Dow Surges 50 Points; General Electric Profit Tops Expectations

Author: Lisa Levin | July 25, 2023 12:32pm

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 50 points on Tuesday.

The Dow traded up 0.16% to 35,468.65 while the NASDAQ rose 0.60% to 14,142.63. The S&P 500, also rose, gaining, 0.27% to 4,566.98.

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Leading and Lagging Sectors

• Materials shares climbed by 1.8% on Tuesday.
• In trading on Tuesday, financial shares fell by 0.4%.

 

Top Headline

General Electric Co (NYSE:GE) reported better-than-expected results for its second quarter.

General Electric reported second-quarter FY23 revenues of $16.70 billion, an increase of 18% year-over-year, beating the consensus of $15 billion. Adjusted EPS was $0.68, up from $0.36 a year ago, beating the consensus of $0.46.

GE raised its FY23 guidance based on first-half performance and continued second-half strength.

 

Equities Trading UP

• Electra Battery Materials Corporation (NASDAQ:ELBM) shares shot up 72% to $2.12 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 175% to $28.75.
• Bullfrog AI Holdings, Inc. (NASDAQ:BFRG) shares were also up, gaining 37% to $4.73 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 75% to $0.0485. 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 40% to $0.4276 after the company received a delisting notice.
• NeuroOne Medical Technologies Corporation (NASDAQ:NMTC) was down, falling 34% to $1.05. 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 up 1.1% to $79.64 while gold traded up 0.2% at $1,966.30.

Silver traded up 1.2% to $24.885 on Tuesday while copper rose 1.7% to $3.9225.

 

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.48%, London’s FTSE 100 rose 0.17% while Spain’s IBEX 35 Index fell 0.25% The German DAX rose 0.13% French CAC 40 fell 0.16% 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.

 

Posted In: AURC BFRG BLPH ELBM GE HGEN NMTC