Midway through trading Tuesday, the Dow traded up 0.06% to 33,896.65 while the NASDAQ rose 0.12% to 14,158.44. The S&P also rose, gaining 0.20% to 4,233.37.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,554,330 cases with around 602,090 deaths. India confirmed a total of at least 29,977,860 cases and 389,300 deaths, while Brazil reported over 17,966,830 COVID-19 cases with 502,580 deaths. In total, there were at least 178,811,880 cases of COVID-19 worldwide with more than 3,873,980 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Materials shares rose by 0.7% on Tuesday. Meanwhile, top gainers in the sector included Ferroglobe PLC GSM 5.46%, up 4%, and Huntsman Corporation HUN 4.08%, up 4%.
In trading on Tuesday, real estate shares fell 0.2%.
Top Headline
Korn Ferry KFY 5.36% reported better-than-expected results for its fourth quarter on Monday.
Korn Ferry reported quarterly adjusted earnings of $1.21 per share, exceeding analysts’ estimates of $0.98 per share. The company’s quarterly sales came in at $557.40 million, versus expectations of $488.48 million.
Korn Ferry said it sees Q1 earnings of $1.04-$1.14 per share and fee revenue of $535 million to $555 million.
Equities Trading UP
Alfi, Inc. ALF 82.69% shares shot up 50% to $11.69 following exclusive Benzinga reporting the company will buyback up to $2 million of its stock. Company CEO told Benzinga ALFI's stock is "undervalued based on pipeline projections and identified opportunity."
Shares of County Bancorp, Inc. ICBK 46.22% got a boost, shooting 46% to $34.11. Nicolet Bankshares reported a deal to buy County Bancorp.
SharpSpring, Inc. SHSP 19.91% shares were also up, gaining 20% to $16.91 after the company agreed to be acquired by Constant Contact for $240 million.
Equities Trading DOWN
New Concept Energy, Inc. GBR 31.28% shares tumbled 30% to $6.60 after climbing over 73% on Monday.
Shares of Marathon Digital Holdings, Inc. MARA 1.33 were down 11% to $24.74 amid a drop in Bitcoin.
MicroVision, Inc. MVIS 13.29% was down, falling 15% to $16.71 after the company announced a $140 million at-the-market equity offering.
Commodities
In commodity news, oil traded up 0.3% to $73.85, while gold traded down 0.3% to $1,778.10.
Silver traded down 0.6% Tuesday to $25.87 while copper rose 1.4% to $4.2440.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.14%, the Spanish Ibex Index fell 0.29% and the German DAX 30 gained 0.11%. Meanwhile, the London’s FTSE 100 rose 0.28%, French CAC 40 rose 0.02% and Italy’s FTSE MIB fell 0.35%.
Public sector net borrowing in the UK declined to GBP 24.3 billion in May. Italy's industrial sales rose 3.3% in April following a revised 1.7% growth rise in March.
Economics
US existing home sales fell 0.9% to an annual rate of 5.8 million in May.
The Richmond Fed's manufacturing index increased to 22 in June from 18 in May.
The Treasury is set to auction 2-year notes at 1:00 p.m. ET.
Data on money supply for May will be released at 1:00 p.m. ET.
Benzinga does not provide investment advice. All rights reserved.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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