Crude Oil Rises Sharply; Jabil Earnings Top Views

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 150 points on Tuesday.

The Dow traded down 0.70% to 42,217.89 while the NASDAQ fell 0.87% to 19,530.08. The S&P 500 also fell, dropping, 0.79% to 5,985.31.

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Leading and Lagging Sectors

Energy shares jumped by 1.4% on Tuesday.

In trading on Tuesday, health care stocks fell by 0.7%.

Top Headline

Jabil Inc. (NYSE:JBL) reported better-than-expected third-quarter results on Tuesday.

The company reported quarterly adjusted earnings per share of $2.55, beating the analyst consensus estimate of $2.31. Quarterly sales of $7.83 billion outpaced the analyst consensus estimate of $7.06 billion.

This positive performance was further bolstered by an optimistic outlook for the upcoming quarter and fiscal year 2025, and a significant investment announcement for expanding its footprint in the Southeast United States, specifically to support cloud and AI data center infrastructure customers.

Equities Trading UP
           

• Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) shares shot up 113% to $0.48 after the company signed a binding term sheet granting Intact Therapeutics an exclusive option to license PCS12852 for gastroparesis.
• Shares of Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) got a boost, surging 144% to $0.75 after the company announced publication of its Phase 2 ibezapolstat study results in The Lancet.
• CERo Therapeutics Holdings, Inc. (NASDAQ:CERO) shares were also up, gaining 258% to $24.62 after the company received FDA Orphan Drug Designation for CER-1236 for the treatment of acute myeloid leukemia.

Equities Trading DOWN

• Stardust Power Inc. (NASDAQ:SDST) shares dropped 55% to $0.17 after the company announced the pricing of a $4.3 million public offering of 21.5 million shares at $0.20 per share.
• Shares of Sunrun Inc. (NASDAQ:RUN) were down 42% to $5.64 after GLJ Research downgraded the stock from Hold to Sell. Keybanc analyst Sophie Karp also downgraded Sunrun from Sector Weight to Underweight.
• Solaredge Technologies Inc (NASDAQ:SEDG) was down, falling 37% to $15.04 after GLJ Research downgraded the stock from Hold to Sell. Keybanc analyst Sophie Karp downgraded the stock from Sector Weight to Underweight.

Commodities

In commodity news, oil traded up 3.7% to $74.43 while gold traded down 0.4% at $3,403.10.

Silver traded up 2.1% to $37.215 on Tuesday, while copper fell 1.2% to $4.7805.

Euro zone

European shares were lower today. The eurozone's STOXX 600 declined 0.72%, while Spain's IBEX 35 Index dipped 1.23%. London's FTSE 100 fell 0.39%, Germany's DAX 40 declined 0.88% and France's CAC 40 fell 0.70% during the session.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.59%, Hong Kong's Hang Seng Index falling 0.34%, China's Shanghai Composite falling 0.04% and India's BSE Sensex falling 0.26%.

Economics

• U.S. retail sales fell 0.9% month-over-month in May compared to a revised 0.1% decline in April and versus market estimates of a 0.7% fall.
• U.S. import prices came in unchanged from the previous month in May, while export prices declined 0.9% month-over-month in May.
• U.S. industrial production declined 0.2% in May, versus market estimates of a 0.1% gain.
• The NAHB/Wells Fargo Housing Market Index declined two points to 32 for June, recording the lowest reading since December 2022.
• U.S. business inventories came in flat month-over-month in April following a 0.1% gain in the previous month.

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