Mid-Day Market Update: Blue Apron Jumps On Beyond Meat Partnership; Tonix Pharmaceuticals Shares Plummet

Midway through trading Tuesday, the Dow traded down 0.18% to 27310.35 while the NASDAQ fell 0.57% to 8,211.33. The S&P also fell, dropping 0.37% to 3,003.13.

Leading and Lagging Sectors

Materials shares rose 0.8% on Tuesday. Meanwhile, top gainers in the sector included Fortuna Silver Mines Inc. FSM, up 11%, and Endeavour Silver Corp. EXK, up 8%.

In trading on Tuesday, utilities shares fell 1%.

Top Headline

Goldman Sachs Group Inc GS reported better-than-expected results for its second quarter.

Goldman Sachs reported second-quarter earnings at $5.81, beating analysts estimate of $5 per share. The bank reported sales $9.46 billion, which beat $9.13 billion estimate.

Equities Trading UP

Immuron Limited IMRN shares shot up 78% to $5.21 after the company reported FY19 North American revenues up 52% from last year.

Shares of Blue Apron Holdings, Inc. APRN got a boost, shooting up 56% to $11.93. Blue Apron on Tuesday announced a partnership with plant-based foodmaker Beyond Meat Inc BYND. As part of the new partnership, Blue Apron customers can now order meal kits for delivery in August that will include Beyond Meat's plant-based proteins. The first meal kit will consist of caramelized onion and cheddar burgers with garlic green beans. The second meal will include jalapeno and goat cheese burgers with corn on the cob.

Taronis Technologies, Inc. TRNX shares were also up, gaining 38% to $0.4840 after the company announced it will spin off its Taronis Fuels subsidiary.

Equities Trading DOWN

Tonix Pharmaceuticals Holding Corp. TNXP shares tumbled 40% to $0.5771. Tonix Pharmaceuticals priced 9 million share common stock offering at $0.60 per share.

Shares of Turquoise Hill Resources Ltd. TRQ were down 39% to $0.6491 after the company reported its Q2 gold and copper production results have decreased from the previous quarter.

China Lending Corporation CLDC was down, falling 16% to $0.8605 after the company received a notice of delisting from Nasdaq. The company requested a hearing before the Nasdaq Hearing Panel.

Commodities

In commodity news, oil traded down 0.2% to $59.47, while gold traded down 0.5% to $1,406.30.

Silver traded up 1.7% Tuesday to $15.63, while copper rose 0.4% to $2.7215.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.35%, the Spanish Ibex Index rose 0.57%, while Italy’s FTSE MIB Index climbed 0.12%. Meanwhile, the German DAX gained 0.35%, and the French CAC 40 rose 0.65% while UK shares rose 0.6%.

Economics

U.S. retail sales rose 0.4% for June, versus economists’ expectations for a 0.1% gain.

U.S. import prices fell 0.9% in June.

The Johnson Redbook Retail Sales Index rose 0.1% during the first week of July versus June.

U.S. industrial production was flat for June, versus economists’ expectations for a 0.2% rise.

U.S. business inventories rose 0.3% for May.

The housing market index increased 1 point to a reading of 65 for July.

Federal Reserve Chairman Jerome Powell is set to speak in Paris, France at 1:00 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans will speak in Chicago, IL at 3:30 p.m. ET.

The Treasury International Capital report for May is schedule for release at 4:00 p.m. ET.