Nasdaq Edges Higher; Home Depot Posts Downbeat Sales

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

The Dow traded down 0.58% to 33,155.20 while the NASDAQ rose 0.24% to 12,394.69. The S&P 500, also fell, dropping, 0.24% to 4,126.17.

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Leading and Lagging Sectors

• Communication services shares rose by 0.7% on Tuesday. Meanwhile, top gainers in the sector included Advantage Solutions Inc. ADV, up 12%, and iHuman Inc. IH, up 7%.
• In trading on Tuesday, energy shares fell 2.2%.

Top Headline

Home Depot Inc HD reported mixed first-quarter financial results.

Home Depot reported a first sales decline of 4.2% year-on-year to $37.26 billion, missing the analyst consensus estimate of $38.31 billion. EPS of $3.82 beat the analyst consensus of $3.80.

Home Depot sees sales and comparable sales decline of 2% - 5% vs. the $156.56 billion estimate. The outlook was lowered from the flat revenue growth anticipated in the fourth quarter.

Equities Trading UP

• Phio Pharmaceuticals Corp. PHIO shares shot up 27% to $4.2550 after the company announced the FDA cleared its Investigational New Drug application to proceed with a clinical trial of its lead product candidate, PH-762.
• Shares of Applied Digital Corporation APLD got a boost, shooting 51% to $5.16 after the company announced that its recently launched AI Cloud Service has secured its first major AI customer with an agreement worth up to $180 million over a 24-month period.
• The Singing Machine Company, Inc. MICS shares were also up, gaining 57% to $1.65 after the company announced termination of its at-the-market equity program.

Equities Trading DOWN

• Ohmyhome Limited OMH shares dropped 80% to $6.25. Ohmyhome signed a MOU for potential acquisition of a leading Singapore tech-enabled property management company to deliver quality services directly to customers' fingertips and doorsteps.
• Shares of Eloxx Pharmaceuticals, Inc. ELOX were down 40% to $6.59 after the company reported worse-than-expected first-quarter EPS results.
• Predictive Oncology Inc. POAI was down, falling 19% to $2.7547 after the company reported a loss for the first quarter.

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Commodities

In commodity news, oil traded down 0.5% to $70.75 while gold traded down 1.2% at $1,998.50.

Silver traded down 1.9% to $23.84 on Tuesday while copper fell 2.2% to $3.6680.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.42%, London’s FTSE 100 fell 0.34% while Spain’s IBEX 35 Index fell 0.11% The German DAX fell 0.12%, French CAC 40 slipped 0.16% and Italy’s FTSE MIB Index declined 0.17%.

The quarterly economic growth for Eurozone was confirmed at 0.1% during the first quarter, while the number of employed persons in the Eurozone increased by 0.6% from the prior quarter to 166.1 million during the three months. The ZEW Indicator of Economic Sentiment for the Eurozone fell to -9.4 in May compared to 6.4 a month ago.

The ZEW Indicator of Economic Sentiment for Germany dropped to -10.7 in May, recording its weakest level in five months. Annual inflation rate in Italy increased to 8.2% in April from 7.6% in March.

Labor productivity in the UK declined by 1.4% on quarter during the three months to March, while unemployment rate rose 0.1 percentage points to 3.9% in the first quarter. Average weekly earnings, including bonuses, increased 5.8% year-over-year to GBP 642 in the three months.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.73%, Hong Kong’s Hang Seng Index climbing 0.04% and China’s Shanghai Composite Index dropping 0.60%. India’s S&P BSE Sensex fell 0.7%.

China's retail sales climbed by 18.4% from the previous year in April, while industrial production surged by 5.6% year-over-year in April.

Economics

• Retail sales in the US rose 0.4% month-over-month in April following two straight months of declines, but came in below market expectations for a 0.8% growth.
• The NAHB/Wells Fargo Housing Market Index increased by 5 points to 50 in May.
• Industrial production increased 0.5% from a month ago in April.
• U.S. business inventories dropped by 0.1% from a month ago in March.

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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 106,819,800 cases with around 1,163,020 deaths. India confirmed a total of at least 44,981,470 cases and 531,770 deaths, while France reported over 40,045,590 COVID-19 cases with 166,970 deaths. In total, there were at least 688,379,960 cases of COVID-19 worldwide with more than 6,874,900 deaths.