U.S. stocks showed gains in intraday trading on Tuesday, buoyed by a stronger-than-expected report on producer prices for July.
Starbucks shares surged after announcing the appointment of former Chipotle CEO Brian Niccol as its new leader, while Chipotle’s stock fell.
On (ONON), the sneaker maker, saw its shares rise following a record-breaking sales report.
Market Update
U.S. equities saw gains during Tuesday’s trading session, driven by a positive July producer prices report. The Dow Jones Industrial Average climbed nearly 1%, the S&P 500 rose by 1.6%, and the Nasdaq gained more than 2%.
Starbucks (SBUX) led the S&P 500 in performance after the company revealed that former Chipotle (CMG) CEO Brian Niccol would replace Laxman Narasimhan. This news caused Chipotle’s stock to drop.
On (ONON), a sneaker manufacturer, experienced a rise in share value after reporting record sales driven by strong demand in the Asia-Pacific region and effective pricing strategies.
Tesla (TSLA) saw its shares increase as the company discontinued its lowest-priced Cybertruck model, focusing on more expensive versions of its electric vehicle lineup.
Baxter International (BAX) faced a decline in its shares following its announcement of a $3.8 billion sale of its kidney-care division to the Carlyle Group, a private equity firm.
Shares of Diamondback Energy (FANG), Occidental Petroleum (OXY), and other oil companies fell due to concerns about decreasing global demand, particularly in China.
Gold futures experienced a rise, while the yield on the 10-year Treasury note dropped. The U.S. dollar weakened against the euro, pound, and yen. Cryptocurrency trading showed mixed results across major digital currencies.