Crude Oil Down 1%; Bank of America Posts Upbeat Earnings

Author: Avi Kapoor | July 16, 2024 12:00pm

U.S. stocks traded mostly higher midway through trading, with the Dow Jones index surging more than 550 points on Tuesday.

The Dow traded up 1.41% to 40,779.92 while the NASDAQ fell 0.05% to 18,463.13. The S&P 500 also rose, gaining, 0.35% to 5,651.05.

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Leading and Lagging Sectors

Industrials shares jumped by 2% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.5%.

Top Headline

Bank of America Corp (NYSE:BAC) reported better-than-expected second-quarter results.

The company posted second-quarter fiscal 2024 net income of $6.9 billion and EPS of 83 cents, beating the analyst consensus estimate of 80 cents.

Revenue, net of interest expense, increased 0.8% year-over-year to $25.54 billion, beating the analyst consensus estimate of $25.22 billion.

Equities Trading UP
                       

• Silo Pharma, Inc. (NASDAQ:SILO) shares shot up 113% to $2.2799 after the company obtained an exclusive global license to develop, manufacture, and commercialize its Alzheimer’s drug.
• Shares of Yoshitsu Co., Ltd (NASDAQ:TKLF) got a boost, surging 89% to $0.5780 after the company reported a year-over-year increase in FY24 financial results.
• AngioDynamics, Inc. (NASDAQ:ANGO) shares were also up, gaining 20% to $7.12 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.

Equities Trading DOWN

• Reddit, Inc. (NYSE:RDDT) shares dropped 7% to $68.23 after Loop Capital downgraded the stock from Buy to Hold.
• Shares of The Charles Schwab Corporation (NYSE:SCHW) were down 9% to $68.65 following second-quarter results.
• Clearmind Medicine Inc (NASDAQ:CMND) was down, falling 15% to $1.8799. Clearmind Medicine announced the FDA clearance for IND application of MEAI-based CMND-100 oral capsule.

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Commodities

In commodity news, oil traded down 1% to $81.08 while gold traded up 1.4% at $2,462.00.

Silver traded up 2% to $31.54 on Tuesday, while copper fell 1.5% to $4.4595.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.23%, Germany's DAX fell 0.32% and France's CAC 40 fell 0.64%. Spain's IBEX 35 Index fell 0.41%, while London's FTSE 100 fell 0.21%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell by 7.6 points to a reading of 43.7 in July, while Eurozone posted a trade surplus of EUR 13.9 billion in May versus a year-ago gap of EUR 0.4 billion.

The ZEW Indicator of Economic Sentiment for Germany fell to 41.8 in July, recording the first decline in a year. Italy reported a trade surplus of EUR 6.43 billion in May versus a year-ago surplus of EUR 4.767 billion year.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.20%, Hong Kong's Hang Seng Index falling 1.60%, China's Shanghai Composite Index gaining 0.08% and India's S&P BSE Sensex gaining 0.06%.

Economics

• U.S. retail sales came in flat month-over-month for June compared to a revised 0.3% gain in the previous period.
• Import prices came in unchanged from the prior month in June, while export prices in the U.S. declined 0.5% month-over-month in June.
• The NAHB/Wells Fargo Housing Market Index fell by one point to a reading of 42 in July, versus market estimates of 44.
• U.S. total business inventories increased by 0.5% month-over-month in May compared to a 0.3% gain in the earlier month.

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Posted In: ANGO BAC CMND RDDT SCHW SILO TKLF