US Stocks Open Lower; Nasdaq Down 50 Points

U.S. stocks traded lower this morning, with the Nasdaq Composite falling around 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.18% to 34,776.28 while the NASDAQ fell 0.36% to 13,981.21. The S&P 500, also fell, dropping, 0.31% to 4,501.92.

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Leading and Lagging Sectors

Energy shares jumped by 1.2% on Tuesday.

In trading on Tuesday, industrials shares fell by 1%.

Top Headline

Brady Corp BRC reported better-than-expected results for its fourth quarter.

The company reported sales growth of 6.8% Y/Y to $345.93 million, beating the consensus of $329.19 million. Adjusted EPS of $1.04 beat the consensus of $0.90.

The company's Board of Directors approved an increase in the annual dividend to shareholders from $0.92 to $0.94 per share, representing a 2.2% increase.

A quarterly dividend of $0.235 per share will be paid on October 31, 2023, to shareholders of record at the close of business on October 10, 2023.

Equities Trading UP

Verb Technology Company, Inc. VERB shares shot up 115% to $1.54 after the completed and launched a technology integration and strategic relationship with global social media platform TikTok.

Shares of SIGNA Sports United N.V. SSU got a boost, shooting 93% to $1.72.

GD Culture Group Limited GDC shares were also up, gaining 30% to $3.5950 after the company said AI Catalysis Corp. has launched an interactive livestreaming game on TikTok.

Equities Trading DOWN

TradeUP Acquisition Corp. UPTD shares dropped 26% to $16.24 after jumping 201% on Friday.

Shares of AERWINS Technologies Inc. AWIN were down 22% to $0.1592.

BioCardia, Inc. BCDA was down, falling 23% to $0.60 after the company released interim efficacy results in the phase 3 pivotal CardiAMP cell therapy heart failure trial.

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Commodities

In commodity news, oil traded down 0.3% to $85.27 while gold traded down 0.6% at $1,955.80.

Silver traded down 2.9% to $23.85 on Tuesday while copper fell 0.8% to $3.8195.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.2% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.1% The German DAX slipped 0.3% French CAC 40 fell 0.4%, while Italy’s FTSE MIB Index fell 0.1%.

The HCOB Eurozone services PMI fell to 47.9 in August versus a preliminary reading of 48.3. Producer prices in the Eurozone fell by 7.6% year-over-year in July, compared to the 3.4% decline in the prior month, while median consumer expectations for inflation over the next 12 months came in unchanged at 3.4% in July.

The S&P Global/CIPS UK Services PMI rose to 49.5 in August versus a preliminary level of 48.7. The HCOB France services PMI declined to 46 in August from 47.1 in the prior month, while German services PMI came in at 47.3 in August.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.30%, Hong Kong’s Hang Seng Index fell 2.06% and China’s Shanghai Composite Index falling 0.71%. India’s S&P BSE Sensex, meanwhile, rose 0.23%.

The S&P Global Indian services PMI fell to 60.1 in August versus 62.3 in the previous month. The Caixin China general service PMI fell to 51.8 in August from 51.9 in the prior month. The S&P Global Hong Kong SAR PMI rose to 49.8 in August from 49.4 a month ago, while Japanese services PMI came in at 54.3 for August.

Economics

The Logistics Manager’s Index in the U.S. rose to 51.2 in August, recording the highest level since February.

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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 108,176,480 cases with around 1,174,140 deaths. India confirmed a total of at least 44,997,320 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,899,940 cases of COVID-19 worldwide with more than 6,912,410 deaths.