U.S. stocks traded lower this morning, with the Dow Jones dropping more than 100 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 0.35% to 31,876.91 while the NASDAQ fell 0.96% to 11,670.08. The S&P also fell, dropping, 0.58% to 3,943.94.
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Leading and Lagging Sectors
In trading on Tuesday, consumer discretionary shares fell 2.1%.
The Coca-Cola Company (NYSE:KO) reported better-than-expected earnings for its second quarter.
The company reported second-quarter FY22 sales growth of 12% year-on-year, to $11.30 billion, beating the analyst consensus estimate of $10.54 billion. Adjusted EPS of $0.70 beat the analyst consensus of $0.67.
Coca-Cola sees FY22 organic revenue growth of 12% – 13% and comparable EPS growth of 5% – 6%.
Equities Trading UP
Calix Inc (NYSE:CALX) shares shot up 14% to $50.62 after the company announced upbeat Q2 results and issued strong Q3 sales forecast.
Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) got a boost, shooting 14% to $33.31 following better-than-expected Q2 results.
Encore Wire Corporation (NASDAQ:WIRE) shares were also up, gaining 13% to $124.98 after the company reported Q2 results.
Equities Trading DOWN
Exela Technologies, Inc. (NASDAQ:XELA) shares tumbled 40% to $1.7399 amid effectiveness of a 1-for-20 reverse stock split of the company’s common stock.
Shares of Koss Corporation (NASDAQ:KOSS) were down 26% to $8.27. Koss shares jumped 45% on Monday following a Bloomberg Law report titled “Apple, Koss Reach Deal in AirPods Patent Case on Eve of Trial.”
Virax Biolabs Group Limited (NASDAQ:VRAX) was down, falling 19% to $13.54 after the company announced it has launched distribution of Monkeypox and Varicella-Zoster Viruses Real Time PCR Detection Kits in response to the world’s major Monkeypox outbreak.
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In commodity news, oil traded up 0.7% to $97.40, while gold traded down 0.1% to $1,718.40.
Silver traded up 1.2% to $18.55 on Tuesday while copper rose 1.4% to $3.4015.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.2%. The German DAX dropped 0.8%, French CAC 40 fell 0.5% and Italy’s FTSE MIB Index fell 0.8%.
Producer inflation in Spain eased slightly to 43.2% year-over-year in June from the 43.6% annual increase in the prior month.
The Federal Open Market Committee will start its two-day policy meeting today.
The S&P CoreLogic Case-Shiller 20-city home price index rose 20.5% year-over-year in May, following a record surged of 21.2% in the previous month. Analysts, meanwhile, were expecting for a 20.6% jump.
The FHFA House Price Index rose by 1.4% from a month ago in May.
The Conference Board’s consumer confidence index fell to 95.7 in July from a revised reading of 98.4 in the previous month.
New home sales dropped 8.1% from a month ago to an annual rate of 590,000 in June.
The Richmond Fed Manufacturing Index improved to 0 for July, versus a prior reading of 11.00.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
Data on money supply for the latest week will be released at 1:00 p.m. ET.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 92,339,920 cases with around 1,052,460 deaths. India confirmed a total of at least 43,920,450 cases and 526,110 deaths, while Brazil reported over 33,621,960 COVID-19 cases with 677,210 deaths. In total, there were at least 576,299,300 cases of COVID-19 worldwide with more than 6,405,430 deaths.