S&P 500 Gains 1%; Home Depot Earnings Top Views

U.S. stocks traded higher midway through trading, with the S&P 500 gaining around 1% on Tuesday.

The Dow traded up 0.42% to 39,522.57 while the NASDAQ rose 1.68% to 17,063.04. The S&P 500 also rose, gaining, 1.02% to 5,399.03.

Leading and Lagging Sectors

Information technology shares climbed by 2.3% on Tuesday.

In trading on Tuesday, energy shares fell 1.2%.

Top Headline

The Home Depot, Inc. HD reported mixed results for its second quarter on Tuesday.

HD reported second-quarter 2024 sales growth of 0.6% year-over-year to $43.175 billion, marginally missing the consensus estimate of $43.376 billion. Adjusted EPS was $4.67 (-0.2% year over year), beating the consensus of $4.50.

Home Depot raised its sales guidance from $154.20 billion to $156.49 billion – $158.01 billion versus the consensus of $158.88 billion. It expects Comparable sales to decline between 3% and 4% (prior ~1%). HD expects Adjusted EPS of $14.66-$14.96 versus the consensus of $15.14.

Equities Trading UP
                       

• Starbucks Corporation SBUX shares shot up 22% to $93.76 after the company announced that Chipotle CEO and Chairman Brian Niccol has been named as Starbucks’ new Chairman and Chief Executive Officer, effective Sept. 9.
• Shares of CXApp Inc. CXAI got a boost, surging 89% to $2.79 after the company announced a deal and multi-year agreement with Google Cloud.
• Apollomics, Inc. APLM shares were also up, gaining 22% to $0.1926 after the company announced preliminary data and a 43% response rate for its phase 2 SPARTA trial of Vebreltinib.

Equities Trading DOWN

• Syros Pharmaceuticals, Inc. SYRS shares dropped 60% to $1.9899 after the company announced it will discontinue enrollment in the SELECT-AML-1 Phase 2 clinical trial.
• Shares of Genprex, Inc. GNPX were down 25% to $0.9499. Genprex was granted patent in Singapore for Reqorsa Gene Therapy in combination with PD-1 antibodies through 2037
• TELA Bio, Inc. TELA was down, falling 34% to $2.65 after the company reported worse-than-expected second-quarter financial results.

Commodities

In commodity news, oil traded down 1.6% to $78.79 while gold traded up 0.3% at $2,512.30.

Silver traded down 0.9% to $27.745 on Tuesday, while copper fell 0.6% to $4.0450.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.44%, Germany's DAX rose 0.43% and France's CAC 40 rose 0.26%. Spain's IBEX 35 Index rose 0.75%, while London's FTSE 100 rose 0.21%.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 jumping 3.45%, Hong Kong's Hang Seng Index gaining 0.36%, China's Shanghai Composite Index gaining 0.34% and S&P BSE Sensex falling 0.87%.

Economics

U.S. producer prices rose 0.1% month-over-month in July compared to a 0.2% increase in June and versus market expectations of 0.2%.

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