Nasdaq Jumps Over 200 Points; US Job Openings Tumble In July

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 200 points on Tuesday.

The Dow traded up 0.57% to 34,758.68 while the NASDAQ rose 1.61% to 13,925.71. The S&P 500, also rose, gaining, 1.13% to 4,483.44.

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Leading and Lagging Sectors

Communication services shares jumped by 2.8% on Tuesday.

In trading on Tuesday, energy shares fell by 0.3%.

 

Top Headline

The number of job openings fell by 338,000 from a month ago to 8.827 million in July, declining to the lowest level since March 2021.

 

Equities Trading UP

Axcella Health Inc. AXLA shares shot up 190% to $0.3275 after the company announced it was granted a patent for long COVID fatigue treatment.

Shares of Big Lots, Inc. BIG got a boost, shooting 31% to $8.24 following better-than-expected quarterly results.

LifeVantage Corporation LFVN shares were also up, gaining 21% to $6.21 after the company posted fourth-quarter results and declared a special one-time cash dividend of $0.40 per share of common stock.

 

Equities Trading DOWN

JOANN Inc. JOAN shares dropped 12% to $1.0199 following weak quarterly earnings

Shares of NIO Inc. NIO were down 4% to $10.55 after the company reported worse-than-expected second-quarter financial results and issued third-quarter guidance.

HEICO Corporation HEI was down, falling 4% to $160.50 after reporting third-quarter results.

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Commodities

In commodity news, oil traded down 0.1% to $80.03 while gold traded up 0.8% at $1,961.40.

Silver traded up 2.2% to $24.775 on Tuesday while copper rose 1% to $3.8290.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.93% London’s FTSE 100 rose 1.62% while Spain’s IBEX 35 Index rose 0.95% The German DAX rose 0.78% French CAC 40 gained 0.61%, while Italy’s FTSE MIB Index surged 1.09%.

Retail sales in Spain climbed by 7.3% year-over-year in July, versus a revised 6.5% increase in the prior month. France's consumer confidence indicator came in unchanged at 85 in August. The GfK Consumer Climate Indicator of Germany fell to a reading of -25.5 heading into September compared to a revised reading of -24.6 for August.

 

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.18%, China’s Shanghai Composite Index climbing 1.20% and Hong Kong’s Hang Seng Index gaining 1.95%. India’s S&P BSE Sensex, meanwhile, rose 0.12%.

Japanese unemployment rate rose to 2.7% in July from 2.5% in the prior month, while Singapore’s Domestic Supply Price Index declined 8.9% year-over-year in July compared to a 14.3% fall a month ago.

 

Economics

The S&P CoreLogic Case-Shiller 20-city home price index declined by 1.2% year-over-year in June, versus market expectations for a 1.3% fall.

The FHFA house price index rose by 0.3% from the previous month in June versus a 0.7% growth in May.

The number of job openings fell by 338,000 from a month ago to 8.827 million in July, declining to the lowest level since March 2021.

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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 107,992,780 cases with around 1,173,420 deaths. India confirmed a total of at least 44,997,030 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,499,240 cases of COVID-19 worldwide with more than 6,910,960 deaths.