U.S. stocks turned higher midway through trading after recording losses in the previous session.
The Dow traded up 0.38% to 31,292.90 while the NASDAQ rose 0.17% to 11,391.47. The S&P also rose, gaining, 0.17% to 3,860.85.
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Leading and Lagging Sectors
Financials shares rose by 1.1% on Tuesday. Meanwhile, top gainers in the sector included loanDepot, Inc. LDI, up 14% and CNFinance Holdings Limited CNF up 6%.
In trading on Tuesday, energy shares dipped by 2%.
PepsiCo Inc PEP posted better-than-expected results for its second quarter on Tuesday.
PepsiCo reported second-quarter FY22 sales growth of 5.2% year-on-year to $20.23 billion, beating the consensus of $19.51 billion. Adjusted EPS of $1.86 beat the analyst consensus of $1.74.
PepsiCo raised the FY22 organic revenue growth outlook to 10% (prior view 8%).
Equities Trading UP
Canoo Inc. GOEV shares shot up 77% to $4.1909 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 Hoth Therapeutics, Inc. HOTH got a boost, shooting 19% to $0.4870 after the company announced its HT-ALZ therapeutic showed cognitive improvements in an Alzheimer's disease mouse model.
Greenwich LifeSciences, Inc. GLSI shares were also up, gaining 31% to $11.27. 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 24% to $6.88 after the company posted a loss for the first quarter.
Shares of E2open Parent Holdings, Inc. ETWO were down 17% to $6.26 after the company reported financial results for its fiscal first quarter ended May 31, 2022.
New Gold Inc. NGD was down, falling 26% to $0.7145 after the company cut its 2022 gold and copper production expectations.
In commodity news, oil traded down 7.3% to $96.46, while gold traded down 0.1% to $1,729.20
Silver traded down 1.1% to $18.93 on Tuesday while copper fell 3.3% to $3.3190.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.43%, London’s FTSE 100 rose 0.23% while Spain’s IBEX 35 Index fell 0.75%. The German DAX gained 0.49%, French CAC 40 rose 0.87% and Italy’s FTSE MIB Index fell 0.35%.
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.
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.
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.
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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