U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 50 points on Tuesday.
The Dow traded down 0.10% to 40,854.31 while the NASDAQ fell 0.15% to 17,850.34. The S&P 500 also fell, dropping, 0.06% to 5,604.70.
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Leading and Lagging SectorsHealth care shares climbed by 0.5% on Tuesday.
In trading on Tuesday, energy shares fell by 1%.
Top Headline
Medtronic Plc (NYSE:MDT) reported better-than-expected results for its first quarter on Tuesday.
The company posted first-quarter 2025 sales of $7.92 billion, beating the consensus of $7.89 billion. The medical device maker reported adjusted EPS of $1.23, beating the consensus of $1.20. Revenue increased 2.8% year over year, as reported, and 5.3% organic.
Medtronic revised its fiscal year 2025 adjusted EPS guidance to $5.42 – $5.50, compared to prior guidance of $5.40 – $5.50 and consensus of $5.44. The company sees fiscal year 2025 organic revenue growth of 4.5% – 5% compared to prior guidance of 4% – 5%.
Equities Trading UP
- InMed Pharmaceuticals Inc. (NASDAQ:INM) shares shot up 250% to $0.5075 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 16% to $3.47 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 108% to $10.37. 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 $1.93 after the company cut its FY24 revenue guidance.
- Shares of ATRenew Inc. (NASDAQ:RERE) were down 12% to $2.5066 following second-quarter results.
- Vipshop Holdings Limited (NYSE:VIPS) was down, falling 10% to $12.57 after the company reported second-quarter results and guided third-quarter revenues down approximately 5-10%.
CommoditiesIn commodity news, oil traded up 0.8% to $74.96 while gold traded up 1.1% at $2,568.90.
Silver traded up 2% to $29.875 on Tuesday, while copper rose 0.2% to $4.1875.
Euro zone
European shares were mostly lower today. The eurozone's STOXX 600 slipped 0.22%, Germany's DAX fell 0.09% and France's CAC 40 slipped 0.01%. Spain's IBEX 35 Index fell 0.32%, while London's FTSE 100 fell 0.85%.
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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