U.S. stocks closed higher on Tuesday, with the Dow Jones index unofficially closing up 370.99 points or 0.72% at 52,210.25. The market rally was driven by strong corporate earnings, particularly from 3M Company, and broad gains in commodity prices. The NASDAQ climbed 1.30% to 25,838.45, while the S&P 500 rose 0.82% to 7,504.18. Sector performance was mixed, with information technology shares jumping 2%, while consumer staples stocks fell 0.9%.

3M Company Q2 Performance

3M Company shares jumped over 9% after reporting better-than-expected second-quarter results and raising its full-year guidance. The company posted adjusted earnings of $2.40 per share, beating the analyst consensus estimate of $2.25. Revenue rose 2.4% year over year to $6.50 billion, topping expectations of $6.41 billion.

Market Movers

Several equities saw significant movement during the session. On the upside, Park Aerospace Corp shares shot up 19% to $38.73 after reporting better-than-expected quarterly financial results. Cybin Inc surged 15% to $8.16 after announcing it completed enrollment in its APPROACH Phase 3 pivotal study. Utz Brands Inc shares gained 89% to $14.08 following an announcement that Intersnack Group will acquire all Utz Class A common stock for $14.25 per share in cash.

On the downside, Danaher Corp shares dropped 14% to $173.22 following second-quarter results. Msci Inc fell 11% to $558.20 after reporting second-quarter results. Calix Inc declined 7% to $35.55 after reporting second-quarter financial results and issuing third-quarter adjusted EPS guidance with its midpoint below estimates.

Commodities and Global Markets

Commodity markets posted broad gains, with oil trading up 2.1% to $84.97 and gold up 1.4% at $4,071.30. Silver rose 3.9% to $59.290, and copper gained 2.8% to $6.5200. European shares were mostly higher, with the eurozone's STOXX 600 rising 0.3%, Spain's IBEX 35 Index up 0.6%, London's FTSE 100 up 0.5%, and Germany's DAX gaining 0.3%, while France's CAC 40 slipped 0.1%. Asian markets closed mixed, with Japan's Nikkei 225 gaining 3.26%, China's Shanghai Composite rising 1.79%, Hong Kong's Hang Seng index falling 0.04%, and India's BSE Sensex declining 0.31%.

Economic Data

The U.S. Redbook Index rose by 7.8% year-over-year in the week ending July 18.

U.S. stocks settled lower on Monday as the Dow Jones Industrial Average dipped more than 300 points amid rising oil prices, while the CNN Money Fear and Greed index remained in the "Fear" zone. The market decline reflected widespread weakness, with major benchmarks recording losses last week, including a 1.6% drop in the S&P 500 and a 2.9% decline in the Nasdaq. The Dow also declined 0.9% for the week.

Index Performance

The Dow Jones closed lower by around 307 points to 51,839.26 on Monday. The S&P 500 fell 0.19% to 7,443.28, while the Nasdaq Composite declined 0.05% to 25,508.07 during the session.

Market Sentiment and Outlook

At a current reading of 37.6, the Fear & Greed Index remained in the "Fear" zone on Monday. The index is calculated based on seven equal-weighted indicators, ranging from 0 to 100, where 0 represents maximum fear and 100 signals maximum greed. Markets are pricing in one Fed rate hike this year, with odds of a September move holding above 60% ahead of next week’s FOMC meeting.

Sector Performance

Most sectors on the S&P 500 closed on a negative note, with health care, materials, and industrials stocks recording the biggest losses. However, communication services and energy stocks bucked the overall market trend, closing the session higher.

Market Movers

IREN Ltd soared around 20% after signing $2.8 billion in new multi-year AI Cloud contracts with customers including Microsoft, Nvidia, and Perplexity, prompting the company to lift its year-end AI cloud annual recurring revenue target above $4 billion. On the earnings front, Ryanair Holdings PLC fell more than 5% following weak first-quarter results, while Domino’s Pizza Inc stock rose over 2% after reporting second-quarter revenue that topped Wall Street estimates, although earnings per share missed expectations. Investors are awaiting earnings results from General Motors Co, 3M Co, and Northrop Grumman Corp.