Nasdaq Edges Lower; Morgan Stanley Earnings Top Views

Author: Avi Kapoor | July 16, 2024 02:31pm

U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones index surging more than 650 points on Tuesday.

The Dow traded up 1.63% to 40,865.59 while the NASDAQ fell 0.11% to 18,452.31. The S&P 500 also rose, gaining, 0.37% to 5,652.28.

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Leading and Lagging Sectors

Industrials shares jumped by 2.3% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

Morgan Stanley (NYSE:MS) reported better-than-expected second-quarter results.

Morgan Stanley reported second-quarter EPS of $1.82, up from $1.24 a year ago and beating the consensus of $1.65. The U.S. bank reported second-quarter sales of $15.02 billion, up 11.6% year over year, beating the consensus of $14.30 billion.

Equities Trading UP

Silo Pharma, Inc. (NASDAQ:SILO) shares shot up 93% to $2.07 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 92% to $0.5884 after the company reported a year-over-year increase in FY24 financial results.
AngioDynamics, Inc. (NASDAQ:ANGO) shares were also up, gaining 25% to $7.40 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.

Equities Trading DOWN

Reddit, Inc. (NYSE:RDDT) shares dropped 8% to $67.39 after Loop Capital downgraded the stock from Buy to Hold.
Shares of The Charles Schwab Corporation (NYSE:SCHW) were down 9% to $68.55 following second-quarter results.
Clearmind Medicine Inc (NASDAQ:CMND) was down, falling 17% to $1.84. 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 1.3% to $80.82 while gold traded up 1.5% at $2,464.30.

Silver traded up 1.6% to $31.44 on Tuesday, while copper fell 1.7% to $4.4505.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.28%, Germany's DAX fell 0.39% and France's CAC 40 fell 0.69%. Spain's IBEX 35 Index fell 0.47%, while London's FTSE 100 fell 0.22%.

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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