Dow Drops More Than 200 Points; Caterpillar Shares Fall Following Q2 Results

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U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones tumbling more than 200 points on Tuesday.

The Dow traded down 0.73% to 32,557.74 while the NASDAQ rose 0.18% to 12,390.86. The S&P also fell, dropping, 0.27% to 4,107.47.

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Leading and Lagging Sectors

Utilities shares climbed 0.6% on Tuesday. Meanwhile, top gainers in the sector included Otter Tail Corporation (NASDAQ:OTTR), up 10% and Sunnova Energy International Inc. (NYSE:NOVA) up 6%.

In trading on Tuesday, consumer staples shares fell 0.6%.

Top Headline

Caterpillar Inc (NYAE: CAT) reported second-quarter FY22 sales and revenue growth of 11% year-over-year to $14.25 billion, missing the consensus of $14.38 billion. Adjusted EPS was $3.18, beating the consensus of $3.01.

Caterpillar shares dropped 4.9% to $185.29 on Tuesday.

Equities Trading UP

AMTD IDEA Group (NYSE:AMTD) shares shot up 302% to $8.37 amid strength in AMTD Digital. AMTD IDEA owns 90%+ of AMTD Digital.

Shares of Berkshire Grey, Inc. (NASDAQ:BGRY) got a boost, shooting 46% to $2.5950 after the company announced an expansion of its relationship with FedEx. The company has also granted FedEx a warrant to purchase common stock which vests incrementally.

Applied DNA Sciences, Inc. (NASDAQ:APDN) shares were also up, gaining 417% to $3.65 after the company initiated analytical validation of a Company-developed, PCR-based monkeypox virus test that is specific for the genetic signature of the monkeypox virus.

Equities Trading DOWN

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares tumbled 29% to $6.47 after the company posted a wider Q2 loss.

Shares of Ontrak, Inc. (NASDAQ:OTRK) were down 43% to $0.7724 after the company announced a registered direct offering for aggregate gross proceeds of $4 million. The company is scheduled to report Q2 results on August 9.

DZS Inc. (NASDAQ:DZSI) was down, falling 26% to $14.52 after the company reported worse-than-expected Q2 results.

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Commodities

In commodity news, oil traded up 0.5% to $94.35, while gold traded down 0.2% to $1,784.00.

Silver traded down 1.7% to $20.02 on Tuesday while copper fell 1.5% to $3.4880.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.32%, London’s FTSE 100 fell 0.06% while Spain’s IBEX 35 Index rose 0.15%. The German DAX slipped 0.23%, French CAC 40 fell 0.42% and Italy’s FTSE MIB Index fell 0.35%.

The Nationwide House Price Index in the UK surged 11.0% year-over-year in July, higher than 10.7% in the previous month.

Economics

The number of job openings dropped by 605,000 from a month ago to 10.7 million in June, the lowest in nine months. However, analysts were expecting a reading of 11 million.

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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 93,225,110 cases with around 1,055,570 deaths. India confirmed a total of at least 44,050,000 cases and 526,430 deaths, while France reported over 33,866,820 COVID-19 cases with 152,170 deaths. In total, there were at least 583,309,090 cases of COVID-19 worldwide with more than 6,422,510 deaths.