US Stocks Mixed; Bank of America Tops Q2 Views

Author: Lisa Levin | July 18, 2023 09:51am

U.S. stocks traded mixed this morning, with the Dow Jones gaining around 70 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.20% to 34,655.10 while the NASDAQ fell 0.38% to 14,190.20. The S&P 500, also fell, declining, 0.05% to 4,520.47.

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Leading and Lagging Sectors

• Energy shares climbed by 0.6% on Tuesday.
• In trading on Tuesday, information technology shares fell by 0.5%.

 

Top Headline

Bank of America Corp (NYSE:BAC) reported better-than-expected second-quarter results.

Bank of America reported a second-quarter FY23 net income growth of 19% year-over-year to $7.4 billion. EPS for the quarter was $0.88, compared to $0.73 in 2Q22, beating the consensus of $0.84. Revenue increased 11% Y/Y to $25.33 billion, beating the consensus of $25.05 billion.

 

Equities Trading UP

• The Singing Machine Company, Inc. (NASDAQ:MICS) shares shot up 40% to $2.21 after the company announced it launched a new party accessory product line available at Walmart.
• Shares of Biophytis S.A. (NASDAQ:BPTS) got a boost, shooting 45% to $3.1185 after the company signed a partnership with SEQENS to produce Sarconeos (BIO101) active compound, the company's main product.
• Interlink Electronics, Inc. (NASDAQ:LINK) shares were also up, gaining 24% to $13.40.

 

Equities Trading DOWN

• 9 Meters Biopharma, Inc. (NASDAQ:NMTR) shares dropped 64% to $0.2250 after the company announced on July 17th it, along with its subsidiaries, ceased operations and filed a voluntary petition for relief under the Bankruptcy Code.
• Shares of Lixte Biotechnology Holdings, Inc. (NASDAQ:LIXT) were down 22% to $5.84 after the company announced pricing of a $3.5 million registered direct offering and concurrent private placement priced at-the-market under Nasdaq rules.
• CEL-SCI Corporation (NYSE:CVM) was down, falling 21% to $2.27 after the company priced its public offering of 2.5 million shares at $2 per share.

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Commodities

In commodity news, oil traded up 0.4% to $74.47 while gold traded up 0.6% at $1,967.50.

Silver traded up 0.6% to $25.155 on Tuesday while copper fell 0.6% to $3.8220.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 gained 0.1% while Spain’s IBEX 35 Index slipped 0.4% The German DAX gained 0.1% French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.1%.

Construction output in Italy fell by 6.5% year-over-year in May, versus a 6.3% fall in April.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.32%, China’s Shanghai Composite Index falling 0.37% and Hong Kong’s Hang Seng Index declining 2.05%. India’s S&P BSE Sensex, meanwhile, rose 0.3%.

Hong Kong’s unemployment rate declined to 2.9% in the three months ending June 2023, recording the lowest level since Sept. 2019.

 

Economics

• Retail sales in the U.S. increased 0.2% month-over-month in June versus a revised 0.5% growth in the prior month, but down from market estimates of a 0.5% rise.
• Industrial production in the U.S. declined 0.5% from a month ago in June versus a revised 0.5% fall in the prior month.

Manufacturing production fell 0.3% month-over-month in June.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,397,990 cases with around 1,168,910 deaths. India confirmed a total of at least 44,994,920 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,684,310 cases of COVID-19 worldwide with more than 6,899,860 deaths.

Posted In: BAC BPTS CVM LINK LIXT MICS NMTR