Dow Dips Over 300 Points; Medtronic Shares Gain After Upbeat Q1 Earnings - Medtronic (NYSE:MDT), Fly-E Gr

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 300 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.58% to 52,876.43 while the NASDAQ dipped 1.40% to 26,001.27. The S&P 500 also fell, dropping, 0.68% to 7,633.51.

Leading and Lagging Sectors

Health care shares jumped by 1.7% on Tuesday.

In trading on Tuesday, consumer discretionary stocks fell by 1.7%.

Top Headline

Medtronic PLC (NYSE: MDT ) shares gained around 5% on Tuesday after the company reported better-than-expected first-quarter financial results and raised its FY27 adjusted EPS guidance.

Medtronic reported quarterly earnings of $1.45 per share which beat the analyst consensus estimate of $1.39 per share. The company reported quarterly sales of $9.756 billion which beat the analyst consensus estimate of $9.545 billion.

Trending

Also, the company announced a $700 million strategic partnership with Cornerstone Robotics to expand global access to its Sentire Surgical System in select non-U.S. markets.

Equities Trading UP
           

bioAffinity Technologies Inc (NASDAQ: BIAF ) shares shot up 66% to $7.59 after the company announced that it is advancing the potential application of its CyPath Lung Test. Shares of Fly-E Group Inc (NASDAQ: FLYE ) got a boost, surging 45% to $1.99. Wetour Robotics Ltd (NASDAQ: WETO ) shares were also up, gaining 50% to $8.21 after the company announced it released a development demonstration of Orchestra combining surface electromyography with first-person vision to capture richer human-hand data for robot learning.

Equities Trading DOWN

Alumis Inc (NASDAQ: ALMS ) shares dropped 50% to $10.86 after the company disclosed topline results from Envudeucitinib Phase 2b trial in Systemic Lupus Erythematosus (SLE). Shares of KALA BIO Inc (NASDAQ: KALA ) were down 19% to $0.54. Kala Bio and Virotek announced a Letter of Intent to establish an exclusive U.S. distribution partnership for ophthalmology genetic testing program. Nocera Inc (NASDAQ: NCRA ) was down, falling 21% to $2.23.

Commodities

In commodity news, oil traded up 2.9% to $88.20 while gold traded down 2.3% at $4,376.60.

Silver traded down 3.2% to $64.875 on Tuesday, while copper fell 1.6% to $6.5795.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.5%, while Spain’s IBEX 35 Index fell 0.7%, London’s FTSE 100 fell 0.6%, Germany’s DAX dipped 0.9%, while France’s CAC 40 fell 0.3%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 0.15%, Hong Kong’s Hang Seng index declining 0.93%, China’s Shanghai Composite declining 0.16% and India’s BSE Sensex falling 0.02%.

Economics

The US Logistics Managers’ Index declined for a second straight month to a reading of 66.6 in August from 68.9 in the previous month.

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