Nasdaq Turns Lower; Kezar Life Sciences Shares Jump

U.S. stocks pared gains midway through trading, with the Nasdaq Composite and S&P 500 turning lower on Tuesday.

The Dow traded up 0.16% to 31,490.02 while the NASDAQ fell 0.72% to 11,441.85. The S&P also fell, dropping, 0.12% to 3,895.32.

Also check this: U.S. Consumer Confidence And Other Macro Issues For Tuesday


Leading and Lagging Sectors


Energy shares jumped by 2.9% on Tuesday. Meanwhile, top gainers in the sector included Earthstone Energy, Inc. ESTE, up 9% and North European Oil Royalty Trust NRT up 7%.


In trading on Tuesday, consumer discretionary shares fell by 0.9%.


Top Headline


U.S. goods gap shrank to $104.3 billion in May versus a revised $106.7 billion in April, recording the lowest trade gap so far this year. Exports rose 1.2% to a record high, with imports declining 0.1%.


Equities Trading UP


Kezar Life Sciences, Inc. KZR shares shot up 72% to $9.92 after the company announced topline results from the MISSION Phase 2 clinical trial evaluating zetomipzomib.


Shares of Tuniu Corporation TOUR got a boost, shooting 46% to $0.7587 following reports suggesting China will ease some COVID quarantine requirements for international travelers.


Ceragon Networks Ltd. CRNT shares were also up, gaining 23% to $2.5650 after Aviat Networks, Inc. proposed to acquire the company for $2.80 per share in cash.


Equities Trading DOWN

Enerpac Tool Group Corp. EPAC shares tumbled 6% to $18.57 following downbeat Q3 results.


Shares of Cognyte Software Ltd. CGNT were down 26% to $4.72 after the company reported worse-than-expected Q1 results.


IT Tech Packaging, Inc. ITP was down, falling 17% to $0.1230. IT Tech Packaging reported a 1-for-10 reverse stock split, effective July 7.


Also check out: TD SYNNEX, Ceragon + 3 Stocks To Watch Heading Into Tuesday


Commodities

In commodity news, oil traded up 0.3% to $109.86, while gold traded down 0.1% to $1,822.90.


Silver traded down 0.9% to $20.97 on Tuesday while copper rose 0.4% to $3.7755.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 0.61%, London’s FTSE 100 rose 1.25% while Spain’s IBEX 35 Index rose 1%. The German DAX gained 0.77%, French CAC 40 rose 1.1% and Italy’s FTSE MIB Index climbed 1.23%.

The consumer confidence index in France dropped for a sixth straight month to 82 in June, recording the lowest level since July 2013, while GfK Consumer Climate Indicator in Germany fell to a new record low of -27.4 for July from revised reading of -26.2 in June. Italy’s industrial sales rose by 2.7% over a month during April.


Economics


U.S. goods gap shrank to $104.3 billion in May versus a revised $106.7 billion in April, recording the lowest trade gap so far this year. Exports rose 1.2% to a record high, with imports declining 0.1%.


Wholesale inventories in the US increased 2% month-over-month to $880.6 billion in May versus a revised 2.3% rise in the previous month.


The S&P CoreLogic Case-Shiller home price index ROSE 21.2% year-over-year in April.


The FHFA house price index rose 1.6% from a month ago in April.


The Conference Board’s consumer confidence index fell to 98.7 for June from 103.2.


The Richmond Fed composite manufacturing index declined to -19 in June from -9 in May.


The Treasury is set to auction 7-year notes at 1:00 p.m. ET.


Data on money supply for May will be released at 1:00 p.m. ET.

Check out this: This Healthcare Stock Jumps Around 188%, Here's 83 Biggest Movers From Yesterday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,910,140 cases with around 1,041,020 deaths. India confirmed a total of at least 43,420,600 cases and 525,040 deaths, while Brazil reported over 32,136,910 COVID-19 cases with 670,600 deaths. In total, there were at least 549,898,720 cases of COVID-19 worldwide with more than 6,352,400 deaths.

Posted In: Mid-Day Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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