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Stock Market Update: Crude Oil Surges, TD SYNNEX Sales Slide Stock Market Update: Crude Oil Surges, TD SYNNEX Sales Slide

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U.S. stocks traded mostly lower midway through trading, with the Dow Jones falling around 180 points on Tuesday.

The Dow traded down 0.49% to 37,499.41 while the NASDAQ rose 0.07% to 14,853.45. The S&P 500 also fell, dropping, 0.16% to 4,755.70.

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Market Landscape

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Information technology shares rose by 0.3% on Tuesday.

In trading on Tuesday, energy shares fell by 1.3%.

Corporate Headline

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TD SYNNEX Corporation SNX posted downbeat sales for its fourth quarter on Tuesday.

TD SYNNEX reported a 11.3% Y/Y revenue decline to $14.407 billion for Q4, missing the consensus of $14.476 billion. Adjusted EPS for the quarter stood at $3.13, surpassing the consensus of $2.68.

TD SYNNEX expects Q1 2024 adjusted EPS of $2.60-$3.10 versus the $2.91 estimate. The company projects quarterly revenue of $14 billion-$14.7 billion versus the $14.81 billion estimate.

Movers and Shakers

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Cutera, Inc. CUTR shares soared 39% to $4.56 following preliminary FY23 revenue guidance above prior estimates.

Shares of Juniper Networks, Inc. JNPR surged 23% to $37.07. Hewlett Packard Enterprise Co HPE is reportedly in advanced discussions to acquire networking equipment competitor Juniper Networks.

Accolade, Inc. ACCD shares also gained 22% to $14.18 following third-quarter results.

Grifols, S.A. GRFS shares plummeted 23% to $8.60 after a report titled β€œGrifols SA: Scranton and the Undisclosed Debts.”

Shares of The Container Store Group, Inc. TCS were down 14% to $1.99. The Container Store Group said it sees third-quarter net sales of $214 million versus estimates of $225.38 million.

Neogen Corporation NEOG slid 8% to $18.16 after reporting worse-than-expected second-quarter results and lowered FY24 sales guidance below estimates.

Commodity Overview

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In commodity news, oil surged 2.4% to $72.50 while gold advanced 0.1% to reach $2,035.40.

Silver declined 0.5% to $23.185 on Tuesday while copper fell 0.7% to $3.7820.

Euro Zone and Asia-Pacific Markets

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European shares were lower today. The eurozone’s STOXX 600 fell 0.19%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 1.46% The German DAX fell 0.17% French CAC 40 fell 0.32% while Italy’s FTSE MIB Index fell 0.53%.

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.16%, Hong Kong’s Hang Seng Index falling 0.21% and China’s Shanghai Composite Index gaining 0.20%. India’s S&P BSE Sensex, meanwhile, rose 0.04%.

Economic Indicators

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The NFIB Small Business Optimism Index rose to 91.9 in December from 90.6 in November.

The US trade gap shrank to $63.2 billion in November from $64.5 billion in the previous month and compared to market estimates of a $65 billion gap.

The RealClearMarkets/TIPP Economic Optimism Index rose to 44.7 in January from 40 in December.

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