US stock markets enjoyed a strong day on Tuesday, with the S&P 500 gaining over 1%. This upward trend was largely attributed to a surge in information technology shares, which climbed by 2.3%. The Dow Jones Industrial Average followed suit, trading up by 0.42% to 39,522.57, while the NASDAQ saw an even more significant increase, rising 1.68% to 17,063.04.
One of the day’s most notable movers was Starbucks Corporation (SBUX). The company’s stock surged by 22% to $93.76 after announcing that Brian Niccol, CEO and Chairman of Chipotle, will take on the same roles at Starbucks, effective September 9th. This news generated significant excitement among investors.
Other notable equities making moves include CXApp Inc. (CXAI), whose shares rose by 89% to $2.79 following the announcement of a multi-year deal with Google Cloud. Apollomics, Inc. (APLM) shares also saw an increase, gaining 22% to $0.1926 after revealing promising preliminary data from its Phase 2 SPARTA trial of Vebreltinib.
However, not all companies experienced positive stock movements. Syros Pharmaceuticals, Inc. (SYRS) saw a significant drop of 60% to $1.9899 after announcing the discontinuation of enrollment in its SELECT-AML-1 Phase 2 clinical trial. Genprex, Inc. (GNPX) also faced a decline, dropping 25% to $0.9499. TELA Bio, Inc. (TELA) experienced a 34% decrease to $2.65 following worse-than-expected financial results for the second quarter.
In commodity news, oil prices dipped by 1.6% to $78.79, while gold saw a slight increase of 0.3% to $2,512.30. Silver traded down by 0.9% to $27.745, and copper fell 0.6% to $4.0450.
The positive sentiment in the US market extended to European markets as well, with the eurozone’s STOXX 600 rising 0.44%, Germany’s DAX climbing 0.43%, and France’s CAC 40 gaining 0.26%. Spain’s IBEX 35 Index also saw a strong increase of 0.75%, while London’s FTSE 100 rose 0.21%.
Asian markets mostly closed higher on Tuesday. Japan’s Nikkei 225 jumped 3.45%, Hong Kong’s Hang Seng Index gained 0.36%, and China’s Shanghai Composite Index saw an increase of 0.34%. However, India’s S&P BSE Sensex fell 0.87%.
In economic news, US producer prices rose by 0.1% month-over-month in July, compared to a 0.2% increase in June. This figure was in line with market expectations.
