US Stocks Edge Higher; General Motors Posts Upbeat Earnings

U.S. stocks traded slightly higher this morning, with the Nasdaq Composite gaining around 0.2% on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.01% to 40,421.01 while the NASDAQ rose 0.19% to 18,041.10. The S&P 500 also rose, gaining, 0.18% to 5,574.56.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 0.8% on Tuesday.

In trading on Tuesday, utilities shares fell by 0.5%.

Top Headline

General Motors Company GM reported better-than-expected second-quarter earnings and raised its guidance.

General Motors reported a fiscal second-quarter 2024 sales growth of 7.2% year-on-year to $47.97 billion, beating the analyst consensus estimate of $45.30 billion. The adjusted EPS of $3.06 beat the analyst consensus estimate of $2.72.

Equities Trading UP
                       

• Azitra, Inc. AZTR shares shot up 517% to $10.00 after the company announced that the U.S. Patent and Trademark Office granted it U.S. Patent No. 12,036,248 for the treatment of atopic dermatitis.
• Shares of Adial Pharmaceuticals, Inc. ADIL got a boost, surging 158% to $2.75 after the company announced it advanced into the second cohort and commenced dosing for the Pharmacokinetics Study of AD04 for alcohol use disorder.
• Agape ATP Corporation ATPC shares were also up, gaining 65% to $0.2356.

Equities Trading DOWN

• Jaguar Health, Inc. JAGX shares dropped 66% to $1.4203 after the company announced its phase 3 OnTarget trial results for Crofelemer did not meet its primary endpoint.
• Shares of TransCode Therapeutics, Inc. RNAZ were down 62% to $0.3007 after the company announced a proposed public offering.
• Exicure, Inc. XCUR was down, falling 30% to $0.3523.

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Commodities

In commodity news, oil traded down 0.3% to $78.14 while gold traded up 0.7% at $2,410.80.

Silver traded down 0.1% to $29.295 on Tuesday, while copper fell 0.6% to $4.1740.

Euro zone

European shares were higher today. The eurozone's STOXX 600 climbed 0.6%, Germany's DAX gained 1.3% and France's CAC 40 climbed 0.4%. Spain's IBEX 35 Index rose 0.7%, while London's FTSE 100 rose 0.4%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.01%, Hong Kong's Hang Seng Index falling 0.94%, China's Shanghai Composite Index declining 1.65% and India's S&P BSE Sensex declining 0.09%.

The annual inflation rate in Hong Kong rose to 1.5% in June from 1.2% in the prior month. The People’s Bank of China slashed one-year loan prime rate by 10bps to 3.35%.

Economics

• The composite manufacturing index in the US Fifth District fell to -17 in July compared to a reading of -10 in June.
• Existing home sales declined by 5.4% from the prior month to an annualized rate of 3.89 million units for June.

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