Crude Oil Surges 2%; 3M Shares Gain After Q2 Results

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 350 points on Tuesday.

The Dow traded up 0.70% to 52,204.49 while the NASDAQ climbed 1.30% to 25,838.45. The S&P 500 also rose, gaining, 0.82% to 7,504.18.

Leading and Lagging Sectors

Information technology shares jumped by 2% on Tuesday.

In trading on Tuesday, consumer staples stocks fell by 0.9%.

Top Headline

3M Company (NYSE:MMM) shares jumped over 9% on Tuesday after the company reported better-than-expected second-quarter results and raised its full-year guidance.

The company posted adjusted earnings of $2.40 per share, beating the analyst consensus estimate of $2.25. Revenue rose 2.4% year over year to $6.50 billion, topping expectations of $6.41 billion.

Equities Trading UP
           

• Park Aerospace Corp (NYSE:PKE) shares shot up 19% to $38.73 after the company reported better-than-expected quarterly financial results.
• Shares of Cybin Inc (NASDAQ:HELP) got a boost, surging 15% to $8.16 after the company announced it completed enrollment in its APPROACH Phase 3 pivotal study of HLP003 in patients living with Major Depressive Disorder.
• Utz Brands Inc (NYSE:UTZ) shares were also up, gaining 89% to $14.08 after the company announced that Intersnack Group will acquire all Utz Class A common stock for $14.25 per share in cash.

Equities Trading DOWN

• Danaher Corp (NYSE:DHR) shares dropped 14% to $173.22 following second-quarter results.
• Shares of Msci Inc (NYSE:MSCI) were down 11% to $558.20 after reporting second-quarter results.
• Calix Inc (NYSE:CALX) was down, falling 7% to $35.55 after the company reported second-quarter financial results and issued third-quarter adjusted EPS guidance with its midpoint below estimates.

Commodities

In commodity news, oil traded up 2.1% to $84.97 while gold traded up 1.4% at $4,071.30.

Silver traded up 3.9% to $59.290 on Tuesday, while copper rose 2.8% to $6.5200.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, while Spain’s IBEX 35 Index rose 0.6% London’s FTSE 100 rose 0.5%, Germany’s DAX gained 0.3%, while France’s CAC 40 slipped 0.1%.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 3.26%, Hong Kong’s Hang Seng index falling 0.04%, China’s Shanghai Composite rising 1.79% and India’s BSE Sensex falling 0.31%.

Economics

U.S. Redbook Index rose by 7.8% year-over-year in the week ending July 18.

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