Crude Oil Up 1%; Verizon Earnings Beat Views

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 100 points on Tuesday.

The Dow traded up 0.28% to 35,510.96 while the NASDAQ rose 0.91% to 14,187.05. The S&P 500, also rose, gaining, 0.48% to 4,576.60.

Check This Out: Galectin Therapeutics And 3 Other Stocks Under $2 Insiders Are Buying

 

Leading and Lagging Sectors

  • Materials shares climbed by 1.8% on Tuesday.
  • In trading on Tuesday, real estate shares fell by 0.6%.

 

Top Headline

Verizon Communications Inc VZ reported better-than-expected earnings for its second quarter.

It clocked a sales decline of 3.5% year-on-year to $32.6 billion, missing the consensus of $33.3 billion. Adjusted EPS of $1.21 beat the consensus of $1.16.

 

Equities Trading UP

  • Inpixon INPX shares shot up 87% to $0.2848 after the company agreed to merge with XTI Aircraft Company.
  • Shares of Kiniksa Pharmaceuticals, Ltd. KNSA got a boost, shooting 32% to $19.77 following strong quarterly results.
  • Bullfrog AI Holdings, Inc. BFRG shares were also up, gaining 34% to $4.63 after the company announced US patent for novel prodrugs of mebendazole and their use in treating cancer.

 

Equities Trading DOWN

  • Humanigen, Inc. HGEN shares dropped 76% to $0.0464. Humanigen said it anticipates that it will not be able to continue as a going concern and is exploring all restructuring options, including bankruptcy.
  • Shares of Bellerophon Therapeutics, Inc. BLPH were down 39% to $0.4349 after the company received a delisting notice.
  • Stoke Therapeutics, Inc. STOK was down, falling 33% to $ 6.36 after the company announced new safety and efficacy data from STK-001 in the two ongoing Phase 1/2a studies and the SWALLOWTAIL open-label extension study in children and adolescents with Dravet syndrome.

Also Check This Out: Top 4 Tech & Telecom Stocks That May Rocket Higher In July

 

Commodities

In commodity news, oil traded up 1% to $79.52 while gold traded up 0.1% at $1,963.40.

Silver traded up 1% to $24.82 on Tuesday while copper rose 1.5% to $3.9140.

 

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.48%, London’s FTSE 100 rose 0.17% while Spain’s IBEX 35 Index fell 0.25% The German DAX rose 0.13% French CAC 40 fell 0.16% and Italy’s FTSE MIB Index rose 0.2%.

The Ifo Business Climate indicator for Germany declined for the third straight month to 87.3 in July. The CBI's quarterly gauge of manufacturing optimism in the UK rose to +6 in the third quarter compared to -2.0 in the prior three-month period.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.06%, China’s Shanghai Composite Index gaining 2.13% and Hong Kong’s Hang Seng Index gaining 4.10%. India’s S&P BSE Sensex, meanwhile, fell 0.04%.

Exports from Hong Kong declined 11.4% year-over-year to $337.4 billion in June, while imports to Hong Kong fell 12.3% year-over-year to $393.9 billion.

 

Economics

  • The S&P CoreLogic Case-Shiller 20-city home price index declined 1.7% year-over-year in May, the same as in April.
  • The FHFA house price index increased by 0.7% versus the previous month in May.
  • The Manufacturing Activity Index in the Richmond area fell to -9 in July from -8 in June.

Now Read This: These Analysts Cut Their Forecasts On CSX After Q2 Results

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,478,000 cases with around 1,169,620 deaths. India confirmed a total of at least 44,995,310 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 692,123,800 cases of COVID-19 worldwide with more than 6,902,510 deaths.

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