Following the market opening Tuesday, the Dow traded down 0.39% to 35,007.57 while the NASDAQ fell 1.38% to 14,636.11. The S&P also fell, dropping 0.58% to 4,396.68.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,533,180 cases with around 610,950 deaths. India confirmed a total of at least 31,440,950 cases and 421,380 deaths, while Brazil reported over 19,707,660 COVID-19 cases with 550,500 deaths. In total, there were at least 194,778,390 cases of COVID-19 worldwide with more than 4,168,690 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Consumer staples shares climbed 0.4% on Tuesday. Meanwhile, top gainer in the sector included Turning Point Brands, Inc. TPB, up 12%
In trading on Tuesday, information technology shares fell 1.3%.
Top Headline
General Electric Company GE reported better-than-expected results for its second quarter.
GE reported quarterly adjusted earnings of $0.05 per share, missing analysts’ estimates of $0.04 per share. The company’s revenue came in at $18.30 billion, versus expectations of $18.13 billion.
GE boosted its industrial free cash flow outlook to $3.5 billion to $5 billion.
Equities Trading UP
EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) shares shot up 50% to $4.67 after the company said it has entered a non-binding letter of intent to acquire Bayon Therapeutics, a private ophthalmic specialty pharmaceutical company focused on using light sensitive "photoswitch" small molecules, specifically designed to restore vision in patients with inherited and age-related degenerative retinal diseases. The company also announced that Brian Strem, co-founder and managing director of Bayon Therapeutics, was appointed as permanent president, CEO and board member, effective immediately.
Shares of Dyadic International, Inc. (NASDAQ: DYAI) got a boost, shooting 35% to $4.63 after the company reported technology transfer and licensing agreement with South Africa's Rubic Consortium aiming to 'develop and commercialize vaccines for distribution throughout the African continent.'
ObsEva SA (NASDAQ: OBSV) shares were also up, gaining 29% to $3.24. Organon & Co. and ObsEva announced the companies have entered into an agreement whereby Organon will license the global development, manufacturing and commercial rights to ebopiprant, an investigational compound being evaluated as a potential treatment for preterm labor by reducing inflammation and uterine contractions.
Check out these big movers of the day
Equities Trading DOWN
SkyWater Technology, Inc. SKYT shares tumbled 38% to $17.89. SkyWater Technology reported that it will invest $56 million in capacity expansion and gallium nitride technology.
Shares of Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) were down 29% to $1.58 after the company highlighted the presentation of updated data from Phase 2 MARIO-275 trial in urothelial cancer and Phase 2 MARIO-3 trial in triple negative breast cancer.
Bit Digital, Inc. (NASDAQ: BTBT) was down, falling 26% to $6.56. Bit Digital shares jumped 110% on Monday after the company, and Digihost, announced they entered into a second strategic co-mining agreement.
Commodities
In commodity news, oil traded down 0.1% to $71.88, while gold traded down 0.2% to $1,796.50.
Silver traded down 0.6% Tuesday to $25.17 while copper fell 0.6% to $4.5565.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index fell 0.8% and the German DAX 30 dropped 0.5%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 fell 0.4% and Italy’s FTSE MIB declined 0.6%.
Producer prices in Spain rose 15.4% year-over-year in June. The Ifo Business Climate indicator for Germany fell to 100.8 in July from 101.7 a month ago.
Economics
The Federal Open Market Committee will begin its two-day policy meeting today.
US durable goods orders rose 0.8% for June.
The S&P CoreLogic Case-Shiller 20-city home price index rose 17% year-over-year in May.
The FHFA house price index rose 1.7% from the prior month in May.
The Conference Board’s consumer confidence index increased to 129.1 for July from previous reading of 128.9.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
Data on money supply for the latest week will be released at 1:00 p.m. ET.
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