Toward the end of trading Tuesday, the Dow traded up 0.38% to 27,248 while the NASDAQ rose 1.23% to 10,911.60. The S&P also rose, gaining 0.72% to 3,304.77.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,858,130 cases with around 199,890 deaths. India confirmed a total of at least 5,562,660 confirmed cases and 88,930 deaths, while Brazil reported over 4,558,040 COVID-19 cases with 137,270 deaths. In total, there were at least 31,346,080 cases of COVID-19 worldwide with over 965,290 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Consumer discretionary shares climbed 2.5% on Monday. Meanwhile, top gainers in the sector included Carvana Co. CVNA, up 33%, and GameStop Corp. GME, up 21%.
In trading on Monday, financial shares tumbled 1.3%.
Top Headline
AutoZone, Inc. AZO reported better-than-expected results for its fourth quarter on Tuesday.
AutoZone reported quarterly earnings of $30.93 per share, exceeding analysts’ estimates of $24.79 per share. The company reported sales of $4.50 billion, surpassing expectations of $4.15 billion. AutoZone’s quarterly same store sales climbed 21.8%.
Equities Trading UP
Carvana Co. CVNA shares shot up 33% to $231.63 after Goldman Sachs upgraded the stock from Neutral to Buy and raised its price target from $178 to $205. Carvana said it expects a record performance in the third quarter.
Shares of AIM ImmunoTech Inc. AIM got a boost, shooting 26% to $2.5665 after the company announced receipt of statistically significant positive pancreatic cancer survival results from a multiyear Early Access Program conducted at Erasmus University Medical Center in the Netherlands.
NanoVibronix, Inc. NAOV shares were also up, gaining 118% to $1.29 after the company announced its UroShield received FDA authorization for entry into the USA.
Equities Trading DOWN
Vaccinex, Inc. VCNX shares tumbled 56% to $2.39 in reaction to an adverse readout. Top-line results from the early manifest treatment arm of the Phase 2 SIGNAL study showed that it did not meet the co-primary endpoints, according to the Rochester, New York-based company.
Shares of ADC Therapeutics SA ADCT were down 18% to $37.02 as the company said it has submitted a biologics license application to the FDA for loncastuximab tesirine, or Lonca, for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma. Separately, the company announced the commencement of a proposed underwritten public offering of 5.5 million of its common shares.
BioSig Technologies, Inc. BSGM was down, falling 30% to $5.73. BioSig Technologies reported its ViralClear Pharma subsidiary expanded ongoing Phase 2 trial size for oral anti-viral for the treatment of COVID-19.
Commodities
In commodity news, oil traded up 1% to $39.69, while gold traded down 0.1% to $1,908.90.
Silver traded up 0.8% Tuesday to $ 24.580 while copper rose 1.4% to $3.0750.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.2%, the Spanish Ibex Index fell 0.65%, while Italy’s FTSE MIB Index gained 0.54%. Meanwhile, the German DAX 30 climbed 0.41%, French CAC 40 slipped 0.4% and London’s FTSE 100 rose 0.43%.
The German economy is expected to contract 5.2% this year, the Ifo Institute said. The Ifo had earlier expected a 6.7% contraction.
Economics
The Johnson Redbook Retail Sales Index fell 0.9% during the first three weeks of September versus August.
U.S. existing home sales for August rose 2.4% to an annual rate of 6 million units in August.
Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 3:00 p.m. ET.
Edge Rankings
Price Trend
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