Nasdaq Rises 70 Points; General Motors Posts Upbeat Earnings

Author: Lisa Levin | July 25, 2023 09:59am

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

Following the market opening Tuesday, the Dow traded down 0.05% to 35,393.00 while the NASDAQ rose 0.50% to 14,129.68. The S&P 500, also rose, gaining, 0.13% to 4,560.43.

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Top Headline

General Motors Company (NYSE:GM) reported better-than-expected earnings for its second quarter.

General Motors posted quarterly earnings of $1.91 per share, beating market estimates of $1.85 per share. The company’s quarterly sales came in at $44.75 billion versus expectations of $42.64 billion.

GM said it sees FY23 adjusted automotive free cash flow of $7 billion to $9 billion, up from prior outlook of $5.5 billion to $7.5 billion.

 

Equities Trading UP

• Electra Battery Materials Corporation (NASDAQ:ELBM) shares shot up 89% to $2.34 after jumping 22% on Monday. Electra Battery Materials said its battery grade cobalt supply agreement with LG Energy Solution has been extended and expanded from terms initially announced in Sept. 2022.
• Shares of Aurora Acquisition Corp. (NASDAQ:AURC) got a boost, shooting 72% to $18.01.
• Bullfrog AI Holdings, Inc. (NASDAQ:BFRG) shares were also up, gaining 49% to $5.15 after the company announced US patent for novel prodrugs of mebendazole and their use in treating cancer.

 

Equities Trading DOWN

• Humanigen, Inc. (NASDAQ:HGEN) shares dropped 70% to $0.0577. Humanigen said it anticipates that it will not be able to continue as a going concern and is exploring all restructuring options, including bankruptcy.
• Shares of Bellerophon Therapeutics, Inc. (NASDAQ:BLPH) were down 38% to $0.44 after the company received a delisting notice.
• NeuroOne Medical Technologies Corporation (NASDAQ:NMTC) was down, falling 36% to $1.01. NeuroOne Medical priced the underwritten registered public offering of 5.25 million shares at $1.00 per share.

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Commodities

In commodity news, oil traded down 0.1% to $78.66 while gold traded up 0.1% at $1,963.90.

Silver traded up 0.7% to $24.76 on Tuesday while copper rose 1.4% to $3.9090.

 

Euro zone

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

The Ifo Business Climate indicator for Germany declined for the third straight month to 87.3 in July. The CBI's quarterly gauge of manufacturing optimism in the UK rose to +6 in the third quarter compared to -2.0 in the prior three-month period.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.06%, China’s Shanghai Composite Index gaining 2.13% and Hong Kong’s Hang Seng Index gaining 4.10%. India’s S&P BSE Sensex, meanwhile, fell 0.04%.

Exports from Hong Kong declined 11.4% year-over-year to $337.4 billion in June, while imports to Hong Kong fell 12.3% year-over-year to $393.9 billion.

 

Economics

• The S&P CoreLogic Case-Shiller 20-city home price index declined 1.7% year-over-year in May, the same as in April.
• The FHFA house price index increased by 0.7% versus the previous month in May.

Now Read This: These Analysts Cut Their Forecasts On CSX After Q2 Results

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,478,000 cases with around 1,169,620 deaths. India confirmed a total of at least 44,995,310 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 692,123,800 cases of COVID-19 worldwide with more than 6,902,510 deaths.

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