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News

Nasdaq Down Over 100 Points; US Trade Deficit Shrinks In June

Author: Lisa Levin | August 08, 2023 09:50am

U.S. stocks were lower this morning, with the Nasdaq Composite falling more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.82% to 35,182.19 while the NASDAQ fell 0.81% to 13,880.85. The S&P 500, also fell, dropping, 0.72% to 4,486.06.

Check This Out: Top 5 Tech Stocks Which Could Rescue Your Portfolio This Month

 

Leading and Lagging Sectors

  • Health care shares jumped by 0.7% on Tuesday.
  • In trading on Tuesday, energy shares fell 2%.

 

Top Headline

The U.S. trade deficit shrank to a three-month low level of $65.5 billion in June versus a revised $68.3 billion in May.

Exports from the U.S. fell by $0.3 billion to $247.5 billion in June, while imports fell by $3.1 billion to $313.0 billion.

 

Equities Trading UP

  • Nuburu, Inc. (NYSE:BURU) shares shot up 215% to $1.83 after the company announced contract with NASA to demonstrate feasibility of power beaming in space using the company’s blue laser technology.
  • Shares of Vivos Therapeutics, Inc. (NASDAQ:VVOS) got a boost, shooting 74% to $0.4539 after falling more than 10% on Monday.
  • Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares were also up, gaining 95% to $6.33 after the company disclosed data for BMB-101.

 

Equities Trading DOWN

  • Proterra Inc. (NASDAQ:PTRA) shares dropped 76% to $0.3470 after the company announced it filed for Chapter 11 bankruptcy.
  • Shares of SeaChange International, Inc. (NASDAQ:SEAC) were down 38% to $4.9047 after the company announced voluntary SEC deregistration and Nasdaq delisting.
  • Datasea Inc. (NASDAQ:DTSS) was down, falling 32% to $0.77. Datasea said on August 1 that it entered into two separate subscription agreements with a certain non-U.S. investor to sell an aggregate of 4.8 million shares of common stock at $1.20 per share.

Also Check This Out: McKesson, Kinder Morgan And 2 Other Stocks Insiders Are Selling

 

Commodities

In commodity news, oil traded down 1.3% to $80.85 while gold traded down 0.4% at $1,961.80.

Silver traded down 1.4% to $22.91 on Tuesday while copper fell 2% to $3.7595.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.6%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index fell 1.1% The German DAX declined 1.4% French CAC 40 fell 1.1% and Italy’s FTSE MIB Index declined 2.4%.

French trade deficit shrank to EUR 6.7 billion in June, recording the lowest level since Aug. 2021, while the country posted a current account surplus of EUR 0.8 billion in June compared to a EUR 0.7 billion deficit in the prior month. The annual inflation rate in Germany fell to 6.2% in July from 6.4% in June. Retail sales in the UK increased 1.8% year-over-year in July.

 

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising 0.38%, China’s Shanghai Composite Index falling 0.25% and Hong Kong’s Hang Seng Index declining 1.81%. India’s S&P BSE Sensex, meanwhile, fell 0.1%.

The gauge for Japan's service sector sentiment rose to 54.4 in July from 53.6 in the earlier month, while average cash earnings in the country rose by 2.3% year-over-year in June. Japan's current account surplus widened to JPY 1,508.8 billion in June compared to JPY 497.9 billion in the year-ago month. Chinese trade surplus shrank to $80.6 billion in July from $102.7 billion in the year-ago period.

Australia's NAB business confidence index rose to 2 in July versus a revised reading of -1 in the previous month, while the Westpac-Melbourne Institute Consumer Sentiment index declined by 0.4% month-over-month to a reading of 81.0 in August.

 

Economics

  • The NFIB Small Business Optimism Index rose for a third straight month to a reading of 91.9 in July.
  • The U.S. trade deficit shrank to a three-month low level of $65.5 billion in June versus a revised $68.3 billion in May.
  • Exports from the U.S. fell by $0.3 billion to $247.5 billion in June, while imports fell by $3.1 billion to $313.0 billion.

Now Read This: DraftKings To Rally Over 38%? Here Are 10 Other Analyst Forecasts For Tuesday

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,566,780 cases with around 1,170,780 deaths. India confirmed a total of at least 44,996,030 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 692,993,500 cases of COVID-19 worldwide with more than 6,905,480 deaths.

Posted In: BURU DRUG DTSS PTRA SEAC VVOS

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