HomeMarket NewsMicro Cap StocksDow Jones Index Soars 250 Points; J.M. Smucker Beats Expectations

Dow Jones Index Soars 250 Points; J.M. Smucker Beats Expectations

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The U.S. stock market experienced gains towards the end of trading, with the Dow Jones Index increasing by approximately 250 points on Tuesday.

The Dow Jones Index rose by 0.74% to 34,814.53, while the NASDAQ saw a 1.73% increase to 13,942.34. The S&P 500 also gained, rising by 1.34% to reach 4,492.62.

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Leading and Lagging Sectors

On Tuesday, communication services shares skyrocketed by 2.4%.

Meanwhile, utility shares only saw a minimal increase of 0.1%.

 

Top Headline

J.M. Smucker Company SJM exceeded earnings expectations in its first quarter.

For its first quarter of FY24, Smucker reported a 4% year-on-year decline in sales to $1.805 billion, falling short of the analyst consensus of $1.84 billion. However, the company’s adjusted earnings per share (EPS) of $2.21 surpassed the consensus estimate of $2.04.

J.M. Smucker also raised its adjusted EPS guidance for FY24 from $9.20 – $9.60 to $9.45 – $9.85, surpassing the consensus estimate of $9.39.

 

Rising Stocks

Axcella Health Inc. AXLA soared by 287% to $0.4370 after announcing the patent approval for its long COVID fatigue treatment.

Big Lots, Inc. BIG saw a 25% boost, climbing to $7.87 following better-than-expected quarterly results.

LifeVantage Corporation LFVN also experienced an 18% increase to $6.09 after reporting fourth-quarter results and declaring a special one-time cash dividend of $0.40 per share of common stock.

 

Declining Stocks

JOANN Inc. JOAN shares fell 10% to $1.05 following weak quarterly earnings.

After a 57% surge on Monday, shares of Genius Group Limited GNS dropped 21% to $1.82.

Antelope Enterprise Holdings Limited AEHL experienced a 13% decline, falling to $0.39. Last week, the company announced lower-than-expected H1 2023 revenue results.

Also Check This Out: Check Out 3 High-Yielding Dividend Stocks In the Industrials Sector as Recommended by Wall Street’s Most Accurate Analysts

 

Commodities

In commodity news, oil prices increased by 1.3% to reach $81.15, while gold prices went up by 0.9% to reach $1,963.30.

Silver prices saw a 1.9% boost, reaching $24.715 on Tuesday, and copper prices rose by 1.2% to reach $3.8360.

 

Euro Zone

European shares closed higher today. The eurozone’s STOXX 600 increased by 0.97%, London’s FTSE 100 rose by 1.72%, Spain’s IBEX 35 Index climbed by 0.96%, the German DAX saw an 0.88% increase, and France’s CAC 40 gained 0.67%. Furthermore, Italy’s FTSE MIB Index surged by 1.21%.

In July, retail sales in Spain grew by 7.3% year-over-year, compared to a revised 6.5% increase in the previous month. France’s consumer confidence indicator remained unchanged at 85 in August. The GfK Consumer Climate Indicator in Germany fell to -25.5 in September, compared to a revised reading of -24.6 in August.

 

Asia Pacific Markets

Asian markets ended the day on a positive note, with Japan’s Nikkei 225 gaining 0.18%, China’s Shanghai Composite Index climbing 1.20%, Hong Kong’s Hang Seng Index rising by 1.95%, and India’s S&P BSE Sensex increasing by 0.12%.

In Japan, the unemployment rate rose to 2.7% in July from 2.5% in the previous month, while Singapore’s Domestic Supply Price Index declined by 8.9% year-over-year in July, compared to a 14.3% fall in the previous month.

 

Economics

In June, the S&P CoreLogic Case-Shiller 20-city home price index recorded a 1.2% year-over-year decline, slightly better than market expectations of a 1.3% fall.

The FHFA house price index showed a 0.3% growth in June compared to the previous month, down from a 0.7% increase in May.

The number of job openings decreased by 338,000 from the previous month to 8.827 million in July, reaching the lowest level since March 2021.

Now Read This: Check out the top 5 tech and telecom stocks that could boost your portfolio this month

 

COVID-19 Update

The U.S. has the highest number of COVID-19 cases and deaths worldwide, with a total of 107,992,780 cases and approximately 1,173,420 deaths. India has confirmed at least 44,997,030 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. Globally, there have been at least 694,499,240 reported cases of COVID-19, resulting in more than 6,910,960 deaths.

Source: Benzinga.com

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