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News

Nasdaq Dips Over 100 Points; Coca-Cola Earnings Top Views

Author: Avi Kapoor | April 30, 2024 12:34pm

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 100 points on Tuesday.

The Dow traded down 0.81% to 38,073.65 while the NASDAQ fell 0.80% to 15,855.75. The S&P 500 also fell, dropping, 0.70% to 5,080.52.

Check This Out: Jim Cramer Likes Palantir, Recommends Pioneer Natural Resources: ‘I Want You To Ka-Ching, Ka-Ching’

Leading and Lagging Sectors

Health care shares rose by 0.1% on Tuesday.

In trading on Tuesday, energy shares fell by 1.6%.

Top Headline

Coca-Cola Company (NYSE:KO) reported better-than-expected first-quarter results on Tuesday.

Coca-Cola reported first-quarter FY24 sales growth of 3% year-on-year to $11.3 billion, beating the analyst consensus estimate of $11.01 billion. Adjusted EPS of 72 cents beat the consensus estimate of 70 cents.

Equities Trading UP
                       

  • Akili, Inc. (NASDAQ:AKLI) shares shot up 66% to $0.3956 after the company announced Shionogi has canceled and forgiven a $5.0 million long-term debt obligation and agreed to make certain payments for SDT-001.
  • Shares of AGBA Group Holding Limited (NASDAQ:AGBA) got a boost, surging 44% to $3.38 after the company highlighted plans for its previously-announced merger with Triller.
  • Global Mofy Metaverse Limited (NASDAQ:GMM) shares were also up, gaining 54% to $1.43 after the company’s Gauss AI teamed with Heartdub to develop the Gausspeed generative AI platform.

Equities Trading DOWN

  • Chegg, Inc. (NYSE:CHGG) shares dropped 26% to $5.34 after the company reported first-quarter financial results. Also, Piper Sandler reiterated an Underweight rating on the stock and lowered its price target from $8.5 to $6.
  • Shares of Vince Holding Corp. (NYSE:VNCE) were down 24% to $1.60 after the company posted fourth-quarter results.
  • Medifast, Inc. (NYSE:MED) was down, falling 23% to $27.41 after the company reported mixed first-quarter financial results.

Also Check This Out: Domino’s Pizza To Rally Over 10%? Here Are 10 Top Analyst Forecasts For Tuesday

Commodities

In commodity news, oil traded down 0.9% to $81.88 while gold traded down 2.1% at $2,308.20.

Silver traded down 3.6% to $26.675 on Tuesday, while copper fell 2.5% to $4.5620.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.68%, London's FTSE 100 fell 0.04% while Spain's IBEX 35 Index fell 2.22% The German DAX fell 1.03% French CAC 40 fell 0.99% while Italy's FTSE MIB Index fell 1.60%.

The annual inflation rate in the eurozone remained at 2.4% in April, in line with market estimates, while annual inflation rate in Italy slowed to 0.9% in April from 1.2% in the prior month. The annual inflation rate in France slowed to 2.2% in April from 2.3% in March, while producer prices in France declined 0.2% month-over-month in March. The French economy expanded by 0.2% quarter-over-quarter in the first quarter.

Consumer credit in the UK increased by £1.577 billion in March versus a revised £1.429 billion in the previous month. German economy grew by 0.2% in the first quarter following a 0.5% contraction in the prior period, while jobless rate in Germany remained at 5.9%for the fifth straight month in April. German retail sales rose by 1.8% month-over-month during March.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 adding 1.24%, Hong Kong's Hang Seng Index gaining 0.09%, China's Shanghai Composite falling 0.26% and India's S&P BSE Sensex falling 0.25%.

Japan’s housing starts fell by 12.8% year-over-year in March following an 8.2% decline in the previous month. Retail sales in Japan climbed 1.2% year-over-year in March, while industrial production in rose 3.8% month-over-month in March.

The Caixin China General Manufacturing PMI rose to 51.4 in April versus 51.1 a month ago, while official NBS Manufacturing PMI declined to 50.4 in April from 50.8 in March.

Economics

  • The Chicago Business Barometer fell to 37.9 in April from 41.4 in the previous month.
  • The FHFA house price index rose 1.2% in February.
  • The S&P CoreLogic Case-Shiller 20-city home price index rose by 7.3% year-over-year in February.
  • Compensation costs for civilian workers climbed by 1.2% during the first quarter.

Now Read This: Jim Cramer Rejects Illumina As ‘It’s Not Well-Run,’ Recommends Buying This Tech Stock ‘Right Here, Right Now’

Posted In: AGBA AKLI CHGG GMM KO MED VNCE

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