Gold Edges Higher; PayPal Shares Tumble Despite Upbeat Earnings

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 HNRG, up 16%, and A Hallador Energy Company LEU, up 8%.
• In trading on Tuesday, information technology shares fell 0.7%.

Top Headline

PayPal Holdings Inc 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. 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. 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. 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. 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. CHRS were down 27% to $5.99 after the company reported worse-than-expected Q1 financial results.
• Enanta Pharmaceuticals, Inc. 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.