Nasdaq Gains Over 100 Points; Lockheed Martin Profit Tops Expectations

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 100 points on Tuesday.

The Dow traded up 1.09% to 34,961.65 while the NASDAQ rose 0.91% to 14,374.77. The S&P 500, also rose, gaining, 0.77% to 4,557.83.

Check This Out: Ethereum Slides But Remains Above $1,900; 1inch Network Becomes Top Loser

 

Leading and Lagging Sectors

• Energy shares climbed by 1.4% on Tuesday.
• In trading on Tuesday, real estate shares fell by 1.5%.

 

Top Headline

Lockheed Martin Corp LMT reported better-than-expected second-quarter earnings.

Lockheed Martin reported second-quarter FY23 net sales growth of 8.1% year-over-year to $16.69 billion, above the consensus of $15.91 billion. Adjusted EPS of $6.73 (+6.5% Y/Y) topped the consensus of $6.45.

Lockheed Martin expects FY23 net sales of ~$66.25 billion - $66.75 billion (prior view $65 billion -$66 billion) versus the consensus of $65.84 billion. It sees EPS of ~$27.00 - $27.20 (prior view ~$26.60-$26.90) versus the consensus of $27.15.

 

Equities Trading UP

• The Singing Machine Company, Inc. MICS shares shot up 25% to $1.98 after the company announced it launched a new party accessory product line available at Walmart.
• Shares of Biophytis S.A. BPTS got a boost, shooting 33% to $2.8650 after the company signed a partnership with SEQENS to produce Sarconeos (BIO101) active compound, the company's main product.
• iCAD, Inc. ICAD shares were also up, gaining 72% to $3.5350. iCAD signed strategic commercial agreement with Radiology Partners, the nation's largest radiology practice.

 

Equities Trading DOWN

• 9 Meters Biopharma, Inc. NMTR shares dropped 68% to $0.1990 after the company announced on July 17th it, along with its subsidiaries, ceased operations and filed a voluntary petition for relief under the Bankruptcy Code.
• Shares of Lixte Biotechnology Holdings, Inc. LIXT were down 29% to $5.33 after the company announced pricing of a $3.5 million registered direct offering and concurrent private placement priced at-the-market under Nasdaq rules.
• Masimo Corporation MASI was down, falling 19% to $119.53 after the company reported weak preliminary revenue results for the second quarter.

Also Check This Out: Microsoft To Rally Around 16%? Here Are 10 Other Analyst Forecasts For Tuesday

 

Commodities

In commodity news, oil traded up 2.3% to $75.83 while gold traded up 1.2% at $1,980.30.

Silver traded up 1% to $25.265 on Tuesday while copper fell 0.3% to $3.8310.

 

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.62%, London’s FTSE 100 gained 0.64% while Spain’s IBEX 35 Index gained 0.19% The German DAX gained 0.35% French CAC 40 rose 0.38% and Italy’s FTSE MIB Index rose 0.34%.

Construction output in Italy fell by 6.5% year-over-year in May, versus a 6.3% fall in April.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.32%, China’s Shanghai Composite Index falling 0.37% and Hong Kong’s Hang Seng Index declining 2.05%. India’s S&P BSE Sensex, meanwhile, rose 0.3%.

Hong Kong’s unemployment rate declined to 2.9% in the three months ending June 2023, recording the lowest level since Sept. 2019.

 

Economics

• Retail sales in the U.S. increased 0.2% month-over-month in June versus a revised 0.5% growth in the prior month, but down from market estimates of a 0.5% rise.
• Industrial production in the U.S. declined 0.5% from a month ago in June versus a revised 0.5% fall in the prior month.
• Manufacturing production fell 0.3% month-over-month in June.
• Total business inventories in the U.S. increased by 0.2% from the prior month in May versus a revised 0.1% growth in April
• The NAHB/Wells Fargo Housing Market Index climbed to 56 in July, notching the highest level since June 2022.

Now Read This: Top 5 Consumer Stocks That Should Keep You Up At Night

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,397,990 cases with around 1,168,910 deaths. India confirmed a total of at least 44,994,920 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 691,684,310 cases of COVID-19 worldwide with more than 6,899,860 deaths.