Dow Falls Over 100 Points; Hoth Therapeutics Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with Dow Jones dropping over 100 points on Tuesday.

The Dow traded down 0.36% to 33,440.78 while the NASDAQ rose 0.09% to 13,241.04. The S&P 500, also fell, dropping, 0.08% to 4,270.16.

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Leading and Lagging Sectors

• Financials shares jumped by 1% on Monday. Meanwhile, top gainers in the sector included Velocity Financial Inc VEL, up 14%, and Banco Macro S.A. BMA, up 14%.
• In trading on Monday, health care shares fell by 1.3%.

Top Headline

Thor Industries Inc THO reported better-than-expected third-quarter results and raised its FY23 earnings guidance.

Thor Industries reported a third-quarter FY23 net sales decline of 37.1% year-on-year to $2.93 billion, beating the consensus of $2.83 billion. EPS of $2.24 beat the analyst consensus of $1.07.

EPS for FY23 is expected to be $5.80-$6.50 (previously $5.50-$6.50) against the consensus of $5.64.

Equities Trading UP

• GitLab Inc. GTLB shares shot up 32% to $46.65 after the company reported better-than-expected first-quarter results. Multiple analysts raised their price targets on the stock following the report.
• Shares of Hoth Therapeutics Inc HOTH got a boost, shooting 71% to $3.2104 after the company announced preclinical results for HT-ALZ for the treatment of Alzheimer's disease.
• Recruiter.Com Group Inc RCRT shares were also up, gaining 112% to $0.4055. Recruiter.com signed a definitive agreement for planned purchase of fintech assets of GoLogiq.

Equities Trading DOWN

• Tingo Group, Inc. TIO shares dropped 57% to $1.1050. A short report from Hindenburg Research has hit Tingo Group, calling it an "exceptionally obvious scam" with alleged falsified financials.
• Shares of NovoCure Limited NVCR were down 42% to $48.16. NovaCure disclosed results from the Phase 3 LUNAR clinical trial evaluating the use of tumor treating fields therapy with standard treatment therapies and said it met its primary endpoint at 2023 ASCO Annual Meeting.
• Joann Inc JOAN was down, falling 29% to $1.14 following weak quarterly results.

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Commodities

In commodity news, oil traded down 0.5% to $71.76 while gold traded up 0.3% at $1,980.90.

Silver traded up 0.2% to $23.675 on Monday while copper rose 0.1% to $3.7710.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.38%, London’s FTSE 100 rose 0.39% while Spain’s IBEX 35 Index rose 0.23% The German DAX gained 0.16% French CAC 40 rose 0.17% and Italy’s FTSE MIB Index rose 0.67%.

Retail sales in the Eurozone came in unchanged for April versus a revised 0.4% drop in March, while Eurozone construction PMI slipped to 44.6 in May from 45.2 in the previous month.

The S&P Global/CIPS UK construction PMI climbed to 51.6 in May, topping market estimates of 51.1. French construction PMI dropped to 42.6 in May from 46 in April, while German Construction PMI rose to 43.9 in May from 42 a month ago. Industrial production in Spain fell 0.9% year-over-year in April, while factory orders in Germany fell by 0.4% month-over-month in April.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.90%, Hong Kong’s Hang Seng Index falling 0.05% and China’s Shanghai Composite Index dropping 1.15%. India’s S&P BSE Sensex rose 0.01%.

The Reserve Bank of Australia increased the cash rate by 25bps to 4.1% at its latest meeting. Average cash earnings in Japan climbed by 1% year-over-year in April, while household spending in Japan fell by 4.4% year-over-year in April.

Economics

The Logistics Manager’s Index fell to a record low of 47.3 in May from 50.9 in April.

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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 107,142,410 cases with around 1,166,040 deaths. India confirmed a total of at least 44,991,880 cases and 531,880 deaths, while France reported over 40,098,850 COVID-19 cases with 167,370 deaths. In total, there were at least 689,960,740 cases of COVID-19 worldwide with more than 6,888,040 deaths.