Gold Moves Lower; Macy's Boosts 2024 Forecast

Author: Avi Kapoor | May 21, 2024 01:46pm

U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones index gaining around 0.1% on Tuesday.

The Dow traded up 0.07% to 39,835.87 while the NASDAQ rose 0.06% to 16,805.01. The S&P 500 also rose, gaining, 0.12% to 5,314.54       .

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Leading and Lagging Sectors

Utilities shares rose by 0.6% on Tuesday.

In trading on Tuesday, industrials shares fell by 0.3%.

Top Headline

Macy's Inc (NYSE:M) reported better-than-expected first-quarter adjusted earnings and raised the outlook.

The company reported a first-quarter FY24 sales decline of 2.7% year-on-year to $4.846 billion, slightly missing the analyst consensus of $4.86 billion. Adjusted EPS of 27 cents beat the analyst consensus of 15 cents.

Macy's updated FY24 sales outlook from $22.2 billion – $22.9 billion to $22.3 billion – $22.9 billion, against the consensus of $22.81 billion. The company raised FY24 adjusted EPS guidance from $2.45 – $2.85 to $2.55 – $2.90 versus the Street view of $2.62.

Equities Trading UP
                       

• MGO Global, Inc. (NASDAQ:MGOL) shares shot up 342% to $1.0101 after the company posted first-quarter results.
• Shares of Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) got a boost, surging 73% to $2.2001. The company on Tuesday announced progress towards the treatment of Familial Adenomatous Polyposis.
• Mangoceuticals, Inc. (NASDAQ:MGRX) shares were also up, gaining 164% to $0.6754 after the company announced the development of oral formulations of Semaglutide and Tirzepatide.

Equities Trading DOWN

• Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) shares dropped 63% to $0.0579 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 33% to $1.86. American Oncology Network announced voluntary delisting from the Nasdaq.
• LuxUrban Hotels Inc. (NASDAQ:LUXH) was down, falling 42% to $0.2601 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 0.8% to $79.20 while gold traded down 0.6% at $2,424.80.

Silver traded down 0.9% to $32.12 on Tuesday, while copper rose 0.8% to $5.1175.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.18%, Germany's DAX fell 0.22% and France's CAC 40 dipped 0.66%. Spain's IBEX 35 Index fell 0.04%, while London's FTSE 100 fell 0.09%.

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 LUXH M MGOL MGRX