Dow Gains Over 50 Points; Caterpillar Earnings Top Expectations

U.S. stocks were mixed toward the end of trading, with the Dow Jones gaining over 50 points on Tuesday.

The Dow traded up 0.18% to 35,624.60 while the NASDAQ fell 0.30% to 14,303.63. The S&P 500, also fell, dropping, 0.17% to 4,580.98.

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Leading and Lagging Sectors

  • Industrials shares climbed by 0.3% on Tuesday.
  • In trading on Tuesday, consumer discretionary shares fell by 1%.

 

Top Headline

Caterpillar Inc CAT reported better-than-expected results for its second quarter.

Caterpillar a second-quarter FY23 revenue increase of 21.6% year-over-year to $17.32 billion, beating the consensus of $16.50 billion. CAT's adjusted earnings of $5.55 per share, compared to $3.18 a year ago, topped the consensus of $4.51.

 

Equities Trading UP

  • Yellow Corporation YELL shares shot up 117% to $3.82 on continued volatility after the company reportedly ceased operations and is preparing for bankruptcy.
  • Shares of American Superconductor Corporation AMSC got a boost, shooting 63% to $16.40 amid claims of a new superconductor from a group of physicists.
  • Adamis Pharmaceuticals Corporation ADMP shares were also up, gaining 174% to $3.92. The stock is now on the Regulation SHO "threshold security" list.

 

Equities Trading DOWN

  • Polished.com Inc. POL shares dropped 68% to $0.2035. 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 47% to $18.85. The company reported second-quarter FY23 Briumvi net sales of $16 million in the U.S., with total net revenue of approximately $24 million since launch.
  • ZoomInfo Technologies Inc. ZI was down, falling 26% to $18.85 after the company issued weak guidance.

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Commodities

In commodity news, oil traded down 0.6% to $81.31 while gold traded down 1.4% at $1,981.70.

Silver traded down 2.2% to $24.43 on Tuesday while copper fell 2.5% to $3.9090.

 

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.89%, London’s FTSE 100 fell 0.43% while Spain’s IBEX 35 Index fell 1.44% The German DAX declined 1.26% French CAC 40 fell 1.22% and Italy’s FTSE MIB Index declined 0.97%.

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.

 

Economics

  • The S&P Global manufacturing PMI was confirmed at 49 for July.
  • The ISM Manufacturing PMI in the US rose to 46.4 in July versus a nearly three-year low of 46 in the prior month, but down from market estimates of 46.8.
  • The number of job openings declined by 34,000 from a month ago to 9.582 million in June.
  • The number of job quits in the US fell by 295,000 from the prior month to 3.772 million in June.
  • Construction spending in the US increased by 0.5% month-over-month to an annual rate of $1,9238.4 billion in June.
  • The Dallas Fed general business activity index for Texas' service sector climbed to -4.2 in July versus prior month’s reading of -8.2.

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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.

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