Nasdaq Surges Over 100 Points; Bank of America Earnings Top Views

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.18% to 52,590.84 while the NASDAQ rose 0.49% to 25,998.70 The S&P 500 also rose, gaining, 0.26% to 7,534.77.

Leading and Lagging Sectors

Materials shares jumped by 1.5% on Tuesday.

In trading on Tuesday, health care stocks fell by 1.4%.

Top Headline

Bank of America (NYSE:BAC) reported better-than-expected earnings for the second quarter on Tuesday.

The company posted quarterly earnings of $1.21 per share which beat the analyst consensus estimate of $1.13 per share. The company reported quarterly sales of $31.558 billion which beat the analyst consensus estimate of $30.746 billion.

Equities Trading UP
           

• NextCure Inc (NASDAQ:NXTC) shares shot up 266% to $7.96 after the company announced a merger with Avere Therapeutics.
• Shares of Lion Group Holding Ltd – ADR (NASDAQ:LGHL) got a boost, surging 93% to $4.22.
• U-BX Technology Ltd (NASDAQ:UBXG) shares were also up, gaining 48% to $9.30.

Equities Trading DOWN

• Fast Track Entertainment (NASDAQ:FTRK) shares dropped 33% to $0.40.
• Shares of Jet.AI Inc (NASDAQ:JTAI) were down 23% to $4.39. The company announced it entered into a non-binding letter of intent for a proposed business combination with a privately held operating company.
• Matinas BioPharma Holdings Inc (NYSE:MTNB) was down, falling 27% to $0.36. The company recently announced it entered into a definitive purchase agreement to sell Matinas BioPharma Nanotechnologies, Inc., including MAT220 to Azurity Pharmaceuticals.

Commodities

In commodity news, oil traded up 2.2% to $79.84 while gold traded up 0.8% at $4,036.30.

Silver traded up 2.8% to $59.605 on Tuesday, while copper rose 2.1% to $6.4135.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.5%, while Spain’s IBEX 35 Index fell 0.8%. London’s FTSE 100 fell 0.4%, Germany’s DAX declined 0.8%, while France’s CAC 40 fell 0.7%.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 0.74%, Hong Kong’s Hang Seng index rising 0.52%, China’s Shanghai Composite surging 1.36% and India’s BSE Sensex falling 0.72%.

Economics

• U.S. consumer prices declined 0.4% month-over-month in June, compared to a 0.5% gain in May and versus market estimates of a 0.1% drop.
• The annual inflation rate eased to 3.5% in June from 4.2% in May and down from expectations of 3.8%.

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