Nasdaq Down Over 100 Points; US Trade Deficit Shrinks In June

U.S. stocks were lower this morning, with the Nasdaq Composite falling more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.82% to 35,182.19 while the NASDAQ fell 0.81% to 13,880.85. The S&P 500, also fell, dropping, 0.72% to 4,486.06.

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Leading and Lagging Sectors

• Health care shares jumped by 0.7% on Tuesday.
• In trading on Tuesday, energy shares fell 2%.

Top Headline

The U.S. trade deficit shrank to a three-month low level of $65.5 billion in June versus a revised $68.3 billion in May.

Exports from the U.S. fell by $0.3 billion to $247.5 billion in June, while imports fell by $3.1 billion to $313.0 billion.

Equities Trading UP

• Nuburu, Inc. BURU shares shot up 215% to $1.83 after the company announced contract with NASA to demonstrate feasibility of power beaming in space using the company’s blue laser technology.
• Shares of Vivos Therapeutics, Inc. VVOS got a boost, shooting 74% to $0.4539 after falling more than 10% on Monday.
• Bright Minds Biosciences Inc. DRUG shares were also up, gaining 95% to $6.33 after the company disclosed data for BMB-101.

Equities Trading DOWN

• Proterra Inc. PTRA shares dropped 76% to $0.3470 after the company announced it filed for Chapter 11 bankruptcy.
• Shares of SeaChange International, Inc. SEAC were down 38% to $4.9047 after the company announced voluntary SEC deregistration and Nasdaq delisting.
• Datasea Inc. DTSS was down, falling 32% to $0.77. Datasea said on August 1 that it entered into two separate subscription agreements with a certain non-U.S. investor to sell an aggregate of 4.8 million shares of common stock at $1.20 per share.

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Commodities

In commodity news, oil traded down 1.3% to $80.85 while gold traded down 0.4% at $1,961.80.

Silver traded down 1.4% to $22.91 on Tuesday while copper fell 2% to $3.7595.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.6%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index fell 1.1% The German DAX declined 1.4% French CAC 40 fell 1.1% and Italy’s FTSE MIB Index declined 2.4%.

French trade deficit shrank to EUR 6.7 billion in June, recording the lowest level since Aug. 2021, while the country posted a current account surplus of EUR 0.8 billion in June compared to a EUR 0.7 billion deficit in the prior month. The annual inflation rate in Germany fell to 6.2% in July from 6.4% in June. Retail sales in the UK increased 1.8% year-over-year in July.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising 0.38%, China’s Shanghai Composite Index falling 0.25% and Hong Kong’s Hang Seng Index declining 1.81%. India’s S&P BSE Sensex, meanwhile, fell 0.1%.

The gauge for Japan's service sector sentiment rose to 54.4 in July from 53.6 in the earlier month, while average cash earnings in the country rose by 2.3% year-over-year in June. Japan's current account surplus widened to JPY 1,508.8 billion in June compared to JPY 497.9 billion in the year-ago month. Chinese trade surplus shrank to $80.6 billion in July from $102.7 billion in the year-ago period.

Australia's NAB business confidence index rose to 2 in July versus a revised reading of -1 in the previous month, while the Westpac-Melbourne Institute Consumer Sentiment index declined by 0.4% month-over-month to a reading of 81.0 in August.

Economics

• The NFIB Small Business Optimism Index rose for a third straight month to a reading of 91.9 in July.
• The U.S. trade deficit shrank to a three-month low level of $65.5 billion in June versus a revised $68.3 billion in May.
• Exports from the U.S. fell by $0.3 billion to $247.5 billion in June, while imports fell by $3.1 billion to $313.0 billion.

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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 107,566,780 cases with around 1,170,780 deaths. India confirmed a total of at least 44,996,030 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 692,993,500 cases of COVID-19 worldwide with more than 6,905,480 deaths.