Crude Oil Rises 2%; ADC Therapeutics Shares Plummet

U.S. stocks traded higher midway through trading, with the Dow Jones surging over 100 points on Tuesday.

The Dow traded up 0.41% to 34,082.47 while the NASDAQ rose 0.29% to 13,725.52. The S&P 500, also rose, gaining, 0.30% to 4,422.89.

Check This Out: Amazon, GameStop And 2 Other Stocks Insiders Are Selling

Leading and Lagging Sectors

• Energy shares climbed by 1.4% on Tuesday.
• In trading on Tuesday, consumer staples shares fell by 0.2%.

Top Headline

The NFIB Small Business Optimism Index in the U.S. rose to a seven-month high level of 91 in June, topping market estimates of 89.9.

Equities Trading UP

• Taoping Inc. TAOP shares shot up 26% to $0.6638. Taoping posted 1H contract revenue of $14.65 million, up 95% year over year.
• Shares of Adial Pharmaceuticals, Inc. ADIL got a boost, shooting 79% to $0.3624 after the company issued a business update following favorable comments from US and EU regulatory meetings.
• Better Therapeutics, Inc. BTTX shares were also up, gaining 27% to $1.1419 after the FDA approved the company's AspyreRx (formerly BT-001), a prescription-only digital treatment to provide cognitive behavioral therapy to adult patients with type 2 diabetes.

Equities Trading DOWN

• Siyata Mobile Inc. SYTA shares dropped 24% to $0.0552 after the company reported pricing of $2.3 million registered direct of 51,450,000 common shares for $0.045 per share.
• Shares of ADC Therapeutics SA ADCT were down 20% to $1.8997 after the company paused enrollment in Phase 2 LOTIS-9 trial of Zynlonta and rituximab in unfit or frail patients with previously untreated diffuse large b-cell lymphoma.
• Byrna Technologies Inc. BYRN was down, falling 15% to $4.44. Byrna Technologies posted downbeat second-quarter results and withdrew guidance for fiscal year 2023.

Also Check This Out: Check Out 3 High-Yielding Dividend Stocks In Financial Sector From Wall Street's Most Accurate Analysts

Commodities

In commodity news, oil traded up 2% to $74.43 while gold traded up 0.4% at $1,937.70.

Silver traded down 0.1% to $23.335 on Tuesday while copper fell 0.8% to $3.7555.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.64%, London’s FTSE 100 fell 0.08% while Spain’s IBEX 35 Index gained 0.57% The German DAX gained 0.67% French CAC 40 climbed 0.97% and Italy’s FTSE MIB Index gained 0.58%.

The ZEW Indicator of Economic Sentiment for the Eurozone declined to -12.2 in July 20 from -10 in the previous month. The ZEW Indicator of Economic Sentiment for Germany fell to -14.7 in July, compared to the prior month's level of -8.5, while annual inflation rate in the country rose to 6.4% in June from May’s level of 6.1%. Industrial production in Italy climbed by 1.6% from a month ago in May versus the revised 2% decline in April.

The unemployment rate in the U.K. increased to 4.0% in March, notching the highest level since the final quarter quarter of 2021, while average weekly earnings, including bonuses, increased by 6.9% year-over-year to GBP 651 per week during the three months to May.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.04%, Hong Kong’s Hang Seng Index gaining 0.97%, China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex rose 0.42%.

Australia's NAB business confidence index rose to 0 in June 2023 versus a revised reading of -3 in the earlier month, while Westpac-Melbourne Institute consumer sentiment index increased by 2.7% month-over-month to a reading of 81.3 in July.

Economics

The NFIB Small Business Optimism Index in the U.S. rose to a seven-month high level of 91 in June, topping market estimates of 89.9.

Now Read This: NVIDIA To Rally More Than 30%? Here Are 10 Other Analyst Forecasts For Tuesday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,358,510 cases with around 1,168,500 deaths. India confirmed a total of at least 44,994,590 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,400,260 cases of COVID-19 worldwide with more than 6,898,550 deaths.