Nasdaq Falls 75 Points; Ventyx Biosciences Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite dropping around 75 points on Tuesday.

The Dow traded up 0.44% to 34,063.24 while the NASDAQ fell 0.57% to 13,052.63. The S&P also fell, dropping, 0.13% to 4,291.55.

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Leading and Lagging Sectors

Consumer discretionary shares climbed 1.9% on Tuesday. Meanwhile, top gainers in the sector included Bed Bath & Beyond Inc. BBBY, up 67% and Party City Holdco Inc. PRTY up 35%.

In trading on Tuesday, energy shares fell by 0.6%.

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 51% to $6.58 after the company announced the publication of pre-clinical results of its FABP inhibitor platform.

Shares of GreenBox POS GBOX got a boost, shooting 90% to $2.4150 as the company reported better-than-expected Q2 sales

Ventyx Biosciences, Inc. VTYX shares were also up, gaining 40% to $25.99 after the company reported Q2 results and announced positive data from the Phase 1 single ascending dose (SAD) and multiple ascending dose (MAD) trial of VTX958, a novel and selective allosteric TYK2 inhibitor.

Equities Trading DOWN

Hallmark Financial Services, Inc. HALL shares tumbled 38% to $1.55 after the company reported a wider Q2 loss.

Shares of Save Foods, Inc. SVFD were down 37% to $3.00 after the company priced a 1.6 million share common stock offering at $3 per share.

Polished.com Inc. POL was down, falling 33% to $1.0050. 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 4% to $85.87, while gold traded down 0.4% to $1,790.80.

Silver traded down 0.9% to $20.09 on Tuesday while copper rose 0.3% to $3.6275.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.16%, London’s FTSE 100 rose 0.36% while Spain’s IBEX 35 Index surged 1.01%. The German DAX gained 0.68%, French CAC 40 rose 0.34% and Italy’s FTSE MIB Index gained 0.12%.

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.