Crude Oil Moves Higher; Yum! Brands Posts Upbeat Earnings

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 250 points on Tuesday.

The Dow traded up 1.11% to 39,133.65 while the NASDAQ rose 1.71% to 16,477.42. The S&P 500 also rose, gaining, 1.66% to 5,272.52.

Leading and Lagging Sectors

Real estate shares climbed by 2.2% on Tuesday.

In trading on Tuesday, energy shares rose by 0.7%.

Top Headline

Yum! Brands, Inc. YUM reported better-than-expected quarterly earnings on Tuesday.

The company reported second-quarter adjusted earnings per share of $1.35, beating the street view of $1.33. Total revenues rose 4% to $1.763 billion, missing the consensus of $1.805 billion. GAAP operating profit rose by 6%, while core operating profit grew 10%.

Equities Trading UP
                       

• TG Therapeutics, Inc. TGTX shares shot up 23% to $21.10 after the company reported better-than-expected quarterly financial results and raised its FY24 Briumvi U.S. net product revenue. The company entered into a term loan facility with Blue Owl Capital.
• Shares of Clear Secure, Inc. YOU got a boost, surging 26% to $24.60 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.
• Lumen Technologies, Inc. LUMN shares were also up, gaining 74% to $4.4999 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.

Equities Trading DOWN

• Elevation Oncology, Inc. ELEV shares dropped 58% to $0.8975 following second-quarter results.
• Shares of Jumia Technologies AG JMIA were down 48% to $5.47 after the company reported worse-than-expected quarterly sales results.
• ThredUp Inc. TDUP was down, falling 49% to $0.8861 following second-quarter results.

Commodities

In commodity news, oil traded up 0.6% to $73.41 while gold traded down 0.8% at $2,424.70.

Silver traded down 0.4% to $27.11 on Tuesday, while copper rose 0.9% to $4.0345.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.18%, Germany's DAX fell 0.1% and France's CAC 40 fell 0.44%. Spain's IBEX 35 Index fell 0.45%, while London's FTSE 100 rose 0.14%.

Retail sales in the Eurozone declined 0.3% month-over-month in June following a 0.1% gain in May. The HCOB Eurozone construction PMI declined to 41.4 in July, recording the lowest reading in six months.

The S&P Global UK construction PMI rose to 55.3 in July from 52.2 in June, while France construction PMI declined to 39.7 in July from 41 in June. The HCOB Germany construction PMI rose to 40 in July versus 39.7 in June. Retail sales in the UK climbed 0.3% year-over-year in July compared to a 0.5% decline in June.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 jumping 10.23%, Hong Kong's Hang Seng Index gaining 0.31%, China's Shanghai Composite Index rising 0.23% and S&P BSE Sensex declining 0.21%.

Household spending in Japan declined by 1.4% year-over–year in June following a 1.8% decline in the previous month.

Economics

• The Logistics Manager's Index rose to 56.5 in July, recording the strongest reading in four months, and up from 55.3 in June.
• The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.

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