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News

Crude Oil Down 2%; Home Depot Posts Upbeat Earnings

Author: Lisa Levin | August 15, 2023 12:00pm

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 90 points on Tuesday.

The Dow traded down 0.75% to 35,042.16 while the NASDAQ fell 0.66% to 13,697.15. The S&P 500, also fell, dropping, 0.76% to 4,455.45.

Check This Out: LyondellBasell, Dropbox And 2 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

Health care shares fell by just 0.1% on Tuesday.

In trading on Tuesday, energy shares dipped by 1.9%.

 

Top Headline

The Home Depot, Inc. (NYSE:HD) reported better-than-expected results for its second quarter.

The company posted a second-quarter FY23 sales decline of 2% year-on-year to $42.92 billion, beating the analyst consensus of $42.25 billion. EPS of $4.65 beat the analyst consensus of $4.46.

The board of directors also authorized a new $15 billion share repurchase program effective August 15, 2023, replacing its previous authorization.

 

Equities Trading UP

Delcath Systems, Inc. (NASDAQ:DCTH) shares shot up 115% to $6.71 after the company announced FDA approval of HEPZATO KIT for the treatment of adult patients with unresectable hepatic-dominant metastatic uveal melanoma.

Shares of Novo Integrated Sciences, Inc. (NASDAQ:NVOS) got a boost, shooting 56% to $0.1106 after the company and Farm 7 Group announced a joint venture for Kenya Agricultural Cooperative Project.

Siyata Mobile Inc. (NASDAQ:SYTA) shares were also up, gaining 33% to $4.4001 following upbeat quarterly sales.

 

Equities Trading DOWN

F45 Training Holdings Inc. (NYSE:FXLV) shares dropped 76% to $0.1757 after the company announced it intends to voluntarily delist and deregister its securities.

Shares of Design Therapeutics, Inc. (NASDAQ:DSGN) were down 69% to $2.2798 after the company reported initial results from its Phase 1 multiple-ascending dose study of DT-216 for the treatment of Friedrich ataxia. The company said there were injection site reactions.

Galecto, Inc. (NASDAQ:GLTO) was down, falling 69% to $0.72 after the company announced topline results from its Phase 2b GALACTIC-1 trial of GB0139 for idiopathic pulmonary fibrosis, which showed the trial did not meet its primary endpoint. The company plans to discontinue development of GB0139.

Also Check This Out: Top 5 Tech And Telecom Stocks You May Want To Dump In August

 

Commodities

In commodity news, oil traded down 2.1% to $80.80 while gold traded down 0.1% at $1,942.00.

Silver traded up 0.1% to $22.73 on Tuesday while copper fell 1.3% to $3.6760.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.12%, London’s FTSE 100 fell 1.76% while Spain’s IBEX 35 Index fell 1.18% The German DAX fell 1.06% French CAC 40 fell 1.33%

The ZEW Indicator of Economic Sentiment for Germany rose to -12.3 in August from -14.7 in July.

The unemployment rate in the UK rose to 4.2% during the three months to June 2023, recording the highest level since late-2021. Average weekly earnings, including bonuses in the UK, increased by 8.2% year-over-year to GBP 663/week in the three months to June. Labor productivity in the UK rose 0.7% on quarter in the three months to June.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.56%, China’s Shanghai Composite Index falling 0.07% and Hong Kong’s Hang Seng Index falling 1.03%. India’s S&P BSE Sensex, meanwhile, rose 0.12%.

The People’s Bank of China cut the one-year medium-term lending facility rates by 15 bps on August 15th. China's retail sales rose by 2.5% year-over-year in July, slowing from a 3.1% increase in the previous month. The country’s industrial production rose 3.7% year-over-year in July, slowing from a 4.4% growth in June

Industrial production in Japan rose by 2.4 percent month-over-month in June. The Japanese economy expanded by 6.0% on an annualized basis in the second quarter, higher than the revised 3.7% growth in the previous period.

 

Economics

Retail sales in the U.S. rose 0.7% month-over-month in July, beating market expectations for a 0.4% growth.

Export prices in the U.S. rose 0.7 percent month-over-month in July, while import prices increased 0.4% month-over-month in July.

The NY Empire State Manufacturing Index fell to -19 in August from 1.1 in July, and down from market estimates of -1.

The NAHB/Wells Fargo Housing Market Index declined to 50 in August from 56 in July.

Total business inventories came in unchanged for June.

Now Read This: NVIDIA To Rally More Than 23%? Here Are 10 Other Analyst Forecasts For Tuesday

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,736,010 cases with around 1,172,110 deaths. India confirmed a total of at least 44,996,310 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,580,690 cases of COVID-19 worldwide with more than 6,907,930 deaths.

Posted In: DCTH DSGN FXLV GLTO HD NVOS SYTA

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