Following the market opening Tuesday, the Dow traded up 0.11% to 35,374.12 while the NASDAQ rose 0.43% to 15,006.17. The S&P also rose, gaining 0.22% to 4,489.23.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 37,941,620 cases with around 629,560 deaths. India confirmed a total of at least 32,474,770 cases and 435,110 deaths, while Brazil reported over 20,583,990 COVID-19 cases with 574,840 deaths. In total, there were at least 212,639,390 cases of COVID-19 worldwide with more than 4,443,760 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares rose 1.3% on Tuesday. Meanwhile, top gainers in the sector included Gevo, Inc. (NASDAQ:GEVO), up 9% and Aemetis, Inc. (NASDAQ:AMTX) up 9%.
In trading on Tuesday, utilities fell 0.8%.
Top Headline
Best Buy Co., Inc. (NYSE:BBY) reported better-than-expected results for its second quarter.
Best Buy posted quarterly adjusted earnings of $2.98 per share, exceeding market estimates of $1.85 per share. The company’s quarterly sales came in at $11.85 billion, versus estimates of $11.49 billion.
Best Buy sees Q3 enterprise revenue of $11.4 billion-$11.6 billion and FY22 enterprise revenue of $51 billion-$52 billion. The company boosted full-year enterprise comparable sales growth outlook to a range of 9% to 11%.
Equities Trading UP
Triple-S Management Corporation (NYSE:GTS) shares shot up 44% to $34.93. GuideWell Mutual Holding Corporation, parent of Blue Cross and Blue Shield of Florida Inc, will acquire Triple-S Management for an equity value of approximately $900 million.
Shares of Takung Art Co., Ltd. (NASDAQ:TKAT) got a boost, shooting 25% to $6.89.
Bio-Path Holdings, Inc. (NASDAQ:BPTH) shares were also up, gaining 26% to $7.19. The FDA has signed off Bio-Path’s Investigational New Drug (IND) application for BP1002 in refractory/relapsed acute myeloid leukemia (AML) patients.
Check out these big movers of the day
Equities Trading DOWN
Shares of Vivos Therapeutics, Inc. (NASDAQ:VVOS) were down 14% to $5.07. Vivos Therapeutics shares jumped around 54% on Monday after the company announced the FDA granted 510(k) market clearance to its mmRNA device for treating mild to moderate OSA, sleep-disordered breathing and snoring in adults.
ABVC BioPharma, Inc. (NASDAQ:ABVC) was down, falling 8% to $2.3099 after jumping over 23% on Monday. ABVC BioPharma recently reported Q2 earnings results.
Commodities
In commodity news, oil traded up 1.8% to $66.82, while gold traded up 0.1% to $1,807.20.
Silver traded up 0.3% Tuesday to $23.73 while copper rose 0.3% to $4.2505.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index dropped 0.5% and the German DAX 30 gained 0.3%. Meanwhile, the London’s FTSE 100 gained 0.2%, French CAC 40 fell 0.3% and Italy’s FTSE MIB fell 0.3%.
The German economy grew 1.6% on quarter during the second quarter versus a revised 2% contraction in the first three months of the year.
Economics
The Johnson Redbook Retail Sales Index rose 15.9% year-over-year during the first three weeks of August.
New home sales rose 1% to an annual rate of 708,000.
The Richmond Fed Manufacturing Index fell to 9 in August from 27 in July.
The Treasury is set to auction 2-year notes at 1:00 p.m. ET.
Data on money supply for July will be released at 4:30 p.m. ET.
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