U.S. stocks remained lower toward the end of trading, with the Dow Jones tumbling more than 500 points on Tuesday.
The Dow traded down 1.57% to 33,516.56 while the NASDAQ fell 2.72% to 12,650.53. The S&P also fell, dropping, 1.79% to 4,219.17.
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Leading and Lagging Sectors
Energy shares rose by 1.4% on Tuesday. Meanwhile, top gainers in the sector included Arch Resources, Inc. ARCH, up 19% and PHX Minerals Inc. PHX up 8%.
In trading on Tuesday, consumer discretionary shares dipped by 4.3%.
PepsiCo Inc PEP reported better-than-expected earnings for its first quarter on Tuesday.
PepsiCo reported first-quarter FY22 sales growth of 9.3% year-on-year to $16.2 billion, beating the consensus of $15.53 billion. Adjusted EPS of $1.29 beat the analyst consensus of $1.23.
PepsiCo continues to expect FY22 core constant currency EPS growth of 8%. The assumption implies FY22 core EPS of $6.63 (consensus $6.65), a 6% increase compared to 2021 core EPS of $6.26.
Equities Trading UP
Evoke Pharma, Inc. EVOK shares shot up 136% to $0.93 after the company announced it has been granted new drug product exclusivity by the FDA for GIMOTI nasal spray.
Shares of Arch Resources, Inc. ARCH got a boost, shooting 19% to $156.25 after the company reported better-than-expected Q1 sales results.
Magnachip Semiconductor Corporation MX shares were also up, gaining 19% to $17.86 following a Korea Economic Daily report titled "Korea's LX Group seeks to acquire Magnachip Semiconductor."
Equities Trading DOWN
Protagonist Therapeutics, Inc. PTGX shares tumbled 50% to $9.43 after the company announced topline results from the Phase 2 IDEAL study of PN-943 in moderate-to-severe ulcerative colitis (UC) patients.
Shares of Cenntro Electric Group Limited CENN were down 15% to $1.6004 after reporting FY21 results.
NextDecade Corporation NEXT was down, falling 8% to $5.58. Stifel downgraded NextDecade from Hold to Sell and raised the price target from $2 to $4.
In commodity news, oil traded up 3.4% to $101.94, while gold traded up 0.4% to $1,904.20.
Silver traded down 0.5% Tuesday to $23.555 while copper rose 0.1% to $4.4550.
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.90%, London’s FTSE 100 gained 0.08%, while Spain’s IBEX 35 Index fell 1.58%. The German DAX dropped 1.20%, French CAC 40 fell 0.54% and Italy’s FTSE MIB Index slipped 0.95%.
The UK government reported a £13.1 billion deficit in its public finances for March.
U.S. durable goods orders rose 0.8% month-over-month in March following a revised 1.7% decline in the previous month.
The S&P Corelogic Case-Shiller home price index climbed 20.2% year-over-year in February.
The FHFA House Price Index rose a record 2.1% from a month ago in February.
The Conference Board’s consumer confidence index fell to 107.3 in April from 107.6.
U.S. new home sales fell 8.6% to an annual rate of 763,000 for March.
The Richmond Fed composite manufacturing index rose to 14 in April from 13 in March.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 82,733,860 cases with around 1,018,580 deaths. India confirmed a total of at least 43,062,090 cases and 522,220 deaths, while Brazil reported over 30,355,910 COVID-19 cases with 662,770 deaths. In total, there were at least 510,131,270 cases of COVID-19 worldwide with more than 6,245,920 deaths.
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