U.S. stocks traded mostly lower towards the end of trading on Tuesday, with the S&P 500 falling around 0.1%. The Dow Jones Industrial Average traded down 0.12% to close at 40,849.39, while the NASDAQ Composite fell 0.11% to 17,856.43. The S&P 500 also experienced a slight drop, closing down 0.07% at 5,604.36.
Healthcare shares stood out as a bright spot, climbing by 0.4% on Tuesday. However, energy shares took a hit, falling by 2.4%.
Top Headline
Shares of Palo Alto Networks, Inc. (PANW) gained around 9% on Tuesday after the company reported better-than-expected results for its fourth quarter and issued strong guidance. Palo Alto’s board authorized an additional $500 million for share repurchases, bringing the company’s remaining buyback authorization up to $1 billion.
Equities Trading UP
* InMed Pharmaceuticals Inc. (INM) shares skyrocketed 194% to $0.4361 following the announcement that INM-901 will be used in its development programs for Alzheimer’s Disease.
* Bit Digital, Inc. (BTBT) shares surged 17% to $3.4850 after the company reported better-than-expected second-quarter sales results. The company also announced a binding term sheet with Boosteroid.
* Titan Pharmaceuticals, Inc. (TTNP) shares gained 94% to $9.71. Titan Pharmaceuticals entered into a merger and contribution and share exchange agreement regarding a business combination with KE Sdn. Bhd.
Equities Trading DOWN
* Mynaric AG (MYNA) shares plummeted 54% to $1.92 after the company cut its FY24 revenue guidance.
* ATRenew Inc. (RERE) shares were down 13% to $2.46 following the release of second-quarter results.
* Vipshop Holdings Limited (VIPS) shares fell 17% to $11.60 after the company reported second-quarter results and guided third-quarter revenues down approximately 5-10%.
Commodities
In commodity news, oil traded down 0.7% to $73.82, while gold traded up 0.5% at $2,553.30. Silver traded up 0.5% to $29.46 on Tuesday, while copper fell 0.8% to $4.1490.
Euro Zone
European shares closed lower today. The Eurozone’s STOXX 600 slipped 0.45%, Germany’s DAX fell 0.35%, and France’s CAC 40 slipped 0.22%. Spain’s IBEX 35 Index fell 0.13%, while London’s FTSE 100 fell 1%.
The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, while the current account surplus rose to €52.4 billion in June from €32.4 billion a year ago. Italy’s current account surplus widened to EUR 4,885 billion in June from EUR 1,248 billion in the year-ago period. Producer prices in Germany fell by 0.8% year-over-year in July.
Asia Pacific Markets
Asian markets closed mixed on Tuesday. Japan’s Nikkei 225 gained 1.80%, while Hong Kong’s Hang Seng Index fell 0.33%, China’s Shanghai Composite Index fell 0.93%, and India’s BSE Sensex rose 0.47%.
The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month. The People’s Bank of China kept key lending rates unchanged at the recent fixing.
Economics
No major economic reports are scheduled for release today.
