Dow Jumps 200 Points; Pfizer Earnings Top Views

Author: Avi Kapoor | July 30, 2024 10:12am

U.S. stocks traded mostly higher this morning, with the Dow Jones index gaining around 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.50% to 40,742.44 while the NASDAQ slipped 0.01% to 17,370.07. The S&P 500 also rose, gaining, 0.22% to 5,475.80.

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Leading and Lagging Sectors

Financials shares jumped by 1.3% on Tuesday.

In trading on Tuesday, consumer staples shares fell by 1%.

Top Headline

Pfizer Inc. (NYSE:PFE) reported better-than-expected second-quarter financial results.

Pfizer reported second-quarter adjusted EPS of 60 cents, down 11% year over year, beating the consensus of 46 cents. The U.S. drugmaker reported sales of $13.28 billion, up 2% year-over-year (up 3% operationally), beating the consensus of $13.02 billion.

Pfizer updated its 2024 revenue forecast to $59.5 billion—$62.5 billion, compared to prior guidance of $58.5 billion—$61.5 billion and consensus of $60.7 billion. Pfizer expects 2024 adjusted EPS of $2.45-$2.65 compared to prior guidance of $2.15-$2.35 and consensus of $2.37.

Equities Trading UP

Imunon, Inc. (NASDAQ:IMNN) shares shot up 158% to $3.0500 after the company announced topline results from its Phase 2 OVATION 2 study with IMNN-001. The results showed an 11.1-month improvement in median overall survival compared to standard-of-care alone in the intent-to-treat population.
Shares of Agape ATP Corporation (NASDAQ:ATPC) got a boost, surging 100% to $0.1766. AGAPE ATP strengthened wellness division via innovative incubation with emerging local SMEs.
Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) shares were also up, gaining 44% to $2.44 after the company announced FDA clearance of its IND application for a Phase 2 clinical trial of NGC-Cap in breast cancer.

Equities Trading DOWN

QXO, Inc. (NASDAQ:QXO) shares dropped 79% to $12.37. This sudden decline was triggered by the registration of two private placements with the U.S. Securities and Exchange Commission, which unlocked millions of shares and led to increased selling pressure, Bloomberg reported on Tuesday.
Shares of NIP Group Inc. (NASDAQ:NIPG) were down 35% to $10.78. NIP Group announced the closing of its initial public offering and partial exercise of underwriters' option to purchase additional ADSs.
CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) was down, falling 31% to $0.7169 after the company announced it entered into an exclusive license agreement with Cortice Biosciences.

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Commodities

In commodity news, oil traded down 1.3% to $74.81 while gold traded up 0.5% at $2,438.40.

Silver traded up 1% to $28.145 on Tuesday, while copper fell 0.9% to $4.0485.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.7%, Germany's DAX gained 0.7% and France's CAC 40 climbed 0.7%. Spain's IBEX 35 Index rose 0.9%, while London's FTSE 100 fell 0.1%.

The Euro Area GDP grew by 0.3% on quarter during the second quarter, the same as in the prior period but above expectations of 0.2%. The economic sentiment indicator in the Eurozone slipped to 95.8 in July from 95.9 in the prior month, while services sentiment indicator fell to 4.8 in July from a revised 6.2 in the prior month.

The German economy shrank 0.1% on quarter during the second quarter, compared to a 0.2% increase in the prior quarter, while Spanish economy expanded by 0.8% quarter-over-quarter in the second quarter. The French economy grew by 0.3% quarter-over-quarter during the second quarter.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.15%, Hong Kong's Hang Seng Index dipping 1.37%, China's Shanghai Composite Index falling 0.43% and India's S&P BSE Sensex rising 0.12%.

Japanese unemployment rate came in at 2.5% for June, versus market projections of 2.6%.

Economics

The number of job openings came in at 8.184 million in June compared to a revised 8.23 million in May.
The S&P CoreLogic Case-Shiller 20-city home price index rose 6.8% year-over-year in May versus a revised 7.3% gain in April.
The FHFA house price index came in unchanged for May.

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