U.S. Stocks Trade Mixed; Dow Rises 75 Points

U.S. stocks traded mixed this morning, with the Dow Jones gaining around 75 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.22% to 33,987.92 while the NASDAQ fell 0.71% to 13,034.82. The S&P also fell, dropping, 0.17% to 4,289.80.

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Leading and Lagging Sectors

Consumer staples shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included Veru Inc. VERU, up 10% and Walmart Inc. WMT up 6%.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

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

 

Equities Trading UP

Forza X1, Inc. FRZA shares shot up 55% to $9.40 amid continued volatility following Friday's IPO.

Shares of AMTD IDEA Group AMTD got a boost, shooting 39% to $3.1399 after AMTD Group announced it will inject into the company 100% of the equity interest in AMTD Assets Group.

SkyWater Technology, Inc. SKYT shares were also up, gaining 31% to $18.60 r after the company reported better-than-expected Q2 sales results.

Equities Trading DOWN

Hallmark Financial Services, Inc. HALL shares tumbled 37% to $1.58 after the company reported a wider Q2 loss.

Shares of Save Foods, Inc. SVFD were down 35% to $3.0750 after the company priced a 1.6 million share common stock offering at $3 per share.

Rubicon Technologies Inc. RBT was down, falling 33% to $6.62. Rubicon Technologies started trading on the NYSE today, August 16, 2022, following the completion of its business combination with Founder SPAC.

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Commodities

In commodity news, oil traded up 0.1% to $89.50, while gold traded down 0.4% to $1,791.00.

Silver traded down 0.8% to $20.12 on Tuesday while copper rose 0.2% to $3.6230.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index surged 1%. The German DAX gained 0.2%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index jumped 0.30%.

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.