Market Overview

Mid-Afternoon Market Update: Crude Oil Down 4%; Cancer Genetics Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 0.04% to 27,347.76 while the NASDAQ fell 0.44% to 8,222.18. The S&P also fell, dropping 0.33% to 3,004.35.

Leading and Lagging Sectors

Industrial shares rose 0.8% on Tuesday. Meanwhile, top gainers in the sector included China Customer Relations Centers, Inc. (NASDAQ: CCRC), up 12%, and Spartan Motors, Inc. (NASDAQ: SPAR), up 15%.

In trading on Tuesday, energy shares fell 1.4%.

Top Headline

Goldman Sachs Group Inc (NYSE: 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 (NASDAQ: IMRN) shares shot up 59% to $4.6474 after the company reported FY19 North American revenues up 52% from last year.

Shares of Blue Apron Holdings, Inc. (NYSE: APRN) got a boost, shooting up 52% to $11.65. Blue Apron on Tuesday announced a partnership with plant-based foodmaker Beyond Meat Inc (NASDAQ: 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.

Cancer Genetics, Inc. (NASDAQ: CGIX) shares were also up, gaining 22% to $0.2080 after Interpace Diagnostics (NASDAQ: IDXG) said it purchased the Biopharma Services unit of the Cancer Genetics.

Equities Trading DOWN

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares tumbled 40% to $0.5798. Tonix Pharmaceuticals priced 9 million share common stock offering at $0.60 per share.

Shares of Turquoise Hill Resources Ltd. (NYSE: TRQ) were down 38% to $0.6608 after the company reported its Q2 gold and copper production results have decreased from the previous quarter.

China Lending Corporation (NASDAQ: CLDC) was down, falling 17% to $0.8510 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 4% to $57.21, while gold traded down 0.2% to $1,410.30.

Silver traded up 1.9% Tuesday to $15.66, while copper fell 0.5% to $2.697.

Euro zone

European shares closed 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.

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.

 

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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