U.S. stocks were lower midway through trading, with the Dow Jones falling over 1% on Tuesday.

The Dow traded down 1.05% to 35,099.88 while the NASDAQ fell 1.47% to 13,788.21. The S&P 500, also fell, dropping, 1.09% to 4,469.36.

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Leading and Lagging Sectors

• Health care shares jumped by 0.5% on Tuesday.
• In trading on Tuesday, financial shares fell 1.8%.

Top Headline

Eli Lilly and Company (NYSE:LLY) reported upbeat second-quarter results and raised its annual guidance.

Eli Lilly reported sales of $$8.31 billion, up 28% Y/Y, beating the consensus of $7.58 billion. Eli Lilly posted an adjusted EPS of $2.11, beating the consensus of $1.99.

The company also raised its annual revenue forecast to $33.4-$33.9 billion from prior guidance of $31.2-$31.7 billion versus the consensus of $31.44 billion. The company sees adjusted EPS Of $9.70-$9.90 from prior guidance of $8.65-$8.85 compared to the consensus of $8.71.

Equities Trading UP

• Nuburu, Inc. (NYSE:BURU) shares shot up 79% to $1.0387 after the company announced contract with NASA to demonstrate feasibility of power beaming in space using the company’s blue laser technology.
• Shares of Paymentus Holdings, Inc. (NYSE:PAY) got a boost, shooting 28% to $13.68 after the company reported better-than-expected second-quarter financial results.
• Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares were also up, gaining 42% to $4.58 after the company disclosed data for BMB-101.

Equities Trading DOWN

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Commodities

In commodity news, oil traded down 0.7% to $81.36 while gold traded down 0.4% at $1,961.40.

Silver traded down 1.6% to $22.855 on Tuesday while copper fell 1.9% to $3.7615.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.31%, London’s FTSE 100 fell 0.47% while Spain’s IBEX 35 Index fell 0.8% The German DAX declined 1.19% French CAC 40 fell 0.78% and Italy’s FTSE MIB Index declined 2.15%.

French trade deficit shrank to EUR 6.7 billion in June, recording the lowest level since Aug. 2021, while the country posted a current account surplus of EUR 0.8 billion in June compared to a EUR 0.7 billion deficit in the prior month. The annual inflation rate in Germany fell to 6.2% in July from 6.4% in June. Retail sales in the UK increased 1.8% year-over-year in July.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising 0.38%, China’s Shanghai Composite Index falling 0.25% and Hong Kong’s Hang Seng Index declining 1.81%. India’s S&P BSE Sensex, meanwhile, fell 0.1%.

Australia's NAB business confidence index rose to 2 in July versus a revised reading of -1 in the previous month, while the Westpac-Melbourne Institute Consumer Sentiment index declined by 0.4% month-over-month to a reading of 81.0 in August.

Economics

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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 107,566,780 cases with around 1,170,780 deaths. India confirmed a total of at least 44,996,030 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 692,993,500 cases of COVID-19 worldwide with more than 6,905,480 deaths.