Crude Oil Down Over 1%; Cognyte Software Shares Plummet

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling around 0.4% on Tuesday.

The Dow traded down 0.46% to 38,713.72 while the NASDAQ fell 0.24% to 16,215.32. The S&P 500 also fell, dropping, 0.39% to 5,182.36.

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Leading and Lagging Sectors

Real estate shares jumped by 0.8% on Tuesday.

In trading on Tuesday, financial shares fell by 0.7%.

Top Headline

The NFIB Small Business Optimism Index declined for a third straight month to a reading of 88.5 in March, compared to market estimates of 90.2.

Equities Trading UP

Laser Photonics Corporation LASE shares shot up 98% to $2.8450 after the company announced it secured an order for its LaserTower COMPACT marking and engraving system from L3Harris Technologies.

Shares of Acrivon Therapeutics, Inc. ACRV got a boost, surging 95% to $11.54. The company announced a $130 million private placement financing.

Syros Pharmaceuticals, Inc. SYRS shares were also up, gaining 22% to $5.49. Syros received Fast Track Designation from the FDA for tamibarotene for the treatment of newly diagnosed unfit AML with RARA gene overexpression.

Equities Trading DOWN

Vincerx Pharma, Inc. VINC shares dropped 75% to $1.20 after the company presented preliminary Phase 1 data for VIP236 and updates on pipeline progress at the AACR Annual Meeting 2024.

Shares of Cognyte Software Ltd. CGNT were down 13% to $7.33 after the company reported fourth-quarter results and issued FY25 guidance.

Tilray Brands, Inc. TLRY was down, falling 20% to $2.0812 after the company missed third-quarter estimates and said it no longer expects to generate positive adjusted free cash flow for the full fiscal year 2024.

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Commodities

In commodity news, oil traded down 1.4% to $85.19 while gold traded up 0.7% at $2,367.40.

Silver traded up 1.2% to $28.14 on Tuesday, while copper rose 0.3% to $4.2885.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.61%, London’s FTSE 100 fell 0.11% while Spain’s IBEX 35 Index fell 0.88% The German DAX fell 1.32% French CAC 40 fell 0.86% while Italy’s FTSE MIB Index fell 1.08%.

French trade deficit shrank to €5.2 billion in February 2024 versus a revised €7.2 billion gap in the prior month. Retail sales in the UK gained 3.2% from a year ago in March.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.08%, Hong Kong’s Hang Seng Index gaining 0.57%, China’s Shanghai Composite gaining 0.05% and India’s S&P BSE Sensex falling 0.08%.

Foreign exchange reserves in Hong Kong fell to $423.6 billion in March from $425.2 billion in the prior month. Japanese machine tool orders fell 8.5% year-over-year to JPY 135,647 million in March compared to a 8% decline in the prior month, while consumer confidence index in Japan rose to 39.5 in March versus a revised reading of 39.0 in the prior month.

Economics

The NFIB Small Business Optimism Index declined for a third straight month to a reading of 88.5 in March, compared to market estimates of 90.2.

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