US Stocks Mixed; Bank of America Tops Q2 Views

U.S. stocks traded mixed this morning, with the Dow Jones gaining around 70 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.20% to 34,655.10 while the NASDAQ fell 0.38% to 14,190.20. The S&P 500, also fell, declining, 0.05% to 4,520.47.

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Leading and Lagging Sectors

• Energy shares climbed by 0.6% on Tuesday.
• In trading on Tuesday, information technology shares fell by 0.5%.

Top Headline

Bank of America Corp BAC reported better-than-expected second-quarter results.

Bank of America reported a second-quarter FY23 net income growth of 19% year-over-year to $7.4 billion. EPS for the quarter was $0.88, compared to $0.73 in 2Q22, beating the consensus of $0.84. Revenue increased 11% Y/Y to $25.33 billion, beating the consensus of $25.05 billion.

Equities Trading UP

• The Singing Machine Company, Inc. MICS shares shot up 40% to $2.21 after the company announced it launched a new party accessory product line available at Walmart.
• Shares of Biophytis S.A. BPTS got a boost, shooting 45% to $3.1185 after the company signed a partnership with SEQENS to produce Sarconeos (BIO101) active compound, the company's main product.
• Interlink Electronics, Inc. LINK shares were also up, gaining 24% to $13.40.

Equities Trading DOWN

• 9 Meters Biopharma, Inc. NMTR shares dropped 64% to $0.2250 after the company announced on July 17th it, along with its subsidiaries, ceased operations and filed a voluntary petition for relief under the Bankruptcy Code.
• Shares of Lixte Biotechnology Holdings, Inc. LIXT were down 22% to $5.84 after the company announced pricing of a $3.5 million registered direct offering and concurrent private placement priced at-the-market under Nasdaq rules.
• CEL-SCI Corporation CVM was down, falling 21% to $2.27 after the company priced its public offering of 2.5 million shares at $2 per share.

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Commodities

In commodity news, oil traded up 0.4% to $74.47 while gold traded up 0.6% at $1,967.50.

Silver traded up 0.6% to $25.155 on Tuesday while copper fell 0.6% to $3.8220.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 gained 0.1% while Spain’s IBEX 35 Index slipped 0.4% The German DAX gained 0.1% French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.1%.

Construction output in Italy fell by 6.5% year-over-year in May, versus a 6.3% fall in April.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.32%, China’s Shanghai Composite Index falling 0.37% and Hong Kong’s Hang Seng Index declining 2.05%. India’s S&P BSE Sensex, meanwhile, rose 0.3%.

Hong Kong’s unemployment rate declined to 2.9% in the three months ending June 2023, recording the lowest level since Sept. 2019.

Economics

• Retail sales in the U.S. increased 0.2% month-over-month in June versus a revised 0.5% growth in the prior month, but down from market estimates of a 0.5% rise.
• Industrial production in the U.S. declined 0.5% from a month ago in June versus a revised 0.5% fall in the prior month.

Manufacturing production fell 0.3% month-over-month in June.

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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 107,397,990 cases with around 1,168,910 deaths. India confirmed a total of at least 44,994,920 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 691,684,310 cases of COVID-19 worldwide with more than 6,899,860 deaths.