Crude Oil Rises 1%; DermTech Shares Plummet
U.S. stocks traded mostly higher midway through trading, with the Dow Jones index gaining around 0.1% on Tuesday.
The Dow traded up 0.09% to 38,814.43 while the NASDAQ fell 0.01% to 17,855.89. The S&P 500 also rose, gaining, 0.19% to 5,483.50.
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Leading and Lagging Sectors
Energy shares jumped by 0.7% on Tuesday.
In trading on Tuesday, communication services shares fell by 0.7%.
Top Headline
U.S. industrial production increased 0.9% month-over-month in May, topping market estimates of a 0.3% gain.
Equities Trading UP
- Reliance Global Group, Inc. (NASDAQ:RELI) shares shot up 258% to $0.7947 after the company said it expects the pending acquisition of Spetner Associates to close in the second half of 2024, projecting it to increase annualized revenue to approximately $28 million.
- Shares of Actelis Networks Inc (NASDAQ:ASNS) got a boost, surging 73% to $1.99 after the IoT solutions provider disclosed its partnership with Carahsoft, a leading U.S. IT Software and Services Company.
- Comtech Telecommunications Corp (NASDAQ:CMTL) shares were also up, gaining 50% to $3.26 after the company announced a new $222 million credit facility.
Equities Trading DOWN
- Taysha Gene Therapies Inc (NASDAQ:TSHA) shares dropped 31% to $2.77 after the company announced longer-term clinical data from the ongoing REVEAL Phase 1/2 adolescent and adult trial and initial clinical data from the REVEAL Phase 1/2 pediatric trial of TSHA-102 in Rett syndrome.
- Shares of DermTech, Inc. (NASDAQ:DMTK) were down 58% to $0.14 after the company filed for Chapter 11 protection and implemented a 20% workforce reduction to preserve cash.
- Quantum Corporation (NASDAQ:QMCO) was down, falling 47% to $0.41 following weaker-than-expected FY 2024 results.
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Commodities
In commodity news, oil traded up 1.2% to $81.30 while gold traded up 0.6% at $2,342.40.
Silver traded up 0.2% to $29.44 on Tuesday, while copper rose 0.3% to $4.4615.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.69%, Germany's DAX rose 0.35% and France's CAC 40 gained 0.76%. Spain's IBEX 35 Index rose 0.99%, while London's FTSE 100 climbed 0.60%.
Annual inflation rate in the Eurozone accelerated to 2.6% in May from 2.4% in the previous month, while ZEW Indicator of Economic Sentiment rose by 4.3 points to a reading of 51.3 in June.
The ZEW Indicator of Economic Sentiment for Germany rose to 47.5 in June, notching the highest reading since February 2022.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei gaining 1%, Hong Kong's Hang Seng Index declining 0.11%, China's Shanghai Composite Index gaining 0.48% and India's S&P BSE Sensex gaining 0.4%.
Singapore’s non-oil domestic exports slipped 0.1% year-over-year for May versus a sharp 9.6% decline in the prior month.
Economics
- U.S. retail sales rose 0.1% month-over-month in May compared to a revised 0.2% declined in April and missing market expectations of 0.2% gain.
- U.S. industrial production increased 0.9% month-over-month in May, topping market estimates of a 0.3% gain.
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