U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 200 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 1.15% to 32,617.64 while the NASDAQ rose 1.87% to 11,840.14. The S&P also rose, gaining, 1.44% to 4,048.87.
Leading and Lagging Sectors
Energy shares jumped by 2.3% on Tuesday. Meanwhile, top gainers in the sector included DHT Holdings, Inc. DHT, up 9% and Vertex Energy, Inc. VTNR up 10%.
In trading on Tuesday, consumer staples shares rose by just 0.1%.
Fox Corporation FOXA reported weaker-than-expected earnings for its third quarter, while sales exceeded estimates.
Fox posted quarterly earnings of $0.81 per share, missing analysts’ estimates of $0.88 per share. The company’s quarterly sales came in at $3.46 billion, versus expectations of $3.39 billion.
Equities Trading UP
Biohaven Pharmaceutical Holding Company Ltd. BHVN shares shot up 71% to $141.81. Pfizer Inc PFE will acquire Biohaven Pharmaceutical Holding for $148.50 per share, equivalent to $11.6 billion.
Shares of Appian Corporation APPN got a boost, shooting 30% to $56.00. Appian was awarded $2.036 billion in damages against Pegasystems Inc..
AdaptHealth Corp. AHCO shares were also up, gaining 27% to $ 14.55 after the company reported upbeat Q1 sales and announced a $200 million buyback.
Equities Trading DOWN
Upstart Holdings, Inc. UPST shares tumbled 56% to $34.18 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.
Shares of Kaleyra, Inc. KLR were down 37% to $3.8428 after the company reported worse-than-expected Q1 EPS and sales results and issued Q2 and FY22 sales guidance below analyst estimates.
United Insurance Holdings Corp. UIHC was down, falling 37% to $1.42 after the company reported a wider Q1 core loss.
In commodity news, oil traded down 0.5% to $102.61, while gold traded down 0.1% to $1,856.40.
Silver traded down 0.1% to $21.785 on Tuesday while copper rose 0.5% to $4.2155.
European shares were higher today. The eurozone’s STOXX 600 gained 1.1%, London’s FTSE 100 rose 0.7% and Spain’s IBEX 35 Index rose 1%. The German DAX climbed 1.5%, French CAC 40 jumped 1% and Italy’s FTSE MIB Index climbed 1.6%.
The ZEW Indicator of Economic Sentiment for Germany rose to -34.3 in May from a 2-year low level of -41 in April. Industrial production in Italy came in unchanged for March. Retail sales in the UK rose 1.7% in April from a year ago.
The NFIB small business optimism index came in unchanged at 93.2 for April.
Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 1:00 p.m. ET.
The Treasury will auction 3-year notes at 1:00 p.m. ET.
Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 3:00 p.m. ET.
Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 7:00 p.m. ET.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,688,180 cases with around 1,024,750 deaths. India confirmed a total of at least 43,107,680 cases and 524,100 deaths, while Brazil reported over 30,574,240 COVID-19 cases with 664,240 deaths. In total, there were at least 517,866,200 cases of COVID-19 worldwide with more than 6,278,370 deaths.