Dow Surges 500 Points; US Core Inflation Rises To 3.1%

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 1% on Tuesday.

The Dow traded up 1.14% to 44,477.20 while the NASDAQ rose 1.28% to 21,659.58. The S&P 500 also rose, gaining, 1.07% to 6,441.40.

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Leading and Lagging Sectors

Communication services shares jumped by 1.6% on Tuesday.

In trading on Tuesday, real estate stocks fell by 0.4%.

Top Headline

The US annual inflation rate came in steady at 2.7% in in July, but down from market estimates of 2.8%. Meanwhile, core inflation rose to a five-month high of 3.1% from 2.9% in June.

Equities Trading UP

180 Life Sciences Corp. ATNF shares shot up 123% to $7.44 after the biotechnology company completed a $156 million private offering to boost its Ethereum ETH/USD reserves.
Shares of Gevo, Inc. GEVO got a boost, surging 55% to $1.9403 after the company reported better-than-expected Q2 EPS results.
WideOpenWest, Inc. WOW shares were also up, gaining 49% to $5.05 after the company agreed to be acquired for $5.20 per share.

Equities Trading DOWN

Spirit Aviation Holdings, Inc. FLYY shares dropped 43% to $2.0150 after the company agreed to be acquired for $5.20 per share.
Shares of Myomo, Inc. MYO were down 42% to $1.0241 after the company reported Q2 financial results and issued Q3 sales guidance below estimates. Also, the company cut its FY25 sales guidance below estimates.
Mint Incorporation Limited MIMI was down, falling 29% to $6.01.

Commodities

In commodity news, oil traded down 1.2% to $63.19 while gold traded down 0.1% at $3,400.90.

Silver traded up 0.5% to $37.990 on Tuesday, while copper rose 1.9% to $4.5245.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.21%, while Spain's IBEX 35 Index rose 0.02%. London's FTSE 100 rose 0.20%, Germany's DAX 40 declined 0.23% and France's CAC 40 rose 0.71% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 2.15%, Hong Kong's Hang Seng gaining 0.25%, China's Shanghai Composite gaining 0.50% and India's BSE Sensex falling 0.46%.

Economics

The US annual inflation rate came in steady at 2.7% in in July, but down from market estimates of 2.8%. Meanwhile, core inflation rose to a five-month high of 3.1% from 2.9% in June.

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