Dow Surges 500 Points; US Core Inflation Rises To 3.1%

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 1% on Tuesday.

The Dow traded up 1.14% to 44,477.20 while the NASDAQ rose 1.28% to 21,659.58. The S&P 500 also rose, gaining, 1.07% to 6,441.40.

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Leading and Lagging Sectors

Communication services shares jumped by 1.6% on Tuesday.

In trading on Tuesday, real estate stocks fell by 0.4%.

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 123% to $7.44 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 55% to $1.9403 after the company reported better-than-expected Q2 EPS results.
• WideOpenWest, Inc. (NYSE:WOW) shares were also up, gaining 49% to $5.05 after the company agreed to be acquired for $5.20 per share.

Equities Trading DOWN

• Spirit Aviation Holdings, Inc. (NYSE:FLYY) shares dropped 43% to $2.0150 after the company agreed to be acquired for $5.20 per share.
• Shares of Myomo, Inc. (NYSE:MYO) were down 42% to $1.0241 after the company reported Q2 financial results and issued Q3 sales guidance below estimates. Also, the company cut its FY25 sales guidance below estimates.
• Mint Incorporation Limited (NASDAQ:MIMI) was down, falling 29% to $6.01.

Commodities

In commodity news, oil traded down 1.2% to $63.19 while gold traded down 0.1% at $3,400.90.

Silver traded up 0.5% to $37.990 on Tuesday, while copper rose 1.9% to $4.5245.

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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