Crude Oil Gains 1%; US Small Business Optimism Declines In January

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining around 0.1% on Tuesday.

The Dow traded up 0.08% to 44,506.07 while the NASDAQ fell 0.37% to 19,641.40. The S&P 500 also fell, dropping, 0.10% to 6,060.15.

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Leading and Lagging Sectors

Materials shares surged by 1% on Tuesday.

In trading on Tuesday, consumer discretionary shares fell by 0.8%.

Top Headline

The NFIB Small Business Optimism Index declined to 102.8 in January compared to 105.1 in the previous month, and down from estimates of 104.6.

Equities Trading UP
                       

• Anterix Inc. ATEX shares shot up 26% to $35.78 after the company announced it is engaging Morgan Stanley as an advisor for a formal strategic review process to capitalize on the growing demand for private wireless broadband solutions for the utility industry.
• Shares of MYT Netherlands Parent B.V. MYTEgot a boost, surging 12% to $11.17 after the company reported better-than-expected quarterly financial results.
• SelectQuote, Inc. SLQT shares were also up, gaining 28% to $5.59 after the company reported better-than-expected second-quarter financial results and issued FY25 revenue guidance above estimates. Additionally, the company announced a $350 million strategic investment from several institutional investors.

Equities Trading DOWN

• Fluence Energy, Inc. FLNC shares dropped 47% to $6.97 after the company reported worse-than-expected first-quarter financial results and issued FY25 revenue guidance below estimates.
• Shares of Columbus McKinnon Corporation CMCO were down 42% to $20.55 following downbeat quarterly results. Columbus McKinnon also announced plans to combine with Kito Crosby.
• Hyperfine, Inc. HYPR was down, falling 33% to $1.1250 after the company announced a $6 million registered direct offering.

Commodities

In commodity news, oil traded up 1.2% to $73.20 while gold traded down 0.1% at $2,930.20.

Silver traded down 0.4% to $32.355 on Tuesday, while copper fell 2.8% to $4.5770.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.23%, Germany’s DAX 40 rose 0.46% and France’s CAC 40 rose 0.30%. Spain’s IBEX 35 Index rose 0.54%, while London’s FTSE 100 rose 0.01%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with China’s Shanghai Composite Index falling 0.12%, Hong Kong’s Hang Seng Index dipping 1.06% and India’s BSE Sensex falling 1.32%.

Economics

The NFIB Small Business Optimism Index declined to 102.8 in January compared to 105.1 in the previous month, and down from estimates of 104.6.

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