Dow Falls Over 100 Points; McCormick Sales Miss Views

U.S. stocks traded lower this morning, with the Dow Jones falling more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.37% to 33,310.99 while the NASDAQ fell 0.58% to 13,230.96. The S&P 500 also fell, dropping, 0.47% to 4,268.18.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.04% on Tuesday.

In trading on Tuesday, consumer discretionary shares dipped by around 1%.

Top Headline

McCormick & Company, Incorporated MKC reported weaker-than-expected sales for its third quarter.

The company posted third-quarter FY23 sales growth of 6% year-on-year to $1.684 billion, missing the analyst consensus estimate of $1.70 billion. Adjusted EPS of $0.65 was in line with the consensus estimate.

McCormick reaffirmed FY23 revenue growth guidance of 5% - 7%. The company raised FY23 adjusted EPS outlook to $2.62 - $2.67 from $2.60 - $2.65.

Equities Trading UP

Vericity, Inc. VERY shares shot up 87% to $11.11 after iA Financial Group announced it will acquire the company.

Shares of POINT Biopharma Global Inc. PNT got a boost, shooting 84% to $12.30. Eli Lilly And Co LLY agreed to acquire POINT Biopharma Global at $12.50 per share in cash, an aggregate of approximately $1.4 billion.

SciSparc Ltd. SPRC shares were also up, gaining 67% to $6.14 after the company announced it was granted a European patent for its core technology.

Equities Trading DOWN

SmileDirectClub, Inc. SDC shares dropped 31% to $0.1104. SmileDirectClub received a written notice from Nasdaq that Nasdaq had determined that company's securities will be delisted from Nasdaq and suspended at opening of business on Oct. 4, 2023.

Shares of AERWINS Technologies Inc. AWIN were down 28% to $0.1657. AERWINS Technologies shares jumped around 90% on Monday after the company said it is considering strategic alternatives for its non-core operations.

The Dixie Group, Inc. DXYN was down, falling 32% to $0.47.

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Commodities

In commodity news, oil traded down 0.4% to $88.44 while gold traded down 0.2% at $1,842.80.

Silver traded down 0.3% to $21.355 on Tuesday while copper fell 0.8% to $3.6135.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.8% London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index fell 0.9% The German DAX fell 0.9% French CAC 40 fell 0.9%, while Italy’s FTSE MIB Index fell 1.1%.

French government budget deficit rose to EUR 187.9 billion in January to August 2023, compared to EUR 149.9 billion in the year-ago period.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.64% and Hong Kong’s Hang Seng Index lost 2.69%. India’s S&P BSE Sensex, meanwhile, fell 0.5%.

The S&P Global Indian manufacturing PMI fell to 57.5 in September from 58.6. The Reserve Bank of Australia maintained its cash rate at 4.1%. The value of new home loans for owner-occupied homes in Australia rose by 2.6% month-over-month to A$ 16.07 billion during August, while job advertisements slipped by 0.1% month-over-month in September.

Economics

The Logistics Manager’s Index rose to 52.4 in September.

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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 108,758,600 cases with around 1,177,280 deaths. India confirmed a total of at least 44,998,830 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 696,038,990 cases of COVID-19 worldwide with more than 6,921,810 deaths.