U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite turning higher on Tuesday.
The Dow traded down 0.53% to 37,484.13 while the NASDAQ rose 0.15% to 14,866.50. The S&P 500 also fell, dropping, 0.17% to 4,755.48.
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Market Movement
Information technology shares rose by 0.3% on Tuesday.
In trading on Tuesday, energy shares fell by 1.6%.
Financial Reports
Albertsons Companies Inc ACI posted upbeat results for its third quarter.
Albertsons Companies reported third-quarter FY23 sales growth of 2.2% year-on-year to $18.56 billion, beating the analyst consensus estimate of $18.37 billion. Adjusted EPS of $0.79 beat the consensus estimate of $0.65.
Stocks on the Move
Cutera, Inc. CUTR shares shot up 32% to $4.35 after the company reported preliminary FY23 revenue guidance above prior estimates.
Shares of Juniper Networks, Inc. JNPR got a boost, surging 22% to $36.96. Hewlett Packard Enterprise Co HPE is reportedly in advanced discussions to acquire networking equipment competitor Juniper Networks.
Accolade, Inc. ACCD shares were also up, gaining 25% to $14.48 following third-quarter results.
Market Movers
Grifols, S.A. GRFS shares dropped 24% to $8.47 following a report from Gotham City Research titled “Grifols SA: Scranton and the Undisclosed Debts.”
Shares of The Container Store Group, Inc. TCS were down 12% to $2.0250. The Container Store Group said it sees third-quarter net sales of $214 million versus estimates of $225.38 million.
JetBlue Airways Corporation JBLU was down, falling 10% to $5.20. JetBlue’s President & COO Joanna Geraghty will succeed Robin Hayes as CEO, effective Feb. 12, 2024. B of A Securities analyst Andrew Didora downgrades JetBlue Airways from Neutral to Underperform and lowered the price target from $6 to $3.
Commodity Market
In commodity news, oil traded up 2.7% to $72.71 while gold traded up 0.1% at $2,034.00.
Silver traded down 0.9% to $23.095 on Tuesday while copper fell 1.4% to $3.7575.
Global Market Perspectives
European shares closed 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%.
Industrial production in Germany fell 0.7% month-over-month in November versus a revised 0.3% decline in October. Retail sales in the UK increased 1.9% from a year ago in December.
Italy’s unemployment rate fell to 7.5% in November versus a revised 7.7% in the previous month. French current account deficit shrank to EUR 2.8 billion in November 2023 versus a revised EUR 3.4 billion in the prior month, while trade deficit narrowed to €5.9 billion in November versus a revised €8.5 billion in the prior month.
Asia Pacific Markets
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%.
Household spending in Japan fell by 2.9% year-over-year in November following a 2.5% decline in the earlier month.
Economic Indicators
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.
