U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 300 points on Tuesday.
The Dow traded down 0.13% to 31,837.38 while the NASDAQ fell 2.62% to 11,232.53. The S&P also fell, dropping, 1.12% to 3,929.33.
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Leading and Lagging Sectors
Utilities shares rose by 1.7% on Tuesday. Meanwhile, top gainers in the sector included Korea Electric Power Corporation KEP, up 4% and Alliant Energy Corporation LNT up 3%.
In trading on Tuesday, communication services shares dipped 3.8%.
Best Buy Co., Inc. BBY reported mixed results for its first quarter and lowered guidance for FY23.
Best Buy posted quarterly adjusted earnings of $1.57 per share, missing analysts’ estimates of $1.63 per share. The company’s sales came in at $10.65 billion, versus expectations of $10.43 billion.
Best Buy lowered FY23 adjusted EPS guidance from $8.85-$9.15 to $8.40-$9.00. The company also reduced sales guidance from $49.3 billion-$50.8 billion to $48.3 billion-$49.9 billion.
Equities Trading UP
America's Car-Mart, Inc. CRMT shares shot up 28% to $97.62 after reporting better-than-expected Q4 results.
Shares of SciSparc Ltd. SPRC got a boost, shooting 39% to $3.16. SciSparc reported positive safety profile results from its joint pre-clinical trial with Clearmind Medicine Inc.
CynergisTek, Inc. CTEK shares were also up, gaining 101% to $1.1856 after the company entered into a definitive agreement to be acquired by Clearwater Compliance for roughly $17.7 million.
Equities Trading DOWN
MSP Recovery Inc. MSPR shares tumbled 53% to $5.04. MSP Recovery’s Class A Common Stock and warrants started trading today.
Shares of Snap Inc. SNAP were down 42% to $13.03. The parent company of Snapchat filed a form 8-K with the U.S. Securities and Exchange Commission to lower its previously-issued guidance for the second quarter. When Snap originally issued its guidance for the quarter on April 21, the company forecast second-quarter revenues to come in 20% to 25% above the same period the year prior.
Genocea Biosciences, Inc. GNCA was down, falling 72% to $0.0615 after the company announced it is winding down operations and delisting from NASDAQ.
In commodity news, oil traded down 0.4% to $109.89, while gold traded up 0.9% to $1,864.80.
Silver traded up 1.7% to $22.09 on Tuesday while copper fell 0.9% to $4.3080.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 1.14%, London’s FTSE 100 fell 0.39% and Spain’s IBEX 35 Index rose 0.06%. The German DAX dropped 1.80%, French CAC 40 dipped 1.66% and Italy’s FTSE MIB Index fell 1.08%.
The S&P Global Flash Eurozone services PMI declined to 56.3 in May from 57.7 in April, while manufacturing PMI slipped to 54.4 from 55.5. UK’s services PMI fell to 51.8 in May from 58.9 in April, while manufacturing PMI dropped to a 16-month low of 54.6 in May.
French composite PMI slipped to 57.1 in May from April's 51-month high of 57.6, while German composite PMI rose to 54.6 from 54.3.
The S&P Global US services PMI declined to 53.5 in May from 55.6 in the earlier month, while manufacturing PMI dropped to 57.5 from 59.2.
US new home sales dropped 16.6% to an annual rate of 591,000 in April.
The Richmond Fed manufacturing index dipped to -9 in May from 14 in the prior month.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 85,113,960 cases with around 1,029,120 deaths. India confirmed a total of at least 43,140,060 cases and 524,490 deaths, while Brazil reported over 30,803,990 COVID-19 cases with 665,720 deaths. In total, there were at least 528,395,430 cases of COVID-19 worldwide with more than 6,302,050 deaths.
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