U.S. stocks turned lower midway through trading, with the Nasdaq Composite falling around 1.5% on Tuesday.
The Dow traded down 0.11% to 42,658.41 while the NASDAQ dipped 1.51% to 19,565.71. The S&P 500 also fell, dropping, 0.74% to 5,931.02.
Leading and Lagging Sectors
Energy shares jumped by 1.3% on Tuesday.
In trading on Tuesday, information technology shares fell by 1.5%.
Top Headline
RPM International Inc (NYSE:RPM) reported better-than-expected second-quarter results.
Sales increased 3% year over year to $1.845 billion, beating the consensus of $1.789 billion. Adjusted EPS was $1.39, beating the consensus of $1.34.
For the third quarter, RPM expects consolidated sales to remain flat compared to prior-year records, with CPG sales increasing slightly, PCG sales flat to slightly higher, and SPG and Consumer Group sales declining modestly.
Equities Trading UP
- Getty Images Holdings, Inc (NYSE:GETY) shares shot up 26% to $3.2250. Getty Images and Shutterstock, Inc. (NYSE:SSTK) entered a deal to create a visual content company in a merger of equals. The combined company will have an enterprise value of approximately $3.7 billion.
- Shares of Hoth Therapeutics, Inc. (NASDAQ:HOTH)got a boost, surging 223% to $2.6500 after the company announced safety results from its Phase 2a trial, showing that 100% of patients in Cohort 1 achieved the primary efficacy endpoint.
- UniFirst Corporation (NYSE:UNF) shares were also up, gaining 28% to $216.09 after Cintas (NASDAQ:CTAS) submitted a proposal to acquire the company for $275 per share.
Equities Trading DOWN
- Acelyrin, Inc. (NASDAQ:SLRN) shares dropped 36% to $2.2400 after the company announced additional Phase 2 data and the Phase 3 program design for lonigutamab in Thyroid Eye Disease. HC Wainwright & Co. cut its price target on the stock from $8 to $6.
- Shares of Amesite Inc. (NASDAQ:AMST) were down 31% to $2.7800 after the company announced a $3.6 million public offering of 1.2 million shares.
- Lifeward Ltd. (NASDAQ:LFWD) was down, falling 28% to $2.1840 after the company announced a $5 million registered direct offering.
Commodities
In commodity news, oil traded up 0.9% to $74.20 while gold traded up 0.4% at $2,658.20.
Silver traded up 0.2% to $30.630 on Tuesday, while copper rose 0.4% to $4.1800.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.41%, Germany's DAX 40 gained 0.57% and France's CAC 40 climbed 0.65%. Spain's IBEX 35 Index rose 0.17%, while London's FTSE 100 slipped 0.09%.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 1.97%, China's Shanghai Composite Index gaining 0.71%, Hong Kong's Hang Seng Index declining 1.22% and India's BSE Sensex rising 0.30%.
Economics
The U.S. trade deficit increased to $78.2 billion in November versus a revised $73.6 billion gap in the previous month and mostly in-line with market estimates. Imports increased 3.4% to $351.6 billion, while exports rose 2.7% to $273.4 billion.
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