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Midway through trading Tuesday, the Dow traded up 0.55 percent to 21,631.73 while the NASDAQ gained 0.04 percent to 6,413.06. The S&P also rose, gaining 0.41 percent to 2,480.03.
Leading and Lagging Sectors
Basic materials shares climbed by 1.61 percent in the US market on Tuesday. Top gainers in the sector included Freeport-McMoRan Inc (NYSE:FCX), and AK Steel Holding Corporation (NYSE:AKS).
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In trading on Tuesday, healthcare shares fell 0.60 percent. Meanwhile, top losers in the sector included Pacira Pharmaceuticals Inc (NASDAQ:PCRX), down 14 percent, and HealthStream, Inc. (NASDAQ:HSTM), down 12 percent.
Top Headline
General Motors Company (NYSE:GM) posted stronger-than-expected earnings for its second quarter.
General Motors posted quarterly adjusted earnings of $1.89 per share, on revenue of $37 billion. However, analysts were expecting earnings of $1.69 per share on sales of $40.1 billion.
Equities Trading UP
Flex Pharma Inc (NASDAQ:FLKS) shares shot up 17 percent to $4.58 as the company disclosed that the FDA has granted Fast Track designation for FLX-787 for the treatment of severe muscle cramps associated with ALS.
Shares of Invacare Corporation (NYSE:IVC) got a boost, shooting up 17 percent to $14.85 after the company disclosed that it has reached a new consent decree milestone.
Freeport-McMoRan Inc (NYSE:FCX) shares were also up, gaining 13 percent to $14.60 as the company posted a profit for the second quarter.
Equities Trading DOWN
Neuralstem, Inc. (NYSE:CUR) shares dropped 54 percent to $2.54 after the company disclosed that top-line Phase 2 for NSI-189 for major depressive disorder did not meet primary efficacy endpoint.
Shares of Team, Inc. (NYSE:TISI) were down 27 percent to $17.42 after the company reported preliminary Q2 results and announced an offering of $175 million in Convertible Senior Notes due 2023. Team expects Q2 operating loss of $9 million to $7 million, and sales of $310 million.
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Seagate Technology PLC (NASDAQ:STX) was down, falling around 15 percent to $33.72 after the company posted weak Q2 results and named Dave Mosley as CEO.
Commodities
In commodity news, oil traded up 2.96 percent to $47.71 while gold traded down 0.33 percent to $1,256.60.
Silver traded up 0.19 percent Tuesday to $16.475, while copper rose 3.38 percent to $2.829.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.50 percent, the Spanish Ibex Index rose 0.93 percent, while Italy’s FTSE MIB Index rose 0.68 percent. Meanwhile the German DAX climbed 0.55 percent, and the French CAC 40 gained 0.84 percent while U.K. shares rose 0.77 percent.
Economics
The Federal Open Market Committee will begin its two-day meeting today.
The Johnson Redbook Retail Sales Index dropped 1.3 percent during the first three weeks of July versus June.
The FHFA house price index gained 0.4 percent for May, versus economists’ estimates for a 0.6 percent growth
The S&P Corelogic Case-Shiller home price index rose 0.1 percent for May, versus economists’ expectations for a 0.3 percent gain
The Conference Board’s consumer confidence index gained to 121.10 in July, versus previous reading of 118.90. Economists projected a reading of 116.50.
The Richmond Fed's manufacturing index rose to 14.00 in July, versus a prior reading of 7.00. Economists were expecting a reading of 7.00.
The Treasury will auction 2-year notes at 1:00 p.m. ET.
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.