Crude Oil Moves Lower; Lowe's Earnings Top Views

Author: Avi Kapoor | May 21, 2024 11:00am

U.S. stocks traded mostly higher midway through trading, with the Dow Jones index gaining around 0.2% on Tuesday.

The Dow traded up 0.19% to 39,883.93 while the NASDAQ rose 0.01% to 16,794.91. The S&P 500 also rose, gaining, 0.12% to 5,314.33       .

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Leading and Lagging Sectors

Energy shares rose by 0.4% on Tuesday.

In trading on Tuesday, consumer discretionary shares fell by 0.5%.

Top Headline

Lowe's Companies Inc (NYSE:LOW) reported better-than-expected first-quarter financial results.

The company reported a first-quarter FY24 sales decline of 4.4% year-on-year to $21.364 billion, beating the analyst consensus estimate of $21.123 billion. EPS of $3.06 beat the analyst consensus estimate of $2.94.

Comparable sales decreased 4.1% due to a decline in DIY big ticket discretionary spending was partially offset by positive comparable sales in Pro and online.

Equities Trading UP
                       

• MGO Global, Inc. (NASDAQ:MGOL) shares shot up 398% to $1.1397 after the company posted first-quarter results.
• Shares of Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) got a boost, surging 108% to $2.6303. The company on Tuesday announced progress towards the treatment of Familial Adenomatous Polyposis.
• Mangoceuticals, Inc. (NASDAQ:MGRX) shares were also up, gaining 215% to $0.7985 after the company announced the development of oral formulations of Semaglutide and Tirzepatide.

Equities Trading DOWN

• Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) shares dropped 61% to $0.0611 after the company reported a year-over-year decrease in first-quarter financial results. Also, the company announced a registered direct offering.
• Shares of American Oncology Network, Inc. (NASDAQ:AONC) were down 32% to $1.90. American Oncology Network announced voluntary delisting from the Nasdaq.
• LuxUrban Hotels Inc. (NASDAQ:LUXH) was down, falling 44% to $0.2526 after the company announced the pricing of its public offering of 30.50 million common shares at $0.25 per share.

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Commodities

In commodity news, oil traded down 0.7% to $79.21 while gold traded down 0.2% at $2,434.50.

Silver traded down 0.2% to $32.355 on Tuesday, while copper rose 1.1% to $5.1325.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.28%, Germany's DAX fell 0.34% and France's CAC 40 dipped 0.83%. Spain's IBEX 35 Index fell 0.16%, while London's FTSE 100 fell 0.10%.

The Eurozone recorded a trade surplus of €24.1 billion in March compared to a €19.1 billion surplus in the year-ago month. The current account surplus in the Eurozone rose to €44.5 billion in March from €27.0 billion in the year-ago period. Construction output in the Eurozone rose 0.1% year-over-year in March.

Producer prices in Germany fell by 3.3% year-over-year in April compared to a 2.9% decline in the prior month.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei falling 0.31%, China's Composite Index declining 0.42%, Hong Kong's Hang Seng Index dipping 2.12% and India's S&P BSE Sensex falling 0.1%.

Economics

No major economic reports will be released today.

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Posted In: AONC BDRX GWAV LOW LUXH MGOL MGRX