U.S. Stock Tumble On The Open As U.S. Retail Sales Rise In Less Than Expected In April

U.S. stocks traded lower this morning, with the Dow Jones dropping over 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.71% to 33,111.92 while the NASDAQ fell 0.10% to 12,353.38. The S&P 500, also fell, dropping, 0.38% to 4,120.40.

  • Information technology shares rose by 0.3% on Tuesday. Meanwhile, top gainers in the sector included Applied Digital Corporation APLD+35.7%, up 30%, and Navitas Semiconductor Corporation NVTS+16.1%+ Free Alerts, up 16%
  • In trading on Tuesday, energy shares fell 1.8%

Top Headline

Retail sales in the US rose 0.4% month-over-month in April following two straight months of declines, but came in below market expectations for a 0.8% growth.

  • GD Culture Group Limited GDC+107.8% shares shot up 88% to $8.17 after gaining over 8% on Monday. GD Culture recently announced an $11.55 million registered direct offering
  • Shares of Applied Digital Corporation APLD+35.7% got a boost, shooting 30% to $4.46 after the company announced that its recently launched AI Cloud Service has secured its first major AI customer with an agreement worth up to $180 million over a 24-month period
  • Atlas Lithium Corporation ATLX+22.8%shares were also up, gaining 21% to $22.99
  • Ohmyhome Limited OMH-45.4% shares dropped 43% to $17.74. Ohmyhome signed a MOU for potential acquisition of a leading Singapore tech-enabled property management company to deliver quality services directly to customers’ fingertips and doorsteps
  • Shares of Eloxx Pharmaceuticals, Inc. ELOX-33.4% were down 32% to $7.47 after the company reported worse-than-expected first-quarter EPS results
  • Predictive Oncology Inc. POAI-16.4%was down, falling 18% to $2.81 after the company reported a loss for the first quarter


In commodity news, oil traded up 0.1% to $71.14 while gold traded down 0.3% at $2,016.50.

Silver traded down 0.6% to $24.155 on Tuesday while copper fell 2.2% to $3.6675.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2% The German DAX rose 0.1%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB Index gained 0.2%.

The quarterly economic growth for Eurozone was confirmed at 0.1% during the first quarter, while the number of employed persons in the Eurozone increased by 0.6% from the prior quarter to 166.1 million during the three months. The ZEW Indicator of Economic Sentiment for the Eurozone fell to -9.4 in May compared to 6.4 a month ago.

The ZEW Indicator of Economic Sentiment for Germany dropped to -10.7 in May, recording its weakest level in five months. Annual inflation rate in Italy increased to 8.2% in April from 7.6% in March.

Labor productivity in the UK declined by 1.4% on quarter during the three months to March, while unemployment rate rose 0.1 percentage points to 3.9% in the first quarter. Average weekly earnings, including bonuses, increased 5.8% year-over-year to GBP 642 in the three months.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.73%, Hong Kong’s Hang Seng Index climbing 0.04% and China’s Shanghai Composite Index dropping 0.60%. India’s S&P BSE Sensex fell 0.7%.

China’s retail sales climbed by 18.4% from the previous year in April, while industrial production surged by 5.6% year-over-year in April.

  • Retail sales in the US rose 0.4% month-over-month in April following two straight months of declines, but came in below market expectations for a 0.8% growth
  • The NAHB/Wells Fargo Housing Market Index increased by 5 points to 50 in May
  • Industrial production increased 0.5% from a month ago in April
  • U.S. business inventories dropped by 0.1% from a month ago in March

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