Crude Oil Moves Higher; Cintas Earnings Top Estimates

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 1% on Tuesday.

The Dow traded down 0.96% to 33,681.79 while the NASDAQ fell 1.24% to 13,106.70. The S&P 500 also fell, dropping, 1.20% to 4,285.24.

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Leading and Lagging Sectors

Energy shares fell by just 0.4% on Tuesday.

In trading on Tuesday, communication services shares tumbled by 1.5%.

Top Headline

Cintas Corporation CTAS reported better-than-expected earnings for its first quarter on Tuesday.

The company posted first-quarter FY24 revenue growth of 8% year-on-year to $2.34 billion, meeting the analyst consensus estimate. EPS of $3.70 beat the analyst consensus estimate of $3.67.

Cintas raised FY24 revenue outlook from $9.35 billion - $9.50 billion to $9.40 billion - $9.52 billion, against the consensus of $9.50 billion. The company also raised FY24 EPS outlook from $13.85 - $14.35 to $14.00 - $14.45 versus an estimate of $14.42.

Equities Trading UP

Soleno Therapeutics, Inc. SLNO shares shot up 385% to $21.48 after the company released top-line results from randomized withdrawal period of study C602 of DCCR for Prader-Willi Syndrome.

Shares of Femasys Inc. FEMY got a boost, shooting 261% to $1.20 after the company received FDA 510(k) clearance for FemaSeed, an infertility treatment designed to deliver sperm directly to where conception occurs in a woman's fallopian tube.

Immunovant, Inc. IMVT shares were also up, gaining 83% to $37.12. Alfasigma agreed to acquire Intercept Pharmaceuticals for $19.00 per share in cash.

Equities Trading DOWN

TransCode Therapeutics, Inc. RNAZ shares dropped 69% to $0.79 after the company priced its $8 million public offering of 15.7 million shares at $0.51 per share.

Shares of United Natural Foods, Inc. UNFI were down 23% to $14.63 after the company reported mixed fourth-quarter financial results and issued guidance.

New Pacific Metals Corp. NEWP was down, falling 13% to $1.9310. New Pacific Metals announced CAD$35 million bought deal financing.

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Commodities

In commodity news, oil traded up 0.7% to $90.33 while gold traded down 0.6% at $1,924.80.

Silver traded down 0.5% to $23.265 on Tuesday while copper fell 0.4% to $3.6540.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.42% London’s FTSE 100 rose 0.18% while Spain’s IBEX 35 Index rose 0.06% The German DAX fell 0.74% French CAC 40 declined 0.49%, while Italy’s FTSE MIB Index fell 0.80%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.11%, Hong Kong’s Hang Seng Index falling 1.48% and China’s Shanghai Composite Index declining 0.43%. India’s S&P BSE Sensex, meanwhile, slipped 0.1%.

Hong Kong’s trade deficit increased to $25.6 billion in August from $13.3 billion in the year-ago month. Imports to Hong Kong declined 0.3% year-over-year, while exports from Hong Kong fell 3.7% year-over-year in August.

Economics

U.S. building permits increased by 6.8% to an annual rate of 1.541 million in August, recording the highest level since October 2022.

The FHFA house price index rose by 0.8% from the previous month in July versus a revised 0.4% increase in June.

The S&P CoreLogic Case-Shiller 20-city home price index rose 0.1% year-over-year in July, recording the first rise in five months, versus market expectations for a 0.3% decline.

Sales of new single-family houses fell by 8.7% to an annualized rate of 675,000 in August.

The Dallas Fed general business activity index for Texas' service sector fell to a reading of -8.6 in September.

The Manufacturing Activity Index in the Richmond area climbed to 5 in September versus August’s reading of -7.

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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 108,602,110 cases with around 1,176,150 deaths. India confirmed a total of at least 44,998,560 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 695,750,000 cases of COVID-19 worldwide with more than 6,919,470 deaths.