Nasdaq Down 1%; JetBlue Airways Shares Spike Higher

Author: Avi Kapoor | July 30, 2024 02:31pm

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index gaining more than 200 points on Tuesday.

The Dow traded up 0.53% to 40,755.30 while the NASDAQ dipped 1.02% to 17,190.93. The S&P 500 also fell, dropping, 0.40% to 5,441.42.

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Leading and Lagging Sectors

Energy shares jumped by 1.3% on Tuesday.

In trading on Tuesday, information technology shares fell by 2.1%.

Top Headline

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.

Equities Trading UP

Imunon, Inc. (NASDAQ:IMNN) shares shot up 153% to $2.98 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 JetBlue Airways Corporation (NASDAQ:JBLU) got a boost, surging 17% to $6.95 after the company reported better-than-expected second-quarter financial results.
Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) shares were also up, gaining 22% to $2.0750 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 80% to $12.11. 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 Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) were down 24% to $1.1355 after the company reported worse-than-expected quarterly sales results.
SmartRent, Inc. (NYSE:SMRT) was down, falling 18% to $1.9601 after the company announced a CEO resignation and suspended its 2024 outlook.

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Commodities

In commodity news, oil traded down 1% to $75.08 while gold traded up 1.2% at $2,453.50.

Silver traded up 2.4% to $28.52 on Tuesday, while copper rose 0.2% to $4.0910.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.45%, Germany's DAX gained 0.49% and France's CAC 40 climbed 0.42%. Spain's IBEX 35 Index rose 0.76%, while London's FTSE 100 fell 0.22%.

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.
The Dallas Fed general business activity index for Texas’ service sector climbed to a reading of -0.1 versus prior reading of -4.1.

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