Dow Rises More Than 200 Points; Adial Pharmaceuticals Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones surging more than 200 points on Tuesday.

The Dow traded up 0.73% to 34,193.60 while the NASDAQ rose 0.25% to 13,720.16. The S&P 500, also rose, gaining, 0.41% to 4,427.82.

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Leading and Lagging Sectors

• Energy shares climbed by 2% on Tuesday.
• In trading on Tuesday, health care shares fell by 0.3%.

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

• Taoping Inc. TAOP shares shot up 29% to $0.68. Taoping posted 1H contract revenue of $14.65 million, up 95% year over year.
• Shares of Adial Pharmaceuticals, Inc. ADIL got a boost, shooting 98% to $0.40 after the company provided a summary of feedback received following recent meetings with both U.S. and EU regulators and an update on the company's current clinical development plan based on guidance received.
• Eloxx Pharmaceuticals, Inc. ELOX shares were also up, gaining 114% to $8.38 after Oppenheimer raised its price target from $50 to $55.

Equities Trading DOWN

• Siyata Mobile Inc. SYTA shares dropped 24% to $0.0549 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 22% to $1.85 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.
• Byrna Technologies Inc. BYRN was down, falling 18% to $4.2850. Byrna Technologies posted downbeat second-quarter results and withdrew guidance for fiscal year 2023.

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Commodities

In commodity news, oil traded up 2.4% to $74.71 while gold traded up 0.3% at $1,937.00.

Silver traded down 0.3% to $23.285 on Tuesday while copper fell 0.5% to $3.7665.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.72%, London’s FTSE 100 rose 0.12% while Spain’s IBEX 35 Index gained 0.85% The German DAX gained 0.75% French CAC 40 climbed 1.07% and Italy’s FTSE MIB Index gained 0.68%.

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.