Crude Oil Up 1%; Verizon Earnings Beat Views
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 100 points on Tuesday.
The Dow traded up 0.28% to 35,510.96 while the NASDAQ rose 0.91% to 14,187.05. The S&P 500, also rose, gaining, 0.48% to 4,576.60.
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Leading and Lagging Sectors
- Materials shares climbed by 1.8% on Tuesday.
- In trading on Tuesday, real estate shares fell by 0.6%.
Top Headline
Verizon Communications Inc (NYSE:VZ) reported better-than-expected earnings for its second quarter.
It clocked a sales decline of 3.5% year-on-year to $32.6 billion, missing the consensus of $33.3 billion. Adjusted EPS of $1.21 beat the consensus of $1.16.
Equities Trading UP
- Inpixon (NASDAQ:INPX) shares shot up 87% to $0.2848 after the company agreed to merge with XTI Aircraft Company.
- Shares of Kiniksa Pharmaceuticals, Ltd. (NASDAQ:KNSA) got a boost, shooting 32% to $19.77 following strong quarterly results.
- Bullfrog AI Holdings, Inc. (NASDAQ:BFRG) shares were also up, gaining 34% to $4.63 after the company announced US patent for novel prodrugs of mebendazole and their use in treating cancer.
Equities Trading DOWN
- Humanigen, Inc. (NASDAQ:HGEN) shares dropped 76% to $0.0464. Humanigen said it anticipates that it will not be able to continue as a going concern and is exploring all restructuring options, including bankruptcy.
- Shares of Bellerophon Therapeutics, Inc. (NASDAQ:BLPH) were down 39% to $0.4349 after the company received a delisting notice.
- Stoke Therapeutics, Inc. (NASDAQ:STOK) was down, falling 33% to $ 6.36 after the company announced new safety and efficacy data from STK-001 in the two ongoing Phase 1/2a studies and the SWALLOWTAIL open-label extension study in children and adolescents with Dravet syndrome.
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Commodities
In commodity news, oil traded up 1% to $79.52 while gold traded up 0.1% at $1,963.40.
Silver traded up 1% to $24.82 on Tuesday while copper rose 1.5% to $3.9140.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.48%, London’s FTSE 100 rose 0.17% while Spain’s IBEX 35 Index fell 0.25% The German DAX rose 0.13% French CAC 40 fell 0.16% and Italy’s FTSE MIB Index rose 0.2%.
The Ifo Business Climate indicator for Germany declined for the third straight month to 87.3 in July. The CBI's quarterly gauge of manufacturing optimism in the UK rose to +6 in the third quarter compared to -2.0 in the prior three-month period.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.06%, China’s Shanghai Composite Index gaining 2.13% and Hong Kong’s Hang Seng Index gaining 4.10%. India’s S&P BSE Sensex, meanwhile, fell 0.04%.
Exports from Hong Kong declined 11.4% year-over-year to $337.4 billion in June, while imports to Hong Kong fell 12.3% year-over-year to $393.9 billion.
Economics
- The S&P CoreLogic Case-Shiller 20-city home price index declined 1.7% year-over-year in May, the same as in April.
- The FHFA house price index increased by 0.7% versus the previous month in May.
- The Manufacturing Activity Index in the Richmond area fell to -9 in July from -8 in June.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,478,000 cases with around 1,169,620 deaths. India confirmed a total of at least 44,995,310 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,123,800 cases of COVID-19 worldwide with more than 6,902,510 deaths.