Crude Oil Gains Over 2%; TD SYNNEX Posts Downbeat Sales

U.S. stocks traded mostly lower midway through trading, with the Dow Jones falling around 180 points on Tuesday.

The Dow traded down 0.49% to 37,499.41 while the NASDAQ rose 0.07% to 14,853.45. The S&P 500 also fell, dropping, 0.16% to 4,755.70.

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Leading and Lagging Sectors

Information technology shares rose by 0.3% on Tuesday.

In trading on Tuesday, energy shares fell by 1.3%.

Top Headline

TD SYNNEX Corporation SNX posted downbeat sales for its fourth quarter on Tuesday.

TD SYNNEX reported a fourth-quarter revenue decline of 11.3% Y/Y to $14.407 billion, missing the consensus of $14.476 billion. Adjusted EPS for the quarter of $3.13 surpassed the consensus of $2.68.

TD SYNNEX sees first-quarter 2024 adjusted EPS of $2.60-$3.10 versus the $2.91 estimate. The company projects quarterly revenue of $14 billion-$14.7 billion versus the $14.81 billion estimate.

Equities Trading UP

Cutera, Inc. CUTR shares shot up 39% to $4.56 after the company reported preliminary FY23 revenue guidance above prior estimates.

Shares of Juniper Networks, Inc. JNPR got a boost, surging 23% to $37.07. Hewlett Packard Enterprise Co HPE is reportedly in advanced discussions to acquire networking equipment competitor Juniper Networks.

Accolade, Inc. ACCD shares were also up, gaining 22% to $14.18 following third-quarter results.

Equities Trading DOWN

Grifols, S.A. GRFS shares dropped 23% to $8.60 following a report from Gotham City Research titled "Grifols SA: Scranton and the Undisclosed Debts."

Shares of The Container Store Group, Inc. TCS were down 14% to $1.99. The Container Store Group said it sees third-quarter net sales of $214 million versus estimates of $225.38 million.

Neogen Corporation NEOG was down, falling 8% to $18.16 after the company reported worse-than-expected second-quarter financial results and lowered its FY24 sales guidance below estimates.

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Commodities

In commodity news, oil traded up 2.4% to $72.50 while gold traded up 0.1% at $2,035.40.

Silver traded down 0.5% to $23.185 on Tuesday while copper fell 0.7% to $3.7820.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.19%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 1.46% The German DAX fell 0.17% French CAC 40 fell 0.32% while Italy’s FTSE MIB Index fell 0.53%.

Industrial production in Germany fell 0.7% month-over-month in November versus a revised 0.3% decline in October. Retail sales in the UK increased 1.9% from a year ago in December.

Italy's unemployment rate fell to 7.5% in November versus a revised 7.7% in the previous month. French current account deficit shrank to EUR 2.8 billion in November 2023 versus a revised EUR 3.4 billion in the prior month, while trade deficit narrowed to €5.9 billion in November versus a revised €8.5 billion in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.16%, Hong Kong’s Hang Seng Index falling 0.21% and China’s Shanghai Composite Index gaining 0.20%. India’s S&P BSE Sensex, meanwhile, rose 0.04%.

Household spending in Japan fell by 2.9% year-over-year in November following a 2.5% decline in the earlier month.

Economics

The NFIB Small Business Optimism Index rose to 91.9 in December from 90.6 in November.

The US trade gap shrank to $63.2 billion in November from $64.5 billion in the previous month and compared to market estimates of a $65 billion gap.

The RealClearMarkets/TIPP Economic Optimism Index rose to 44.7 in January from 40 in December.

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