Crude Oil Down 2%; GE Aerospace Earnings Top Views
U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Tuesday.
The Dow traded up 0.09% to 40,452.70 while the NASDAQ rose 0.62% to 18,119.84. The S&P 500 also rose, gaining, 0.32% to 5,582.32.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 1% on Tuesday.
In trading on Tuesday, energy shares fell by 1.4%.
Top Headline
GE Aerospace (NYSE:GE) reported better-than-expected second-quarter earnings and raised its FY24 outlook.
GE Aerospace reported second-quarter 2024 adjusted revenue growth of 4% year-over-year to $8.22 billion, missing the consensus of $8.462 billion. Adjusted EPS was $1.20 (+61% YoY), beating the consensus of 99 cents.
Equities Trading UP
- Azitra, Inc. (NYSE:AZTR) shares shot up 455% to $9.00 after the company announced that the U.S. Patent and Trademark Office granted it U.S. Patent No. 12,036,248 for the treatment of atopic dermatitis.
- Shares of Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) got a boost, surging 62% to $1.7150 after the company announced it advanced into the second cohort and commenced dosing for the Pharmacokinetics Study of AD04 for alcohol use disorder.
- Frequency Electronics, Inc. (NASDAQ:FEIM) shares were also up, gaining 30% to $13.15 following fourth-quarter earnings. Also, the company declared a $1.00 special cash dividend.
Equities Trading DOWN
- Jaguar Health, Inc. (NASDAQ:JAGX) shares dropped 64% to $1.5387 after the company announced its phase 3 OnTarget trial results for Crofelemer did not meet its primary endpoint.
- Shares of TransCode Therapeutics, Inc. (NASDAQ:RNAZ) were down 62% to $0.2997 after the company priced $3 million public offering of 10 million common shares at $0.30 per share.
- Cellectar Biosciences, Inc. (NASDAQ:CLRB) was down, falling 24% to $2.2850. The company announced results from its CLOVER WaM pivotal study evaluating iopofosine I 131.
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Commodities
In commodity news, oil traded down 2% to $76.86 while gold traded up 0.4% at $2,405.00.
Silver traded down 0.5% to $29.19 on Tuesday, while copper fell 0.9% to $4.16.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 climbed 0.07%, Germany's DAX gained 0.68% and France's CAC 40 fell 0.33%. Spain's IBEX 35 Index rose 0.57%, while London's FTSE 100 fell 0.43%.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.01%, Hong Kong's Hang Seng Index falling 0.94%, China's Shanghai Composite Index declining 1.65% and India's S&P BSE Sensex declining 0.09%.
The annual inflation rate in Hong Kong rose to 1.5% in June from 1.2% in the prior month. The People’s Bank of China slashed one-year loan prime rate by 10bps to 3.35%.
Economics
The composite manufacturing index in the US Fifth District fell to -17 in July compared to a reading of -10 in June.
Existing home sales declined by 5.4% from the prior month to an annualized rate of 3.89 million units for June.
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