US Stocks Mixed; Lowe's Cuts FY24 Forecast

Author: Avi Kapoor | August 20, 2024 09:47am

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 80 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.19% to 40,818.40 while the NASDAQ rose 0.05% to 17,884.96. The S&P 500 also rose, gaining, 0.01% to 5,609.04.

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Leading and Lagging Sectors

Health care shares climbed by 0.5% on Tuesday.

In trading on Tuesday, energy shares fell by 0.6%.

Top Headline

Lowe's Companies, Inc. (NYSE:LOW) reported stronger-than-expected second-quarter earnings, but revealed a decline in comparable sales and revised its FY24 outlook downward.

The company reported adjusted earnings per share of $4.10, beating the analyst consensus of $3.99. Quarterly revenues totaled $23.586 billion, missing the street view of $24.013 billion.

Lowe's revised its FY24 outlook, citing lower-than-expected DIY sales and a pressured macroeconomic environment. The company now projects total sales between $82.7 billion and $83.2 billion, down from the previous range of $84 billion to $85 billion ($84.481 billion estimate). Adjusted EPS is projected to be between $11.70 and $11.90 (estimate: $12.22), compared to the earlier range of $12.00 to $12.30.

Equities Trading UP
                       

• InMed Pharmaceuticals Inc. (NASDAQ:INM) shares shot up 338% to $0.6730 after the company announced that INM-901 will be used in its development programs for Alzheimer’s Disease.
• Shares of Treasure Global Inc. (NASDAQ:TGL) got a boost, surging 224% to $1.88. Treasure Global recently submitted request to withdraw S-1 registration statement.
• Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares were also up, gaining 108% to $10.40. Titan Pharmaceuticals entered into merger and contribution and share exchange agreement regarding a business combination with KE Sdn. Bhd.

Equities Trading DOWN

• Mynaric AG (NASDAQ:MYNA) shares dropped 55% to $1.8999 after the company cut its FY24 revenue guidance.
• Shares of ENDRA Life Sciences Inc. (NASDAQ:NDRA) were down 41% to $0.9532. ENDRA Life Sciences recently announced a 1-for-50 reverse stock split.
• BurgerFi International, Inc. (NASDAQ:BFI) was down, falling 31% to $0.2251.

Commodities

In commodity news, oil traded down 0.3% to $74.16 while gold traded up 1% at $2,567.50.

Silver traded up 2.2% to $29.955 on Tuesday, while copper rose 0.5% to $4.2015.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.3%, Germany's DAX fell 0.2% and France's CAC 40 slipped 0.1%. Spain's IBEX 35 Index fell 0.3%, while London's FTSE 100 fell 0.9%.

The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, while current account surplus rose to €52.4 billion in June from €32.4 billion a year ago. Italy’s current account surplus widened to EUR 4,885 billion in June from EUR 1,248 billion in the year-ago period. Producer prices in Germany fell by 0.8% year-over-year in July.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index falling 0.33%, China's Shanghai Composite Index falling 0.93% and India's BSE Sensex rising 0.47%.

The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month. The People’s Bank of China kept key lending rates unchanged at the recent fixing.

Economics

No major economic reports are scheduled for release today.

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Posted In: BFI INM LOW MYNA NDRA TGL TTNP