Crude Oil Drops 1%; General Motors Earnings Miss Views

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping more than 200 points on Tuesday.

The Dow traded down 0.46% to 31,842.46 while the NASDAQ fell 1.80% to 11,571.14. The S&P also fell, dropping, 1.06% to 3,924.7.

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Leading and Lagging Sectors

Health care shares rose 0.9% on Tuesday. Meanwhile, top gainers in the sector included Chimerix, Inc CMRX, up 22% and Talaris Therapeutics, Inc. TALS up 23%.

In trading on Tuesday, consumer discretionary shares fell 3.2%.

Top Headline

General Motors Company GM reported weaker-than-expected earnings for its second quarter.

General Motors reported second-quarter FY22 sales growth of 4.7% year-on-year, to $35.76 billion, beating the analyst consensus estimate of $34.59 billion. Adjusted EPS of $1.14 missed the analyst consensus of $1.30.

The company expects FY22 adjusted EPS of $6.50 - $7.50, versus the consensus estimate of $6.89. GM CFO says it still expects 95,000 vehicles waiting for chips to be shipped before the year-end.

Equities Trading UP

Freight Technologies, Inc. FRGT shares shot up 61% to $2.3875 after the company announced it was awarded Samsung Mexico SDS business and has begun using its platform to assist with effecting Samsung's shipments from Mexico to the United States.

Shares of InflaRx N.V. IFRX got a boost, shooting 42% to $1.9750 after the company announced plans to apply for Emergency Use Authorization from the FDA for vilobelimab for the treatment of critically ill COVID-19 patients.

Ayala Pharmaceuticals, Inc. AYLA shares were also up, gaining 102% to $1.7579 after the company filed a request for the withdrawal of the Registration Statement on Form S-1.

Equities Trading DOWN

Exela Technologies, Inc. XELA shares tumbled 42% to $1.6790 amid effectiveness of a 1-for-20 reverse stock split of the company's common stock.

Shares of Luokung Technology Corp. LKCO were down 45% to $0.2211 after the company announced an $8 million registered direct offering priced at $0.30 per share.

Revelation Biosciences, Inc. REVB was down, falling 52% to $0.4835 after the company reported pricing of $5 million public offering. Revelation Biosciences shares jumped 55% on Monday after the company announced the data from its Phase 1b CLEAR clinical study of REVTx-99b met the primary endpoint.

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Commodities

In commodity news, oil traded down 1% to $95.72, while gold traded down 0.2% to $1,716.40

Silver traded up 1.1% to $18.525 on Tuesday while copper rose 1% to $3.3885.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.03%, London’s FTSE 100 slipped 0.01% while Spain’s IBEX 35 Index fell 0.2%. The German DAX dropped 0.86%, French CAC 40 fell 0.42% and Italy’s FTSE MIB Index fell 1.04%.

Producer inflation in Spain eased slightly to 43.2% year-over-year in June from the 43.6% annual increase in the prior month.

Economics

The Federal Open Market Committee will start its two-day policy meeting today.

The S&P CoreLogic Case-Shiller 20-city home price index rose 20.5% year-over-year in May, following a record surged of 21.2% in the previous month. Analysts, meanwhile, were expecting for a 20.6% jump.

The FHFA House Price Index rose by 1.4% from a month ago in May.

The Conference Board’s consumer confidence index fell to 95.7 in July from a revised reading of 98.4 in the previous month.

New home sales dropped 8.1% from a month ago to an annual rate of 590,000 in June.

The Richmond Fed Manufacturing Index improved to 0 for July, versus a prior reading of 11.00.

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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 92,339,920 cases with around 1,052,460 deaths. India confirmed a total of at least 43,920,450 cases and 526,110 deaths, while Brazil reported over 33,621,960 COVID-19 cases with 677,210 deaths. In total, there were at least 576,299,300 cases of COVID-19 worldwide with more than 6,405,430 deaths.