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Following the market opening Tuesday, the Dow traded down 0.39% to 35,007.57 while the NASDAQ fell 1.38% to 14,636.11. The S&P also fell, dropping 0.58% to 4,396.68.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,533,180 cases with around 610,950 deaths. India confirmed a total of at least 31,440,950 cases and 421,380 deaths, while Brazil reported over 19,707,660 COVID-19 cases with 550,500 deaths. In total, there were at least 194,778,390 cases of COVID-19 worldwide with more than 4,168,690 deaths, according to data compiled by Johns Hopkins University.
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Leading and Lagging Sectors
Consumer staples shares climbed 0.4% on Tuesday. Meanwhile, top gainer in the sector included Turning Point Brands, Inc. (NYSE:TPB), up 12%
In trading on Tuesday, information technology shares fell 1.3%.
Top Headline
General Electric Company (NYSE:GE) reported better-than-expected results for its second quarter.
GE reported quarterly adjusted earnings of $0.05 per share, missing analysts’ estimates of $0.04 per share. The company’s revenue came in at $18.30 billion, versus expectations of $18.13 billion.
GE boosted its industrial free cash flow outlook to $3.5 billion to $5 billion.
Equities Trading UP
EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) shares shot up 50% to $4.67 after the company said it has entered a non-binding letter of intent to acquire Bayon Therapeutics, a private ophthalmic specialty pharmaceutical company focused on using light sensitive "photoswitch" small molecules, specifically designed to restore vision in patients with inherited and age-related degenerative retinal diseases. The company also announced that Brian Strem, co-founder and managing director of Bayon Therapeutics, was appointed as permanent president, CEO and board member, effective immediately.
Shares of Dyadic International, Inc. (NASDAQ: DYAI) got a boost, shooting 35% to $4.63 after the company reported technology transfer and licensing agreement with South Africa's Rubic Consortium aiming to 'develop and commercialize vaccines for distribution throughout the African continent.'
ObsEva SA (NASDAQ: OBSV) shares were also up, gaining 29% to $3.24. Organon & Co. and ObsEva announced the companies have entered into an agreement whereby Organon will license the global development, manufacturing and commercial rights to ebopiprant, an investigational compound being evaluated as a potential treatment for preterm labor by reducing inflammation and uterine contractions.
Check out these big movers of the day
Equities Trading DOWN
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SkyWater Technology, Inc. (NASDAQ:SKYT) shares tumbled 38% to $17.89. SkyWater Technology reported that it will invest $56 million in capacity expansion and gallium nitride technology.
Shares of Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) were down 29% to $1.58 after the company highlighted the presentation of updated data from Phase 2 MARIO-275 trial in urothelial cancer and Phase 2 MARIO-3 trial in triple negative breast cancer.
Bit Digital, Inc. (NASDAQ: BTBT) was down, falling 26% to $6.56. Bit Digital shares jumped 110% on Monday after the company, and Digihost, announced they entered into a second strategic co-mining agreement.
Commodities
In commodity news, oil traded down 0.1% to $71.88, while gold traded down 0.2% to $1,796.50.
Silver traded down 0.6% Tuesday to $25.17 while copper fell 0.6% to $4.5565.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index fell 0.8% and the German DAX 30 dropped 0.5%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 fell 0.4% and Italy’s FTSE MIB declined 0.6%.
Producer prices in Spain rose 15.4% year-over-year in June. The Ifo Business Climate indicator for Germany fell to 100.8 in July from 101.7 a month ago.
Economics
The Federal Open Market Committee will begin its two-day policy meeting today.
US durable goods orders rose 0.8% for June.
The S&P CoreLogic Case-Shiller 20-city home price index rose 17% year-over-year in May.
The FHFA house price index rose 1.7% from the prior month in May.
The Conference Board’s consumer confidence index increased to 129.1 for July from previous reading of 128.9.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
Data on money supply for the latest week will be released at 1:00 p.m. ET.
Check out the full economic calendar here
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.