Nasdaq Rises 70 Points; General Motors Posts Upbeat Earnings

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining around 70 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.05% to 35,393.00 while the NASDAQ rose 0.50% to 14,129.68. The S&P 500, also rose, gaining, 0.13% to 4,560.43.

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Top Headline

General Motors Company GM reported better-than-expected earnings for its second quarter.

General Motors posted quarterly earnings of $1.91 per share, beating market estimates of $1.85 per share. The company’s quarterly sales came in at $44.75 billion versus expectations of $42.64 billion.

GM said it sees FY23 adjusted automotive free cash flow of $7 billion to $9 billion, up from prior outlook of $5.5 billion to $7.5 billion.

 

Equities Trading UP

• Electra Battery Materials Corporation ELBM shares shot up 89% to $2.34 after jumping 22% on Monday. Electra Battery Materials said its battery grade cobalt supply agreement with LG Energy Solution has been extended and expanded from terms initially announced in Sept. 2022.
• Shares of Aurora Acquisition Corp. AURC got a boost, shooting 72% to $18.01.
• Bullfrog AI Holdings, Inc. BFRG shares were also up, gaining 49% to $5.15 after the company announced US patent for novel prodrugs of mebendazole and their use in treating cancer.

 

Equities Trading DOWN

• Humanigen, Inc. HGEN shares dropped 70% to $0.0577. Humanigen said it anticipates that it will not be able to continue as a going concern and is exploring all restructuring options, including bankruptcy.
• Shares of Bellerophon Therapeutics, Inc. BLPH were down 38% to $0.44 after the company received a delisting notice.
• NeuroOne Medical Technologies Corporation NMTC was down, falling 36% to $1.01. NeuroOne Medical priced the underwritten registered public offering of 5.25 million shares at $1.00 per share.

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Commodities

In commodity news, oil traded down 0.1% to $78.66 while gold traded up 0.1% at $1,963.90.

Silver traded up 0.7% to $24.76 on Tuesday while copper rose 1.4% to $3.9090.

 

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.4% The German DAX rose 0.2% French CAC 40 rose 0.2% and Italy’s FTSE MIB Index rose 0.2%.

The Ifo Business Climate indicator for Germany declined for the third straight month to 87.3 in July. The CBI's quarterly gauge of manufacturing optimism in the UK rose to +6 in the third quarter compared to -2.0 in the prior three-month period.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.06%, China’s Shanghai Composite Index gaining 2.13% and Hong Kong’s Hang Seng Index gaining 4.10%. India’s S&P BSE Sensex, meanwhile, fell 0.04%.

Exports from Hong Kong declined 11.4% year-over-year to $337.4 billion in June, while imports to Hong Kong fell 12.3% year-over-year to $393.9 billion.

 

Economics

• The S&P CoreLogic Case-Shiller 20-city home price index declined 1.7% year-over-year in May, the same as in April.
• The FHFA house price index increased by 0.7% versus the previous month in May.

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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 107,478,000 cases with around 1,169,620 deaths. India confirmed a total of at least 44,995,310 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,123,800 cases of COVID-19 worldwide with more than 6,902,510 deaths.