Why Markets Are Trading Mixed; US Small Business Optimism Tumbles To This Level

Why Markets Are Trading Mixed; US Small Business Optimism Tumbles To This Level

U.S. stocks traded mixed this morning after recording losses in the previous session.

Following the market opening Tuesday, the Dow traded up 0.13% to 31,214.53 while the NASDAQ fell 0.73% to 11,289.92. The S&P also fell, dropping, 0.34% to 3,841.50.

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Leading and Lagging Sectors


Consumer staples shares rose by 0.7% on Tuesday. Meanwhile, top gainers in the sector included Herbalife Nutrition Ltd. HLF, up 16% and Kalera Public Limited Company KAL up 12%.


In trading on Tuesday, energy shares dipped by 3%.


Top Headline


The NFIB Small Business Optimism Index fell to 89.5 in June, recording the lowest level since January 2013, and versus May’s reading of 93.1.


Equities Trading UP


Canoo Inc. GOEV shares shot up 80% to $4.2686 after Walmart signed a definitive agreement with the company to purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle, with the option to purchase up to 10,000 units.


Shares of Histogen Inc. HSTO got a boost, shooting 40% to $4.13 after gaining around 12% on Monday. The company, last month, announced a 1-for-20 reverse stock split.


Greenwich LifeSciences, Inc. GLSI shares were also up, gaining 31% to $11.30. The FDA has removed the clinical hold on Greenwich LifeSciences’ Flamingo-01 Phase 3 trial of GP2, immunotherapy to prevent breast cancer recurrences.


Equities Trading DOWN

VOXX International Corporation VOXX shares tumbled 17% to $7.53 after the company posted a loss for the first quarter.


Shares of E2open Parent Holdings, Inc. ETWO were down 17% to $6.24 after the company reported financial results for its fiscal first quarter ended May 31, 2022.


SKYX Platforms Corp. SKYX was down, falling 13% to $2.4901.


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Commodities

In commodity news, oil traded down 6.6% to $97.27, while gold traded down 0.2% to $1,728.50.


Silver traded down 1.5% to $18.855 on Tuesday while copper fell 3.2% to $3.3210.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 1.4%. The German DAX declined 0.4%, French CAC 40 fell 0.1% and Italy’s FTSE MIB Index fell 0.9%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell to -53.8 in July from -28 in the prior month, while ZEW Indicator of Economic Sentiment for Germany declined to -53.8 from -28 in June. Retail sales in the UK dropped 1.3% on a like-for-like basis in June from a year earlier.


Economics


The NFIB Small Business Optimism Index fell to 89.5 in June, recording the lowest level since January 2013, and versus May’s reading of 93.1.


The Treasury is set to auction 52-week bills at 11:30 a.m. ET.


Federal Reserve Bank of Richmond President Thomas Barkin will speak at 12:30 p.m. ET.


The Treasury will also auction 10-year notes at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 90,491,960 cases with around 1,046,230 deaths. India confirmed a total of at least 43,652,940 cases and 525,470 deaths, while Brazil reported over 32,940,500 COVID-19 cases with 673,810 deaths. In total, there were at least 561,885,700 cases of COVID-19 worldwide with more than 6,374,990 deaths.

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