Dow Dips Over 100 Points; J.M. Smucker Posts Upbeat Earnings

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index falling more than 100 points on Tuesday.

The Dow traded down 0.35% to 38,932.26 while the NASDAQ rose 0.28% to 16,021.41. The S&P 500 also rose, gaining, 0.04% to 5,071.40.

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Leading and Lagging Sectors

Utilities shares rose by 1.2% on Tuesday.

In trading on Tuesday, energy shares fell by 0.4%.

Top Headline

The J.M. Smucker Company SJM posted better-than-expected earnings for its fourth quarter on Tuesday.

The company reported third-quarter adjusted earnings per share of $2.48, beating the analyst consensus of $2.27. J.M. Smucker registered quarterly revenues of $2.229 billion, marginally beating the consensus estimate of $2.220 billion.

Equities Trading UP

Janux Therapeutics, Inc. JANX shares shot up 191% to $44.00 after the company announced updated clinical data for both of its clinical programs.

Shares of Hims & Hers Health, Inc. HIMS got a boost, surging 32% to $13.50 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.

Viking Therapeutics, Inc. VKTX shares were also up, gaining 94% to $74.79 after the company announced the Phase 2 VENTURE trial successfully achieved its primary endpoint and all secondary endpoints.

Equities Trading DOWN

Minerva Neurosciences, Inc. NERV shares dropped 57% to $2.95 after the company announced it received a Complete Response Letter from the FDA for the New Drug Application for roluperidone for the treatment of negative symptoms in patients with schizophrenia.

Shares of Thoughtworks Holding, Inc. TWKS were down 31% to $3.1785 after the company reported worse-than-expected fourth-quarter financial results and issued weak guidance.

NRx Pharmaceuticals, Inc. NRXP was down, falling 33% to $0.2851 after the company announced pricing of $1.5 million underwritten public offering of common stock at a price of $0.30/share together with investor commitment for additional $1 million.

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Commodities

In commodity news, oil traded up 1.6% to $78.81 while gold traded up 0.1% at $2,041.60.

Silver traded fell 0.3% to $22.46 on Tuesday while copper rose 0.4% to $3.85.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.18%, London’s FTSE 100 fell 0.02% while Spain’s IBEX 35 Index fell 0.24% The German DAX gained 0.76% French CAC 40 rose 0.23% while Italy’s FTSE MIB Index rose 0.46%.

Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.870 trillion for January. The consumer confidence indicator in France declined to 89 in February versus around two-year high level of 91 in the prior month. The GfK Consumer Climate Indicator for Germany climbed to a reading of -29.0 heading into March compared to February's level of 29.6.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.01%, Hong Kong’s Hang Seng Index climbing 0.94%, China’s Shanghai Composite Index surging 1.29% and India’s S&P BSE Sensex gaining 0.4%.

Hong Kong recorded a trade surplus of $3.6 billion in January compared to a year-ago deficit of $25.4 billion. The annual inflation rate in Japan slowed to 2.2% in January compared to 2.6% in the earlier month.

Economics

U.S. durable goods orders fell by 6.1% month-over-month in January compared to a 0.3% decline in December.

The FHFA house price index rose 0.1% in December following a 0.4% increase in November.

The S&P CoreLogic Case-Shiller 20-city home price index climbed by 6.1% year-over-year in December.

The Dallas Fed general business activity index for Texas’ service sector rose to -3.9 in February from -9.3 in the previous month

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