Dow Drops More Than 200 Points; Caterpillar Shares Fall Following Q2 Results

U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones tumbling more than 200 points on Tuesday.

The Dow traded down 0.73% to 32,557.74 while the NASDAQ rose 0.18% to 12,390.86. The S&P also fell, dropping, 0.27% to 4,107.47.

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Leading and Lagging Sectors

Utilities shares climbed 0.6% on Tuesday. Meanwhile, top gainers in the sector included Otter Tail Corporation OTTR, up 10% and Sunnova Energy International Inc. NOVA up 6%.

In trading on Tuesday, consumer staples shares fell 0.6%.

Top Headline

Caterpillar Inc CAT reported second-quarter FY22 sales and revenue growth of 11% year-over-year to $14.25 billion, missing the consensus of $14.38 billion. Adjusted EPS was $3.18, beating the consensus of $3.01.

Caterpillar shares dropped 4.9% to $185.29 on Tuesday.

Equities Trading UP

AMTD IDEA Group AMTD shares shot up 302% to $8.37 amid strength in AMTD Digital. AMTD IDEA owns 90%+ of AMTD Digital.

Shares of Berkshire Grey, Inc. BGRY got a boost, shooting 46% to $2.5950 after the company announced an expansion of its relationship with FedEx. The company has also granted FedEx a warrant to purchase common stock which vests incrementally.

Applied DNA Sciences, Inc. APDN shares were also up, gaining 417% to $3.65 after the company initiated analytical validation of a Company-developed, PCR-based monkeypox virus test that is specific for the genetic signature of the monkeypox virus.

Equities Trading DOWN

Phathom Pharmaceuticals, Inc. PHAT shares tumbled 29% to $6.47 after the company posted a wider Q2 loss.

Shares of Ontrak, Inc. OTRK were down 43% to $0.7724 after the company announced a registered direct offering for aggregate gross proceeds of $4 million. The company is scheduled to report Q2 results on August 9.

DZS Inc. DZSI was down, falling 26% to $14.52 after the company reported worse-than-expected Q2 results.

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Commodities

In commodity news, oil traded up 0.5% to $94.35, while gold traded down 0.2% to $1,784.00.

Silver traded down 1.7% to $20.02 on Tuesday while copper fell 1.5% to $3.4880.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.32%, London’s FTSE 100 fell 0.06% while Spain’s IBEX 35 Index rose 0.15%. The German DAX slipped 0.23%, French CAC 40 fell 0.42% and Italy’s FTSE MIB Index fell 0.35%.

The Nationwide House Price Index in the UK surged 11.0% year-over-year in July, higher than 10.7% in the previous month.

Economics

 

The number of job openings dropped by 605,000 from a month ago to 10.7 million in June, the lowest in nine months. However, analysts were expecting a reading of 11 million.

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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 93,225,110 cases with around 1,055,570 deaths. India confirmed a total of at least 44,050,000 cases and 526,430 deaths, while France reported over 33,866,820 COVID-19 cases with 152,170 deaths. In total, there were at least 583,309,090 cases of COVID-19 worldwide with more than 6,422,510 deaths.