Dow Jumps Over 300 Points; US Trade Gap Narrows In June

Author: Avi Kapoor | August 06, 2024 10:22am

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 300 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.88% to 39,042.26 while the NASDAQ rose 0.76% to 16,323.66. The S&P 500 also rose, gaining, 1.06% to 5,241.40.

Leading and Lagging Sectors

Industrials shares climbed by 1.7% on Tuesday.

In trading on Tuesday, communication services shares rose by 0.6%.

Top Headline

The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.

Equities Trading UP
                       

• VBI Vaccines Inc. (NASDAQ:VBIV) shares shot up 178% to $0.1752.
• Shares of Regencell Bioscience Holdings Limited (NASDAQ:RGC) got a boost, surging 71% to $11.35 .
• Lumen Technologies, Inc. (NYSE:LUMN) shares were also up, gaining 57% to $4.07 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.

Equities Trading DOWN

• Elevation Oncology, Inc. (NASDAQ:ELEV) shares dropped 60% to $0.8579 following second-quarter results.
• Shares of Jumia Technologies AG (NASDAQ:JMIA) were down 46% to $5.69 after the company reported worse-than-expected quarterly sales results.
• ThredUp Inc. (NASDAQ:TDUP) was down, falling 34% to $1.15 following second-quarter results.

Commodities

In commodity news, oil traded up 0.8% to $73.53 while gold traded down 0.1% at $2,441.80.

Silver traded up 0.2% to $27.25 on Tuesday, while copper rose 0.5% to $4.0235.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.2%, Germany's DAX rose 0.1% and France's CAC 40 fell 0.4%. Spain's IBEX 35 Index fell 0.6%, while London's FTSE 100 rose 0.1%.

Retail sales in the Eurozone declined 0.3% month-over-month in June following a 0.1% gain in May. The HCOB Eurozone construction PMI declined to 41.4 in July, recording the lowest reading in six months.

The S&P Global UK construction PMI rose to 55.3 in July from 52.2 in June, while France construction PMI declined to 39.7 in July from 41 in June. The HCOB Germany construction PMI rose to 40 in July versus 39.7 in June. Retail sales in the UK climbed 0.3% year-over-year in July compared to a 0.5% decline in June.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 jumping 10.23%, Hong Kong's Hang Seng Index gaining 0.31%, China's Shanghai Composite Index rising 0.23% and S&P BSE Sensex declining 0.21%.

Household spending in Japan declined by 1.4% year-over–year in June following a 1.8% decline in the previous month.

Economics

• The Logistics Manager's Index rose to 56.5 in July, recording the strongest reading in four months, and up from 55.3 in June.
• The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.

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Posted In: ELEV JMIA LUMN RGC TDUP VBIV