Dow Dips Over 400 Points; Crude Oil Rises 2%

U.S. stocks turned sharply lower toward the end of trading, with the Dow Jones dropping more than 400 points on Tuesday.

The Dow traded down 1.38% to 31,004.49 while the NASDAQ fell 2.60% to 11,224.77. The S&P also fell, dropping, 1.81% to 3,829.62.

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

Leading and Lagging Sectors

Energy shares jumped by 2.2% on Tuesday. Meanwhile, top gainers in the sector included Earthstone Energy, Inc. ESTE, up 12% and BP Prudhoe Bay Royalty Trust BPT up 7%.

In trading on Tuesday, consumer discretionary shares fell by 3.6%.

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 44% to $8.31 after the company announced topline results from the MISSION Phase 2 clinical trial evaluating zetomipzomib.

Shares of Tuniu Corporation TOUR got a boost, shooting 47% to $0.7660 following reports suggesting China will ease some COVID quarantine requirements for international travelers.

Ceragon Networks Ltd. CRNT shares were also up, gaining 24% to $2.5850 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 7% to $18.49 following downbeat Q3 results.

Shares of Cognyte Software Ltd. CGNT were down 26% to $4.73 after the company reported worse-than-expected Q1 results.

IT Tech Packaging, Inc. ITP was down, falling 13% to $0.1282. 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


In commodity news, oil traded up 2.1% to $111.85, while gold traded down 0.2% to $1,821.60.

Silver traded down 1.9% to $20.765 on Tuesday while copper fell 0.1% to $3.7585.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.27%, London’s FTSE 100 rose 0.90% while Spain’s IBEX 35 Index rose 0.91%. The German DAX gained 0.35%, French CAC 40 rose 0.64% and Italy’s FTSE MIB Index climbed 0.79%.

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.


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.

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.


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