U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping around 200 points on Tuesday.
The Dow traded down 0.58% to 31,803.45 while the NASDAQ fell 1.71% to 11,581.11. The S&P also fell, dropping, 1.10% to 3,923.15.
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Leading and Lagging Sectors
Health care shares rose 0.4% on Tuesday. Meanwhile, top gainers in the sector included Chimerix, Inc (NASDAQ:CMRX), up 18% and Talaris Therapeutics, Inc. (NASDAQ:TALS) up 19%.
In trading on Tuesday, consumer discretionary shares fell 2.8%.
Top Headline
McDonald's Corporation (NYSE:MCD) reported better-than-expected earnings for its second quarter.
McDonald's reported a second-quarter FY22 sales decline of 3% year-on-year to $5.72 billion, missing the consensus of $5.82 billion. Adjusted EPS of $2.55 beat the analyst consensus of $2.47.
Equities Trading UP
Freight Technologies, Inc. (NASDAQ:FRGT) shares shot up 66% to $2.46 after the company announced it was awarded Samsung Mexico SDS business and has begun using its platform to assist with effecting Samsung's shipments from Mexico to the United States.
Shares of InflaRx N.V. (NASDAQ:IFRX) got a boost, shooting 37% to $1.8975 after the company announced plans to apply for Emergency Use Authorization from the FDA for vilobelimab for the treatment of critically ill COVID-19 patients.
Ayala Pharmaceuticals, Inc. (NASDAQ:AYLA) shares were also up, gaining 138% to $2.0699 after the company filed a request for the withdrawal of the Registration Statement on Form S-1.
Equities Trading DOWN
Exela Technologies, Inc. (NASDAQ:XELA) shares tumbled 41% to $1.7299 amid effectiveness of a 1-for-20 reverse stock split of the company's common stock.
Shares of Luokung Technology Corp. (NASDAQ:LKCO) were down 42% to $0.23 after the company announced an $8 million registered direct offering priced at $0.30 per share.
Revelation Biosciences, Inc. (NASDAQ:REVB) was down, falling 53% to $0.4760 after the company reported pricing of $5 million public offering. Revelation Biosciences shares jumped 55% on Monday after the company announced the data from its Phase 1b CLEAR clinical study of REVTx-99b met the primary endpoint.
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Commodities
In commodity news, oil traded down 0.5% to $96.22, while gold traded down 0.2% to $1,716.50.
Silver traded up 1.1% to $18.53 on Tuesday while copper rose 1.2% to $3.3950.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.04%, London’s FTSE 100 rose 0.07% while Spain’s IBEX 35 Index fell 0.02%. The German DAX dropped 0.73%, French CAC 40 fell 0.35% and Italy’s FTSE MIB Index fell 0.83%.
Producer inflation in Spain eased slightly to 43.2% year-over-year in June from the 43.6% annual increase in the prior month.
Economics
The Federal Open Market Committee will start its two-day policy meeting today.
The S&P CoreLogic Case-Shiller 20-city home price index rose 20.5% year-over-year in May, following a record surged of 21.2% in the previous month. Analysts, meanwhile, were expecting for a 20.6% jump.
The FHFA House Price Index rose by 1.4% from a month ago in May.
The Conference Board’s consumer confidence index fell to 95.7 in July from a revised reading of 98.4 in the previous month.
New home sales dropped 8.1% from a month ago to an annual rate of 590,000 in June.
The Richmond Fed Manufacturing Index improved to 0 for July, versus a prior reading of 11.00.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
Data on money supply for the latest week will be released at 1:00 p.m. ET.
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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 92,339,920 cases with around 1,052,460 deaths. India confirmed a total of at least 43,920,450 cases and 526,110 deaths, while Brazil reported over 33,621,960 COVID-19 cases with 677,210 deaths. In total, there were at least 576,299,300 cases of COVID-19 worldwide with more than 6,405,430 deaths.
