Nasdaq Down 50 Points; ISM Services PMI Declines In July

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling around 50 points on Tuesday.

The Dow traded up 0.12% to 44,228.65 while the NASDAQ declined 0.24% to 21,003.87. The S&P 500 also fell, dropping, 0.15% to 6,320.30.

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Leading and Lagging Sectors

Consumer staples shares jumped by 0.4% on Tuesday.

In trading on Tuesday, information technology stocks fell by 1.1%.

Top Headline

The ISM services PMI declined to 50.1 in July from 50.8 in the previous month, compared to estimates of 51.5.

Equities Trading UP
           

• SolarMax Technology, Inc. (NASDAQ:SMXT) shares shot up 104% to $1.9052 after the company announced a $127 million engineering, procurement, and construction agreement.
• Shares of Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB) got a boost, surging 103% to $8.52 after the company announced it will be acquired for approximately $412 million following a merger agreement with Serb Pharmaceuticals.
• Ameresco, Inc. (NYSE:AMRC) shares were also up, gaining 36% to $22.75 after the company reported better-than-expected quarterly financial results.

Equities Trading DOWN

• agilon health, inc. (NYSE:AGL) shares dropped 52% to $0.8634 after the company withdrew its guidance and announced several senior leadership changes.
• Shares of Inspire Medical Systems, Inc. (NYSE:INSP) were down 41% to $76.26 after the company reported worse-than-expected second-quarter GAAP EPS results and cut its FY25 guidance below estimates. Multiple analysts downgraded the stock following the report.
• Ichor Holdings, Ltd. (NASDAQ:ICHR) was down, falling 30% to $14.00 after the company reported worse-than-expected second-quarter adjusted EPS results and issued third-quarter adjusted EPS guidance below estimates.

Commodities

In commodity news, oil traded down 1% to $65.66 while gold traded up 0.4% at $3,438.60.

Silver traded up 1.5% to $37.900 on Monday, while copper fell 0.9% to $4.3965.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.26%, while Spain's IBEX 35 Index slipped 0.01%. London's FTSE 100 rose 0.21%, Germany's DAX 40 gained 0.50% and France's CAC 40 slipped 0.01% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 0.64%, Hong Kong's Hang Seng gaining 0.68%, China's Shanghai Composite gaining 0.96% and India's BSE Sensex falling 0.38%.

Economics

• The S&P Global US Services PMI increased to 55.7 in July from 52.9 in the previous month.
• The US trade deficit shrank to $60.2 billion in June versus a revised $71.7 billion gap in the previous month and versus estimates of a $61.6 billion shortfall.
• The RealClearMarkets/TIPP Economic Optimism Index climbed to 50.9 in August from 48.6 in the previous month.
• The ISM Services PMI declined to 50.1 in July from 50.8 in the previous month, compared to estimates of 51.5.

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