US Stocks Pare Losses; Services PMI Rises In May

U.S. stocks pared some losses midway through trading, with the Dow Jones edging higher on Tuesday.

The Dow traded up 0.01% to 33,287.95 while the NASDAQ fell 0.17% to 12,698.79. The S&P 500, also fell, dropping, 0.24% to 4,182.76.

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Leading and Lagging Sectors

  • Energy shares rose by 1.5% on Tuesday. Meanwhile, top gainers in the sector included AST Navigator Holdings Ltd. NVGS, up 14%, and Enviva Inc. EVA, up 9%.
  • In trading on Tuesday, materials shares fell 0.7%.

 

 

Top Headline

 

The S&P Global services PMI rose to 55.1 in May from 53.6 in the previous month and above market estimates of 52.6.

 

Equities Trading UP

  • Ocean Biomedical, Inc. OCEA shares shot up 79% to $9.42 after the company announced a patent award for novel cancer immunotherapy treatment, granted for prostate cancer, colon cancer, ovarian cancer, kidney cancer, breast cancer, glioblastoma, melanoma and lung cancer.
  • Shares of CohBar, Inc. CWBR got a boost, shooting 138% to $3.69 after the company and Morphogenesis announced they have entered into a definitive agreement for an all-stock transaction forming a company combining expertise and resources to advance a late-stage oncology pipeline.
  • HeartCore Enterprises, Inc. HTCR shares were also up, gaining 138% to $3.04 following better-than-expected first-quarter results.

 

 

Equities Trading DOWN

  • Netcapital Inc. NCPL shares dropped 31% to $1.67 after the company reported a registered direct offering of 1.1 million shares at $1.55 per share.
  • Shares of Kaspien Holdings Inc. KSPN were down 33% to $0.41 after the company announced a voluntary delisting from The Nasdaq Capital Market.
  • T2 Biosystems, Inc. TTOO was down, falling 22% to $0.2197 after the company posted downbeat quarterly results and announced exploration of strategic alternatives and implementation of a restructuring program, including 30% incremental reduction of workforce completed this past week.

 

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Commodities

 

In commodity news, oil traded up 1.7% to $73.30 while gold traded down 0.4% at $1,969.60.

Silver traded down 1% to $23.625 on Tuesday while copper fell 0.9% to $3.6505.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.53%, London’s FTSE 100 fell 0.11% while Spain’s IBEX 35 Index fell 0.2% The German DAX declined 0.36%, French CAC 40 fell 1.22% and Italy’s FTSE MIB Index fell 0.45%.

The S&P Global/CIPS UK services PMI fell to 55.1 in May from 55.9 in the prior month, while manufacturing PMI declined to 46.9 in May from 47.8. German composite PMI rose to 54.3 in May from 54.2, while French composite PMI fell to 51.4 in May from 52.4 in the prior month.

The HCOB Flash Eurozone services PMI fell to 55.9 in May versus a twelve-month high level of 56.2 in April, while manufacturing PMI declined to 44.6 from 45.8. The current account surplus in the Euro Area increased sharply to EUR 45.0 billion in March, notching the largest surplus since March 2018.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 dropping 0.42%, Hong Kong’s Hang Seng Index falling 1.25% and China’s Shanghai Composite Index dropping 1.52%. India’s S&P BSE Sensex rose 0.1%.

Japan’s services PMI rose to a record high level of 56.3 in May, while manufacturing PMI rose to an eight-month high level of 50.8 in May. The Judo Bank Australian composite PMI declined to 51.2 in May versus 53 a month ago.

 

Economics

  • Building permits in the US dropped by 1.4% to an annual rate of 1.417 million in April.
  • The S&P Global Flash manufacturing PMI fell to 48.5 in May from 50.2 in the prior month, down from market estimates of 50.
  • The S&P Global services PMI rose to 55.1 in May from 53.6 in the previous month and above market estimates of 52.6.
  • Sales of new single-family houses in the US rose 4.1% month-over-month to an annualised rate of 683,000 in April.
  • The Manufacturing Activity Index in the Richmond area dropped to -15 in May versus -10 in the prior month.

 

Now Read This: Microsoft To Rally Around 25%? Here Are 10 Other Analyst Forecasts For Tuesday

 

COVID-19 Update

 

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,043,700 cases with around 1,164,350 deaths. India confirmed a total of at least 44,987,330 cases and 531,840 deaths, while France reported over 40,055,540 COVID-19 cases with 167,120 deaths. In total, there were at least 689,063,960 cases of COVID-19 worldwide with more than 6,880,910 deaths.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsTrading IdeasMid Day Market Update
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