Dow Jumps Over 200 Points; Crude Oil Falls Sharply

U.S. stocks traded mixed midway through trading, with the Dow Jones gaining more than 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.71% to 34,154.30 while the NASDAQ fell 0.21% to 13,101.14. The S&P also rose, gaining, 0.20% to 4,305.85.

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Leading and Lagging Sectors



Consumer staples shares climbed 1.2% on Tuesday. Meanwhile, top gainers in the sector included Veru Inc. VERU, up 20% and Blue Apron Holdings, Inc. APRN up 19%.



In trading on Tuesday, information technology shares fell by 0.3%.



Top Headline



Walmart Inc. WMT reported upbeat results for its second quarter on Tuesday.

Walmart reported adjusted EPS of $1.77 on revenues of $152.86 billion, which beat the consensus estimate of $1.62 and revenues of $150.75 billion.

 



Equities Trading UP



Artelo Biosciences, Inc. ARTL shares shot up 42% to $6.21 as the company reported pre-clinical results with its novel inhibitor to fatty acid binding protein 5.



Shares of GreenBox POS GBOX got a boost, shooting 91% to $2.42 as the company reported better-than-expected Q2 sales



SkyWater Technology, Inc. SKYT shares were also up, gaining 44% to $20.46 after the company reported better-than-expected Q2 sales results.



Equities Trading DOWN

Hallmark Financial Services, Inc. HALL shares tumbled 37% to $1.57 after the company reported a wider Q2 loss.



Shares of Save Foods, Inc. SVFD were down 36% to $3.0450 after the company priced a 1.6 million share common stock offering at $3 per share.



Polished.com Inc. POL was down, falling 35% to $0.9850. Polished.com said it sees preliminary Q2 sales of $145 million to $150 million, versus analysts’ estimates of $156.15 million.



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Commodities

In commodity news, oil traded down 3% to $86.77, while gold traded down 0.5% to $1,789.70.



Silver traded down 0.9% to $20.09 on Tuesday while copper fell 0.2% to $3.6095.

Euro zone



European shares were higher today. The eurozone’s STOXX 600 gained 0.23%, London’s FTSE 100 rose 0.46% while Spain’s IBEX 35 Index surged 0.99%. The German DAX gained 0.69%, French CAC 40 rose 0.42% and Italy’s FTSE MIB Index gained 0.15%.



The Eurozone recorded a trade deficit of EUR 24.6 billion in June, versus a year-ago surplus of EUR 17.3 billion, while the ZEW Indicator of Economic Sentiment for the Eurozone fell to -54.9 in August versus -51.1 a month ago.



The unemployment rate in the UK came in unchanged at 3.8% in the second quarter, while average weekly earnings including bonuses rose by 5.1% year-over-year to GBP 611 in the three months to June. The ZEW Indicator of Economic Sentiment for Germany declined to -55.3 in August from -53.8 in the previous month.

 

Economics

 

Housing starts dipped 9.6% month-over-month to an annualized rate of 1.446 million units in July, recording the lowest since February 2021. Building permits dropped 1.3% to an annualized rate of 1.674 million in July, recording the lowest level since September 2021.



Industrial production in the US increased 0.6% from a month ago in July, topping market estimates of a 0.3% rise.



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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 94,788,020 cases with around 1,062,770 deaths. India confirmed a total of at least 44,277,190 cases and 527,090 deaths, while France reported over 34,234,000 COVID-19 cases with 153,120 deaths. In total, there were at least 596,238,390 cases of COVID-19 worldwide with more than 6,457,060 deaths.

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