Toward the end of trading Tuesday, the Dow traded up 1.06% to 28085.22 while the NASDAQ fell 0.22% to 10,944.77. The S&P also rose, gaining 0.45% to 3,375.46.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,094,560 cases with around 163,460 deaths. Brazil confirmed a total of over 3,057,470 COVID-19 cases with 101,750 deaths, while India reported a total of at least 2,268,670 confirmed cases and 45,250 deaths. In total, there were at least 20,092,850 cases of COVID-19 worldwide with over 736,250 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Financial shares gained 2.7% on Tuesday. Meanwhile, top gainers in the sector included MVC Capital, Inc. MVC 17.11%, up 17%, and Redwood Trust, Inc. RWT 8.49%, up 10%.
In trading on Tuesday, utilities shares fell by 1.7%.
Top Headline
SYSCO Corporation SYY 2.09% reported a narrower-than-expected loss for its second quarter.
Sysco posted a Q2 loss of $0.29 per share, narrower than analysts’ estimates for a loss of $0.30 per share. The company reported quarterly sales of $8.90 billion, missing expectations of $9.52 billion.
Equities Trading UP
Pfenex Inc. PFNX 66.34% shares shot up 67% to $12.76 after the company announced it will be acquired by Ligand for $12 per share in cash.
Shares of Oxbridge Re Holdings Limited OXBR 58.55% got a boost, shooting 60% to $1.87 after the company swung to a profit in the second quarter. Oxbridge Re Holdings posted Q2 earnings of $0.03 per share, versus a year-ago loss of $0.04 per share.
Kforce Inc. KFRC 24.43% shares were also up, gaining 30% to $41.32 after the company reported better-than-expected Q2 results and also issued strong Q3 guidance.
Equities Trading DOWN
Fulcrum Therapeutics Inc FULC 47.43% shares tumbled 46% to $9.26 after the company posted a Q2 loss of $0.66 per share and announced interim analysis data from its ReDUX4 trial in facioscapulohumeral muscular dystrophy.
Shares of Mesoblast limited MESO 34.8% were down 33% to $11.68. The company has an FDA Advisory Committee meeting on August 13th to review data supporting its Biologics License Application for approval of RYONCIL for children.
Fennec Pharmaceuticals Inc FENC 35.4% was down, falling 35% to $6.61 after the company announced it has received a response from the FDA for PEDMARK NDA indicating identified deficiencies with the facility of the drug product manufacturer, which require resolution prior to PEDMARK approval.
Commodities
In commodity news, oil traded up 0.3% to $42.07, while gold traded down 4.5% to $1,947.00.
Silver traded down 10.2% Tuesday to $26.285, while copper rose 0.6% to $2.8785.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 rose 1.68%, the Spanish Ibex Index rose 2.97%, while Italy’s FTSE MIB Index gained 2.84%. Meanwhile, the German DAX 30 gained 2.04%, French CAC 40 rose 2.41% and UK shares rose 1.71%.
Economics
The NFIB small business optimism index declined to 98.8 in July versus 100.6 in the prior month.
The Producer Price Index increased 0.6% in July following a 0.2% drop in June.
Benzinga does not provide investment advice. All rights reserved.
Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
USD/JPY marks up a 34-year high as USD returns to favor
USD/JPY rises to another multi-decade high amidst enthusiasm for the US Dollar. US economic exceptionalism and a massive US Treasury bond sale are fueling USD buying. Japanese Finmin verbal intervention warning is ignored by USD/JPY.
Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.
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