Crude Oil Down 1%; Bank of America Posts Upbeat Earnings
U.S. stocks traded mostly higher midway through trading, with the Dow Jones index surging more than 550 points on Tuesday.
The Dow traded up 1.41% to 40,779.92 while the NASDAQ fell 0.05% to 18,463.13. The S&P 500 also rose, gaining, 0.35% to 5,651.05.
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Leading and Lagging Sectors
Industrials shares jumped by 2% on Tuesday.
In trading on Tuesday, information technology shares fell by 0.5%.
Top Headline
Bank of America Corp (NYSE:BAC) reported better-than-expected second-quarter results.
The company posted second-quarter fiscal 2024 net income of $6.9 billion and EPS of 83 cents, beating the analyst consensus estimate of 80 cents.
Revenue, net of interest expense, increased 0.8% year-over-year to $25.54 billion, beating the analyst consensus estimate of $25.22 billion.
Equities Trading UP
- Silo Pharma, Inc. (NASDAQ:SILO) shares shot up 113% to $2.2799 after the company obtained an exclusive global license to develop, manufacture, and commercialize its Alzheimer’s drug.
- Shares of Yoshitsu Co., Ltd (NASDAQ:TKLF) got a boost, surging 89% to $0.5780 after the company reported a year-over-year increase in FY24 financial results.
- AngioDynamics, Inc. (NASDAQ:ANGO) shares were also up, gaining 20% to $7.12 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.
Equities Trading DOWN
- Reddit, Inc. (NYSE:RDDT) shares dropped 7% to $68.23 after Loop Capital downgraded the stock from Buy to Hold.
- Shares of The Charles Schwab Corporation (NYSE:SCHW) were down 9% to $68.65 following second-quarter results.
- Clearmind Medicine Inc (NASDAQ:CMND) was down, falling 15% to $1.8799. Clearmind Medicine announced the FDA clearance for IND application of MEAI-based CMND-100 oral capsule.
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Commodities
In commodity news, oil traded down 1% to $81.08 while gold traded up 1.4% at $2,462.00.
Silver traded up 2% to $31.54 on Tuesday, while copper fell 1.5% to $4.4595.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.23%, Germany's DAX fell 0.32% and France's CAC 40 fell 0.64%. Spain's IBEX 35 Index fell 0.41%, while London's FTSE 100 fell 0.21%.
The ZEW Indicator of Economic Sentiment for the Eurozone fell by 7.6 points to a reading of 43.7 in July, while Eurozone posted a trade surplus of EUR 13.9 billion in May versus a year-ago gap of EUR 0.4 billion.
The ZEW Indicator of Economic Sentiment for Germany fell to 41.8 in July, recording the first decline in a year. Italy reported a trade surplus of EUR 6.43 billion in May versus a year-ago surplus of EUR 4.767 billion year.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.20%, Hong Kong's Hang Seng Index falling 1.60%, China's Shanghai Composite Index gaining 0.08% and India's S&P BSE Sensex gaining 0.06%.
Economics
- U.S. retail sales came in flat month-over-month for June compared to a revised 0.3% gain in the previous period.
- Import prices came in unchanged from the prior month in June, while export prices in the U.S. declined 0.5% month-over-month in June.
- The NAHB/Wells Fargo Housing Market Index fell by one point to a reading of 42 in July, versus market estimates of 44.
- U.S. total business inventories increased by 0.5% month-over-month in May compared to a 0.3% gain in the earlier month.
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