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 rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties
The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.
GBP/USD remains stronger above 1.3500 following Trump’s State of the Union
GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.
USD/JPY bounces back toward 156.00 as Japanese Yen weakens
USD/JPY rebounds toward 156.00 in the Asian session on Wednesday, eyeing two-week highs of 156.28 reached after reports that Japan’s PM wants the BoJ to go slow on future rate hikes weighed on the Japanese Yen. Meanwhile, the nomination of new BoJ board members revives Japanese Yen sellers even as Trump's State of the Union address dents the US Dollar.
Editors’ Picks
EUR/USD rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties
The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.
GBP/USD remains stronger above 1.3500 following Trump’s State of the Union
GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.
Gold re-attempts $5,200 amid tariffs and geopolitical woes
Gold buyers are back in the game early Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh. Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.
Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks
Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.
The Citrini report: How a debatable AI narrative can shake Wall Street Premium
That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.
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