joann Inc (NASDAQ: JOAN) was down, falling 26% to $1.19 following weak quarterly results.

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Commodities

In commodity news, oil traded down 0.1% to $72.07 while gold traded up 0.1% at $1,977.00.

Silver traded down 0.3% to $23.555 on Tuesday while copper fell 0.2% to $3.7610.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.46%, London’s FTSE 100 rose 0.45% while Spain’s IBEX 35 Index rose 0.22% The German DAX gained 0.26% French CAC 40 rose 0.25% and Italy’s FTSE MIB Index rose 0.62%.

Retail sales in the Eurozone came in unchanged for April versus a revised 0.4% drop in March, while Eurozone construction PMI slipped to 44.6 in May from 45.2 in the previous month.

The S&P Global/CIPS UK construction PMI climbed to 51.6 in May, topping market estimates of 51.1. French construction PMI dropped to 42.6 in May from 46 in April, while German Construction PMI rose to 43.9 in May from 42 a month ago. Industrial production in Spain fell 0.9% year-over-year in April, while factory orders in Germany fell by 0.4% month-over-month in April.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.90%, Hong Kong’s Hang Seng Index falling 0.05% and China’s Shanghai Composite Index dropping 1.15%. India’s S&P BSE Sensex rose 0.01%.

The Reserve Bank of Australia increased the cash rate by 25bps to 4.1% at its latest meeting. Average cash earnings in Japan climbed by 1% year-over-year in April, while household spending in Japan fell by 4.4% year-over-year in April.

Economics

The Logistics Manager’s Index fell to a record low of 47.3 in May from 50.9 in April.

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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 107,142,410 cases with around 1,166,040 deaths. India confirmed a total of at least 44,991,880 cases and 531,880 deaths, while France reported over 40,098,850 COVID-19 cases with 167,370 deaths. In total, there were at least 689,960,740 cases of COVID-19 worldwide with more than 6,888,040 deaths.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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