Following the market opening Tuesday, the Dow traded up 0.37 percent to 21,592.40 while the NASDAQ gained 0.03 percent to 6,412.92. The S&P also rose, gaining 0.31 percent to 2,477.60.
Leading and Lagging Sectors
In trading on Tuesday, technology shares fell 0.24 percent. Meanwhile, top losers in the sector included Seagate Technology PLC STX 14.86%, down 17 percent, and Sanmina Corp SANM 8.89%, down 11 percent.
General Motors Company GM 0.81% posted stronger-than-expected earnings for its second quarter.
General Motors posted quarterly adjusted earnings of $1.89 per share, on revenue of $37 billion. However, analysts were expecting earnings of $1.69 per share on sales of $40.1 billion.
Equities Trading UP
Flex Pharma Inc FLKS 22.05% shares shot up 29 percent to $5.02 as the company disclosed that the FDA has granted Fast Track designation for FLX-787 for the treatment of severe muscle cramps associated with ALS.
Shares of Invacare Corporation IVC 18.77% got a boost, shooting up 19 percent to $15.00 after the company disclosed that it has reached a new consent decree milestone.
Barnes & Noble, Inc. BKS 11.62% shares were also up, gaining 12 percent to $7.93 after activist investor Sandell Asset Management delivered a letter to the country’s biggest specialty book retailer of which it is now a top 10 shareholder. Sandell Asset Management urged a sale of Barnes & Noble.
Equities Trading DOWN
Neuralstem, Inc. CUR 57.43% shares dropped 57 percent to $2.39 after the company disclosed that top-line Phase 2 for NSI-189 for major depressive disorder did not meet primary efficacy endpoint.
Shares of Team, Inc. TISI 26.79% were down 27 percent to $17.50 after the company reported preliminary Q2 results and announced an offering of $175 million in Convertible Senior Notes due 2023. Team expects Q2 operating loss of $9 million to $7 million, and sales of $310 million.
Seagate Technology PLC STX 14.86% was down, falling around 16 percent to $33.51 after the company posted weak Q2 results and named Dave Mosley as CEO.
In commodity news, oil traded up 1.55 percent to $47.06 while gold traded down 0.20 percent to $1,258.20.
Silver traded down 0.08 percent Tuesday to $16.43, while copper rose 2.69 percent to $2.81.
European shares were higher today. The eurozone’s STOXX 600 gained 0.64 percent, the Spanish Ibex Index rose 1.32 percent, while Italy’s FTSE MIB Index rose 0.84 percent. Meanwhile the German DAX climbed 0.63 percent, and the French CAC 40 gained 1.10 percent while U.K. shares rose 0.94 percent.
The Federal Open Market Committee will begin its two-day meeting today.
The Johnson Redbook Retail Sales Index dropped 1.3 percent during the first three weeks of July versus June.
The FHFA house price index gained 0.4 percent for May, versus economists’ estimates for a 0.6 percent growth
The S&P Corelogic Case-Shiller home price index rose 0.1 percent for May, versus economists’ expectations for a 0.3 percent gain
The Conference Board’s consumer confidence index gained to 121.10 in July, versus previous reading of 118.90. Economists projected a reading of 116.50.
The Richmond Fed’s manufacturing index rose to 14.00 in July, versus a prior reading of 7.00. Economists were expecting a reading of 7.00.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
The Treasury will auction 2-year notes at 1:00 p.m. ET.