U.S. stocks turned higher toward the end of trading, with the Dow Jones gaining around 200 points on Tuesday.
The Dow traded up 0.53% to 38,774.55 while the NASDAQ rose 0.29% to 16,877.87. The S&P 500 also rose, gaining, 0.25% to 5,296.54.
Leading and Lagging Sectors
Real estate shares rose by 1.3% on Tuesday.
In trading on Tuesday, materials shares fell by 1.4%.
Top Headline
Shares of Designer Brands Inc (NYSE:DBI) dipped more than 22% on Tuesday after the company reported worse-than-expected first-quarter earnings.
The company reported first-quarter FY24 sales growth of 0.6% year-on-year to $746.596 million, beating the analyst consensus estimate of $741.630 million. Total comparable sales decreased by 2.5%. Adjusted EPS of 8 cents missed the analyst consensus estimate of 21 cents.
Equities Trading UP
- MicroAlgo Inc (NASDAQ:MLGO) shares shot up 558% to $10.26 after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.
- Shares of Sobr Safe Inc (NASDAQ:SOBR) got a boost, surging 96% to $0.52 after the company announced SOBRsure device purchases from two new customers.
- Annexon, Inc. (NASDAQ:ANNX) shares were also up, gaining 28% to $5.88 after the company's Phase 3 trial of ANX005 met its primary endpoint.
Equities Trading DOWN
- ENDRA Life Sciences Inc (NASDAQ:NDRA) shares dropped 64% to $0.0788 after the company announced pricing of $8.0 million public offering.
- Shares of Equillium Inc (NASDAQ:EQ) were down 24% to $1.12 after the company announced topline data from its Phase 2 study of EQ101 in alopecia areata.
- Designer Brands Inc (NYSE:DBI) was down, falling 22% to $8.56 following first-quarter earnings.
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Commodities
In commodity news, oil traded down 1% to $73.46 while gold traded down 0.9% at $2,348.30.
Silver traded down 3.6% to $29.68 on Tuesday, while copper fell 2.7% to $4.5395.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 fell 0.54%, Germany's DAX dipped 1.09% and France's CAC 40 fell 0.75%. Spain's IBEX 35 Index declined 0.97%, while London's FTSE 100 fell 0.37%.
German jobless rate came in unchanged at 5.9% for the sixth straight month in May. Retail sales in the UK gained 0.4% from a year ago in May following a 4.4% decline in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei falling 0.22%, China's Composite Index gaining 0.14%, Hong Kong's Hang Seng Index climbing 0.22% and India's S&P BSE Sensex dipping 5.74%.
Australia reported a current account deficit of AUD 4.9 billion in the first quarter, versus a revised surplus of AUD 2.7 billion in the fourth quarter. Retail sales in Australia increased by 0.1% month-over-month in April compared to a 0.4% decline in the previous period.
Economics
- The Logistics Manager's Index rose to 55.6 in May from a reading of 52.9 in April.
- The RealClearMarkets/TIPP Economic Optimism Index declined to 40.5 in June compared to 41.8 in May.
- U.S. factory orders increased by 0.7% from the prior month to $588.2 billion in April.
- The number of job openings fell by 296,000 from the prior month to 8.059 million for April.
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