Nasdaq Edges Lower; Morgan Stanley Earnings Top Views

U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones index surging more than 650 points on Tuesday.

The Dow traded up 1.63% to 40,865.59 while the NASDAQ fell 0.11% to 18,452.31. The S&P 500 also rose, gaining, 0.37% to 5,652.28.

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Leading and Lagging Sectors

Industrials shares jumped by 2.3% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

Morgan Stanley MS reported better-than-expected second-quarter results.

Morgan Stanley reported second-quarter EPS of $1.82, up from $1.24 a year ago and beating the consensus of $1.65. The U.S. bank reported second-quarter sales of $15.02 billion, up 11.6% year over year, beating the consensus of $14.30 billion.

Equities Trading UP
                       

• Silo Pharma, Inc. SILO shares shot up 93% to $2.07 after the company obtained an exclusive global license to develop, manufacture, and commercialize its Alzheimer’s drug.
• Shares of Yoshitsu Co., Ltd TKLF got a boost, surging 92% to $0.5884 after the company reported a year-over-year increase in FY24 financial results.
• AngioDynamics, Inc. ANGO shares were also up, gaining 25% to $7.40 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.

Equities Trading DOWN

• Reddit, Inc. RDDT shares dropped 8% to $67.39 after Loop Capital downgraded the stock from Buy to Hold.
• Shares of The Charles Schwab Corporation SCHW were down 9% to $68.55 following second-quarter results.
• Clearmind Medicine Inc CMND was down, falling 17% to $1.84. Clearmind Medicine announced the FDA clearance for IND application of MEAI-based CMND-100 oral capsule.

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Commodities

In commodity news, oil traded down 1.3% to $80.82 while gold traded up 1.5% at $2,464.30.

Silver traded up 1.6% to $31.44 on Tuesday, while copper fell 1.7% to $4.4505.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.28%, Germany's DAX fell 0.39% and France's CAC 40 fell 0.69%. Spain's IBEX 35 Index fell 0.47%, while London's FTSE 100 fell 0.22%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell by 7.6 points to a reading of 43.7 in July, while Eurozone posted a trade surplus of EUR 13.9 billion in May versus a year-ago gap of EUR 0.4 billion.

The ZEW Indicator of Economic Sentiment for Germany fell to 41.8 in July, recording the first decline in a year. Italy reported a trade surplus of EUR 6.43 billion in May versus a year-ago surplus of EUR 4.767 billion year.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.20%, Hong Kong's Hang Seng Index falling 1.60%, China's Shanghai Composite Index gaining 0.08% and India's S&P BSE Sensex gaining 0.06%.

Economics

• U.S. retail sales came in flat month-over-month for June compared to a revised 0.3% gain in the previous period.
• Import prices came in unchanged from the prior month in June, while export prices in the U.S. declined 0.5% month-over-month in June.
• The NAHB/Wells Fargo Housing Market Index fell by one point to a reading of 42 in July, versus market estimates of 44.
• U.S. total business inventories increased by 0.5% month-over-month in May compared to a 0.3% gain in the earlier month.

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