Crude Oil Falls; Palo Alto Networks Shares Jump After Q4 Earnings

Author: Avi Kapoor | August 20, 2024 02:51pm

U.S. stocks traded mostly lower toward the end of trading, with the S&P 500 falling around 0.1% on Tuesday.

The Dow traded down 0.12% to 40,849.39 while the NASDAQ fell 0.11% to 17,856.43. The S&P 500 also fell, dropping, 0.07% to 5,604.36.

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Leading and Lagging Sectors

Health care shares climbed by 0.4% on Tuesday.

In trading on Tuesday, energy shares fell by 2.4%.

Top Headline

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) gained around 9% on Tuesday after the company reported better-than-expected results for its fourth quarter and issued strong guidance.

Palo Alto’s board authorized an additional $500 million for share repurchases, bringing the company’s remaining buyback authorization up to $1 billion.

Equities Trading UP
                       

• InMed Pharmaceuticals Inc. (NASDAQ:INM) shares shot up 194% to $0.4361 after the company announced that INM-901 will be used in its development programs for Alzheimer’s Disease.
• Shares of Bit Digital, Inc. (NASDAQ:BTBT) got a boost, surging 17% to $3.4850 after the company reported better-than-expected second-quarter sales results. Also, the company announced a binding term sheet with Boosteroid.
• Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares were also up, gaining 94% to $9.71. 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 54% to $1.92 after the company cut its FY24 revenue guidance.
• Shares of ATRenew Inc. (NASDAQ:RERE) were down 13% to $2.46 following second-quarter results.
• Vipshop Holdings Limited (NYSE:VIPS) was down, falling 17% to $11.60 after the company reported second-quarter results and guided third-quarter revenues down approximately 5-10%.

Commodities

In commodity news, oil traded down 0.7% to $73.82 while gold traded up 0.5% at $2,553.30.

Silver traded up 0.5% to $29.46 on Tuesday, while copper fell 0.8% to $4.1490.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 slipped 0.45%, Germany's DAX fell 0.35% and France's CAC 40 slipped 0.22%. Spain's IBEX 35 Index fell 0.13%, while London's FTSE 100 fell 1%.

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: BTBT INM MYNA PANW RERE TTNP VIPS