Dow Jumps Over 100 Points; US Small Business Optimism Index Tops Estimates

U.S. stocks traded higher this morning, with the Dow Jones gaining over 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.40% to 34,080.13 while the NASDAQ rose 0.23% to 13,717.30. The S&P 500, also rose, gaining, 0.26% to 4,420.94.

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Leading and Lagging Sectors

• Consumer discretionary shares climbed by 0.6% on Tuesday.
• In trading on Tuesday, utilities shares rose by just 0.1%.

Top Headline

The NFIB Small Business Optimism Index in the U.S. rose to a seven-month high level of 91 in June, topping market estimates of 89.9.

Equities Trading UP

• CytoMed Therapeutics Limited GDTC shares shot up 123% to $7.78 after gaining 9% on Monday.
• Shares of Adial Pharmaceuticals, Inc. ADIL got a boost, shooting 51% to $0.3050 after the company issued a business update following favorable comments from US and EU regulatory meetings.
• Better Therapeutics, Inc. BTTX shares were also up, gaining 41% to $1.27 after the FDA approved the company's AspyreRx (formerly BT-001), a prescription-only digital treatment to provide cognitive behavioral therapy to adult patients with type 2 diabetes.

Equities Trading DOWN

• Siyata Mobile Inc. SYTA shares dropped 23% to $0.0561 after the company reported pricing of $2.3 million registered direct of 51,450,000 common shares for $0.045 per share.
• Shares of ADC Therapeutics SA ADCT were down 20% to $1.90 after the company paused enrollment in Phase 2 LOTIS-9 trial of Zynlonta and rituximab in unfit or frail patients with previously untreated diffuse large b-cell lymphoma.
• DSS, Inc. DSS was down, falling 16% to $0.3026. DSS Wealth, Inc., a wholly owned subsidiary of DSS, Inc, recently named Daniel Lew as Chief Investment Officer and Portfolio Manager.

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Commodities

In commodity news, oil traded up 0.6% to $73.39 while gold traded up 0.6% at $1,942.30.

Silver traded up 0.2% to $23.385 on Tuesday while copper rose 0.2% to $3.7905.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index gained 0.4% The German DAX gained 0.5% French CAC 40 climbed 1% and Italy’s FTSE MIB Index gained 0.5%.

The ZEW Indicator of Economic Sentiment for the Eurozone declined to -12.2 in July 20 from -10 in the previous month. The ZEW Indicator of Economic Sentiment for Germany fell to -14.7 in July, compared to the prior month's level of -8.5, while annual inflation rate in the country rose to 6.4% in June from May’s level of 6.1%. Industrial production in Italy climbed by 1.6% from a month ago in May versus the revised 2% decline in April.

The unemployment rate in the U.K. increased to 4.0% in March, notching the highest level since the final quarter quarter of 2021, while average weekly earnings, including bonuses, increased by 6.9% year-over-year to GBP 651 per week during the three months to May.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.04%, Hong Kong’s Hang Seng Index gaining 0.97%, China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex rose 0.42%.

Australia's NAB business confidence index rose to 0 in June 2023 versus a revised reading of -3 in the earlier month, while Westpac-Melbourne Institute consumer sentiment index increased by 2.7% month-over-month to a reading of 81.3 in July.

Economics

The NFIB Small Business Optimism Index in the U.S. rose to a seven-month high level of 91 in June, topping market estimates of 89.9.

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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 107,358,510 cases with around 1,168,500 deaths. India confirmed a total of at least 44,994,590 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,400,260 cases of COVID-19 worldwide with more than 6,898,550 deaths.