US Stocks Mixed; Pfizer Earnings Beat Views

U.S. stocks were mixed this morning, with the Dow Jones trading slightly higher on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.03% to 35,568.68 while the NASDAQ fell 0.57% to 14,264.52. The S&P 500, also fell, dropping, 0.32% to 4,574.50.

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Top Headline

Pfizer Inc. PFE reported better-than-expected earnings for its second quarter.

Pfizer posted quarterly adjusted earnings of 67 cents per share, beating market estimates of 57 cents per share. The company’s quarterly sales came in at $12.73 billion, versus expectations of $13.17 billion.

Equities Trading UP

• ABVC BioPharma, Inc. ABVC shares shot up 55% to $3.88. ABVC signed a term sheet to earn licensing fees of up to $20 million and royalties of 5-12% of net sales.
• Shares of American Superconductor Corporation AMSC got a boost, shooting 49% to $15.03 amid claims of a new superconductor from a group of physicists.
• Ampio Pharmaceuticals, Inc.  AMPE shares were also up, gaining 45% to $0.3374.

Equities Trading DOWN

• Polished.com Inc. POL shares dropped 55% to $0.2832. Polished.com announced filing of restated and delayed financial statements and release of results for the first quarter.
• Shares of TG Therapeutics, Inc. TGTX were down 46% to $11.15 following weaker-than-expected second-quarter results.
• Cybin Inc. CYBN was down, falling 29% to $0.2836 after the company launched overnight marketed public offering of units.

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Commodities

In commodity news, oil traded down 0.5% to $81.40 while gold traded down 0.9% at $1,992.20.

Silver traded down 1.6% to $24.58 on Tuesday while copper fell 0.8% to $3.9755.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index slipped 0.9% The German DAX declined 0.9% French CAC 40 fell 0.9% and Italy’s FTSE MIB Index declined 0.9%.

The euro area unemployment rate came in at a record low of 6.4% in June, versus market estimates of 6.5%. Eurozone manufacturing PMI declined to 42.7 in July from 43.4 in the prior month.

The S&P Global/CIPS UK manufacturing PMI rose to 45.3 in July versus a preliminary estimate of 45.0. The Nationwide House Price Index in the UK declined by 3.8% from a year ago in July.

Germany's unemployment rate fell to 5.6% in July, while manufacturing PMI fell to 38.8 in July from 40.6 in June. The HCOB France Manufacturing PMI rose to 45.1 in July versus a preliminary estimate of 44.5.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.92%, China’s Shanghai Composite Index falling 0.01% and Hong Kong’s Hang Seng Index falling 0.34%. India’s S&P BSE Sensex, meanwhile, fell 0.1%.

Retail sales in Hong Kong climbed 17.5% year-over-year in June versus a revised 16.6% growth in the prior month. The S&P Global India Manufacturing PMI fell to a 3-month low level of 57.7 in July. The Reserve Bank of Australia held its cash rate at 4.1% during its August meeting.

The Caixin China General Manufacturing PMI declined to 49.2 in July compared to 50.5 in June, while Japan manufacturing PMI was revised higher to 49.6 in July versus a flash reading of 49.4. Japan’s unemployment rate fell to 2.5% in June from 2.6% in the previous month.

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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 107,515,730 cases with around 1,169,810 deaths. India confirmed a total of at least 44,995,620 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 692,531,690 cases of COVID-19 worldwide with more than 6,903,480 deaths.