U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining around 1% on Tuesday.
The Dow traded up 1.04% to 44,431.01 while the NASDAQ rose 1.26% to 21,654.94. The S&P 500 also rose, gaining, 1.03% to 6,439.10.
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Leading and Lagging Sectors
Communication services shares jumped by 1.8% on Tuesday.
In trading on Tuesday, consumer staples stocks fell by 0.8%.
Top Headline
The US annual inflation rate came in steady at 2.7% in in July, but down from market estimates of 2.8%. Meanwhile, core inflation rose to a five-month high of 3.1% from 2.9% in June.
Equities Trading UP
- 180 Life Sciences Corp. (NASDAQ:ATNF) shares shot up 259% to $11.99 after the biotechnology company completed a $156 million private offering to boost its Ethereum (CRYPTO: ETH) reserves.
- Shares of Gevo, Inc. (NASDAQ:GEVO) got a boost, surging 52% to $1.9000 after the company reported better-than-expected Q2 EPS results.
- WideOpenWest, Inc. (NYSE:WOW) shares were also up, gaining 49% to $5.04 after the company agreed to be acquired for $5.20 per share.
Equities Trading DOWN
- Spirit Aviation Holdings, Inc. (NYSE:FLYY) shares dropped 40% to $2.1500 after the company agreed to be acquired for $5.20 per share.
- Shares of Myomo, Inc. (NYSE:MYO) were down 40% to $1.0550 after the company reported Q2 financial results and issued Q3 sales guidance below estimates. Also, the company cut its FY25 sales guidance below estimates.
- BigBear.ai Holdings, Inc. (NYSE:BBAI) was down, falling 18% to $5.82 after the company reported worse-than-expected Q2 financial results and cut its FY25 sales guidance below estimates.
Commodities
In commodity news, oil traded down 1.2% to $63.20 while gold traded down 0.2% at $3,399.00.
Silver traded up 0.5% to $37.965 on Tuesday, while copper rose 1.9% to $4.5240.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.21%, while Spain's IBEX 35 Index rose 0.02%. London's FTSE 100 rose 0.20%, Germany's DAX 40 declined 0.23% and France's CAC 40 rose 0.71% during the session.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 2.15%, Hong Kong's Hang Seng gaining 0.25%, China's Shanghai Composite gaining 0.50% and India's BSE Sensex falling 0.46%.
Economics
The US annual inflation rate came in steady at 2.7% in in July, but down from market estimates of 2.8%. Meanwhile, core inflation rose to a five-month high of 3.1% from 2.9% in June.
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