Why U.S. Stocks Are Trading Lower; Job Openings Drop To This Level In June
U.S. stocks traded lower this morning, with the Dow Jones falling more than 250 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 0.87% to 32,511.89 while the NASDAQ fell 0.47% to 12,311.33. The S&P also fell, dropping, 0.60% to 4,094.02.
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Leading and Lagging Sectors
Health care shares climbed 0.5% on Tuesday. Meanwhile, top gainers in the sector included Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM), up 28% and Nutex Health, Inc. (NASDAQ:NUTX) up 19%.
In trading on Tuesday, information technology shares fell 1.1%.
Top Headline
The number of job openings dropped by 605,000 from a month ago to 10.7 million in June, the lowest in nine months. However, analysts were expecting a reading of 11 million.
Equities Trading UP
AMTD IDEA Group (NYSE:AMTD) shares shot up 298% to $8.28 after jumping 18% on Monday. The company owns 90%+ of AMTD Digital.
Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) got a boost, shooting 28% to $16.02 as the company posted a narrower-than-expected Q2 loss.
L&F Acquisition Corp. (NASDAQ:LNFA) shares were also up, gaining 26% to $13.45.
Equities Trading DOWN
Mobile Global Esports Inc. (NASDAQ:MGAM) shares tumbled 36% to $8.31 after jumping 16% on Monday.
Shares of FAT Brands Inc. (NASDAQ:FATBB) were down 27% to $10.95. The company recently posted a Q2 net loss of $8.2 million or $0.50 per share.
DZS Inc. (NASDAQ:DZSI) was down, falling 22% to $15.21 after the company reported worse-than-expected Q2 results.
Commodities
In commodity news, oil traded up 0.2% to $94.06, while gold traded up 0.8% to $1,801.20.
Silver traded down 0.2% to $20.325 on Tuesday while copper fell 0.9% to $3.5110.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2%. The German DAX slipped 0.3%, French CAC 40 fell 0.3% and Italy’s FTSE MIB Index fell 0.6%.
The Nationwide House Price Index in the UK surged 11.0% year-over-year in July, higher than 10.7% in the previous month.
Economics
The number of job openings dropped by 605,000 from a month ago to 10.7 million in June, the lowest in nine months. However, analysts were expecting a reading of 11 million.
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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 93,225,110 cases with around 1,055,570 deaths. India confirmed a total of at least 44,050,000 cases and 526,430 deaths, while France reported over 33,866,820 COVID-19 cases with 152,170 deaths. In total, there were at least 583,309,090 cases of COVID-19 worldwide with more than 6,422,510 deaths.