HomeMarket NewsMicro Cap StocksCrude Oil Prices Drop as AutoZone Profit Exceeds Expectations

Crude Oil Prices Drop as AutoZone Profit Exceeds Expectations

Actionable Trade Ideas

always free

person holding crude oil

The trading day was a rollercoaster with U.S. stocks facing turbulence. The Nasdaq Composite soared while the Dow and S&P 500 endured choppy waters.

The Dow took a 0.18% nosedive, closing at 36,138.19, while the NASDAQ climbed 0.19% to 14,212.19. The S&P 500 also lost some altitude, plummeting 0.07% to 4,566.73.

ย 

Market Sector Performance

ย 

Information technology stocks emerged as the top performers, soaring by 0.4% on Tuesday.

In contrast, materials shares slipped by 1.3% during Tuesdayโ€™s trading.

ย 

Major Headline

ย 

AutoZone Inc AZO smashed analyst expectations by reporting better-than-expected earnings for its first quarter on Tuesday.

The company posted a 5.1% year-over-year increase in quarterly sales, reaching $4.19 billion, narrowly missing the analyst consensus of $4.198 billion. EPS of $32.55 triumphed over the consensus of $31.57.

ย 

Stocks on the Rise

ย 

Clearmind Medicine Inc. CMND shares skyrocketed by 59% to hit $6.08 after the company unveiled successful results in its cocaine addiction treatment.

Shares of Travere Therapeutics, Inc. TVTX surged 21% to $7.63 after the company disclosed the successful completion of a pre-NDA meeting with the FDA for FILSPARI in IgA nephropathy and provided regulatory updates for both IgAN and FSGS.

Mercurity Fintech Holding Inc. MFH shares also experienced a positive ascent, gaining 32% to reach $1.5599. The company announced a $6 million private placement financing.

ย 

Declining Stocks

ย 

Replimune Group, Inc. REPL shares plunged 43% to $7.05 after the company announced results from the primary analysis of the CERPASS trial evaluating RP1 in combination with cemiplimab for the treatment of locally advanced or metastatic CSCC and unveiled initial data for all patients in the anti-PD1 failed melanoma cohort of the IGNYTE clinical trial.

Shares of iBio, Inc. IBIO plummeted by 43% to $1.53 after the company announced pricing of a $4.5 million public offering.

Designer Brands Inc. DBI also experienced a downturn, falling 32% to $8.65 after the company reported third-quarter financial results that fell short of expectations and lowered FY23 adjusted EPS guidance.

Also Check This Out: Top 5 Tech Stocks That Could Lead To Your Biggest Gains In December

ย 

Commodity Market Movement

ย 

In the commodities market, oil witnessed a swift 0.8% descent, landing at $72.48, while gold experienced a 0.3% decrease, reaching $2,035.90.

Silver plummeted by 1.7% to $24.475 on Tuesday, while copper fell by 1.3% to $3.7860.

ย 

Euro Zone Market Performance

ย 

The European market exhibited a mixed bag of results as the eurozoneโ€™s STOXX 600 ascended by 0.40%. Londonโ€™s FTSE 100, however, plunged by 0.31%, while Spainโ€™s IBEX 35 Index surged by 0.59%. Meanwhile, the German DAX, French CAC 40, and Italyโ€™s FTSE MIB Index also observed positive gains of 0.78%, 0.74%, and 0.56%, respectively.

Industrial producer prices in the Eurozone tumbled by 9.4% year-over-year in October, an improvement from the 12.4% decline a month ago. The HCOB Eurozone services PMI was revised upwards to 48.7 in November compared to a preliminary level of 48.2, and versus 47.8 in October.

The S&P Global/CIPS UK services PMI ascended to 50.9 in November versus a preliminary reading of 50.5, while French services PMI landed at 45.4 in November versus preliminary estimates of 45.3. German services PMI was revised higher to 49.6 in November versus a preliminary reading of 48.7.

ย 

Asia Pacific Market Trends

ย 

Asian markets displayed a variety of trends on Tuesday, with Japanโ€™s Nikkei 225 plummeting by 1.37%, Hong Kongโ€™s Hang Seng Index falling by 1.91%, and Chinaโ€™s Shanghai Composite Index dropping by 1.67%. Indiaโ€™s S&P BSE Sensex, however, defied the odds by climbing 0.63%.

The S&P Global India services PMI fell to 56.9 in November compared to the previous monthโ€™s reading of 58.4. Conversely, the Caixin China General Services PMI rose to 51.5 in November from 50.4 a month ago. The au Jibun Bank Japan Services PMI was revised lower to 50.8 in November compared to a preliminary reading of 51.7, while S&P Global Hong Kong SAR PMI climbed to 50.1 in November compared to 48.9 a month ago. The Reserve Bank of Australia maintained its cash rates at 4.35% during its recent meeting.

ย 

Economic Indicators

ย 

Job openings decreased by 617,000 from the preceding month to 8.733 million for October, falling below market estimates of 9.3 million.

The S&P Global Composite PMI remained steady at 50.7 in November, unchanged from the previous monthโ€™s reading.

The ISM Services PMI surged to 52.7 in November from 51.8 in the previous month, surpassing market estimates of 52.

The RealClearMarkets/TIPP Economic Optimism Index declined to 40.0 in December from 44.5 a month ago.

Now Read This: Block To Rally Around 54%? Here Are 10 Top Analyst Forecasts For Tuesday

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.