Mid-Morning Market Update: Markets Mixed; JPMorgan Beats Q2 Views

Following the market opening Tuesday, the Dow traded down 0.25% to 34,908.83 while the NASDAQ rose 0.15% to 14,754.89. The S&P also fell, dropping 0.07% to 4,381.77.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,854,110 cases with around 607,150 deaths. India confirmed a total of at least 30,874,370 cases and 408,760 deaths, while Brazil reported over 19,089,940 COVID-19 cases with 533,480 deaths. In total, there were at least 186,846,570 cases of COVID-19 worldwide with more than 4,032,630 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose by 0.5% on Tuesday. Meanwhile, top gainers in the sector included Marin Software Incorporated MRIN, up 13%, and Verb Technology Company, Inc. VERB, up 20%.

In trading on Tuesday, financial shares fell 1%.

Top Headline

JPMorgan Chase & Co. JPM reported better-than-expected results for its second quarter on Tuesday.

JPMorgan Chase reported quarterly earnings of $3.78 per share, exceeding analysts’ estimates of $3.20 per share. The company’s managed revenue came in at $31.39 billion, versus expectations of $29.96 billion.

Equities Trading UP

Orbsat Corp. OSAT shares shot up 82% to $12.17 after the company announced its Global Telesat Communications unit has entered into an agreement with Alibaba.com. GTC will be a Gold-Supplier on the e-commerce website.

Shares of Longboard Pharmaceuticals, Inc. LBPH got a boost, shooting 83% to $18.18.

Bridgeline Digital, Inc. BLIN shares were also up, gaining 45% to $8.74 after the company announced a government agency in Singapore signed a three-year agreement with Hawksearch to improve its digital experience. Bridgeline acquired Hawksearch in May.

Check out these big movers of the day

Equities Trading DOWN

MediaCo Holding Inc. MDIA shares tumbled 34% to $11.20 after jumping over 300% on Monday.

Shares of SGOCO Group, Ltd. SGOC were down 38% to $12.42 after jumping over 100% on Monday.

Moving iMage Technologies, Inc. MITQ was down, falling 25% to $8.14. Moving iMage Technologies recently priced its initial public offering of 4.2 million common shares at $3 per share.

Commodities

In commodity news, oil traded up 0.1% to $74.17, while gold traded up 0.1% to $1,808.40.

Silver traded down 0.3% Tuesday to $26.165 while copper fell 0.7% to $4.2875.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index fell 1.1% and the German DAX 30 dropped 0.1%. Meanwhile, the London’s FTSE 100 slipped 0.1%, French CAC 40 declined 0.3% and Italy’s FTSE MIB declined 0.3%.

The annual inflation rate in France increased to 1.5% in June from 1.4% in the prior month, while annual inflation rate in Germany was confirmed at 2.3%.

Economics

The NFIB Small Business Optimism Index rose to 102.5 in June from 99.6 in May.

Annual inflation rate rose to 5.4% in June from 5% in May.

The Johnson Redbook Retail Sales Index surged 11.1% year-over-year during the first week of July

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET.

Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 12:45 p.m. ET.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

The U.S. Treasury budget statement for June will be released at 2:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:30 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:50 p.m. ET.

Check out the full economic calendar here