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U.S. stocks traded lower this morning, with the Dow Jones index falling more than 400 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 1.08% to 39,140.90 while the NASDAQ fell 1.49% to 16,152.79. The S&P 500 also fell, dropping, 0.99% to 5,191.80.
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Energy shares jumped by 0.8% on Tuesday.
In trading on Tuesday, consumer discretionary shares fell by 1.6%.
Paychex, Inc. (NASDAQ:PAYX) reported mixed third-quarter financial results on Tuesday.
Paychex posted adjusted earnings of $1.38 per share, beating market estimates of $1.37 per share. The company’s quarterly sales came in at $1.44 billion, versus expectations of $1.46 billion.
VivoPower International PLC (NASDAQ:VVPR) shares shot up 347% to $6.59 after the company's Tembo subsidiary announced it will merge with the Nasdaq-listed Cactus Acquisition Corp. 1 Limited.
Shares of XTI Aerospace, Inc. (NASDAQ:XTIA) got a boost, surging 49% to $3.07 after jumping 19% on Monday.
Kidpik Corp. (NASDAQ:PIK) shares were also up, gaining 47% to $6.39 after the company entered a merger agreement with Nina Footwear.
Acorda Therapeutics, Inc. (NASDAQ:ACOR) shares dropped 87% to $1.74 after the company commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.
Shares of Gritstone bio, Inc. (NASDAQ:GRTS) were down 48% to $1.2150 after the company announced a $32.5 million underwritten public offering of 8,333,333 shares of common stock and accompanying common warrants at $1.50 per share and accompanying common warrant.
Canoo Inc. (NASDAQ:GOEV) was down, falling 33% to $2.58 after the company issued weak 2024 revenue guidance.
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In commodity news, oil traded up 1.9% to $85.31 while gold traded up 1.1% at $2,281.40.
Silver traded up 2.7% to $25.755 on Tuesday, while copper rose 0.8% to $4.0825.
European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.5% The German DAX fell 0.1% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index rose 0.3%.
The HCOB manufacturing PMI for Eurozone rose to 46.1 in March versus a preliminary reading of 45.7. Median consumer expectations for Eurozone inflation over the next 12 months eased to 3.1% in February. The HCOB Germany manufacturing PMI was revised higher to 41.9 in March versus a preliminary level of 41.6, while French manufacturing PMI declined to 46.2 in March versus 47.1 a month ago.
The S&P Global UK Manufacturing PMI rose to 50.3 in March versus a preliminary reading of 49.9, while consumer credit in the UK rose by £1.378 billion in February. The Nationwide House Price Index in the UK increased by 1.6% year-over-year in March following a 1.2% gain in February.
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.09%, Hong Kong’s Hang Seng Index gaining 2.36%, China’s Shanghai Composite Index falling 0.08% and India’s S&P BSE Sensex falling 0.2%.
The HSBC Indian manufacturing PMI was revised lower to 59.1 in March compared to a preliminary reading of 59.2.
Data on job openings will be released at 10:00 a.m. ET.
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