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News

US Stocks Mostly Flat; Best Buy Posts Upbeat Results

Author: Lisa Levin | August 29, 2023 09:44am

U.S. stocks traded mostly flat this morning, with the Dow Jones falling around 10 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.01% to 34,555.23 while the NASDAQ rose 0.05% to 13,711.98. The S&P 500, also rose, gaining, 0.08% to 4,437.04.

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Leading and Lagging Sectors

Communication services shares jumped by 0.8% on Tuesday.

In trading on Tuesday, energy shares fell by 0.5%.

 

Top Headline

Best Buy Co Inc (NYSE:BBY) posted better-than-expected results for the second quarter.

Best Buy reported second-quarter sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. Adjusted EPS of $1.22 beat the analyst consensus of $1.06.

For FY24, the company revised guidance for revenue to $43.80 billion-$44.50 billion from $43.8 billion - $45.2 billion against the Street view of $44.3 billion. It now expects a comparable sales decline of 4.5% to 6.0% (vs. 3.0% to 6.0% earlier).

 

Equities Trading UP

Axcella Health Inc. (NASDAQ:AXLA) shares shot up 214% to $0.3543 after the company announced it was granted a patent for long COVID fatigue treatment.

Shares of Tivic Health Systems, Inc. (NASDAQ:TIVC) got a boost, shooting 93% to $3.75 after falling 11% on Monday. Tivic Health Systems inked a pact to make its products available on AmerisourceBergen’s third-party marketplace.

iCoreConnect Inc. (NASDAQ:ICCT) shares were also up, gaining 75% to $2.79 after dipping 20% on Monday.

 

Equities Trading DOWN

VinFast Auto Ltd. (NASDAQ:VFS) shares dropped 19% to $66.37 after jumping around 20% on Monday.

Shares of Chanson International Holding (NASDAQ:CHSN) were down 15% to $2.1615.

First Light Acquisition Group, Inc. (NYSE:FLAG) was down, falling 13% to $8.91.

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Commodities

In commodity news, oil traded up 0.7% to $80.67 while gold traded down 0.1% at $1,945.90.

Silver traded down 0.1% to $24.25 on Tuesday while copper rose 0.1% to $3.76.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6% London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index rose 0.6% The German DAX rose 0.4% French CAC 40 gained 0.4%, while Italy’s FTSE MIB Index surged 0.7%.

Retail sales in Spain climbed by 7.3% year-over-year in July, versus a revised 6.5% increase in the prior month. France's consumer confidence indicator came in unchanged at 85 in August. The GfK Consumer Climate Indicator of Germany fell to a reading of -25.5 heading into September compared to a revised reading of -24.6 for August.

 

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.18%, China’s Shanghai Composite Index climbing 1.20% and Hong Kong’s Hang Seng Index gaining 1.95%. India’s S&P BSE Sensex, meanwhile, rose 0.12%.

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

 

Economics

The S&P CoreLogic Case-Shiller 20-city home price index declined by 1.2% year-over-year in June, versus market expectations for a 1.3% fall.

The FHFA house price index rose by 0.3% from the previous month in June versus a 0.7% growth in May.

Now Read This: Top 5 Tech And Telecom Stocks Which Could Rescue Your Portfolio This Month

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,992,780 cases with around 1,173,420 deaths. India confirmed a total of at least 44,997,030 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 694,499,240 cases of COVID-19 worldwide with more than 6,910,960 deaths.

Posted In: AXLA BBY CHSN FLAG ICCT TIVC VFS

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