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Mid-Morning market update: Markets open higher; nasdaq jumps over 200 points

Benzinga Real-time News ·  {{timeTz}}  · Markets

U.S. stocks traded higher this morning, with the $Nasdaq Composite Index(.IXIC.US)$ gaining more than 200 points on Tuesday.

Following the market opening Tuesday, the $Dow Jones Industrial Average(.DJI.US)$ traded up 1.15% to 32,617.64 while the $Nasdaq Composite Index(.IXIC.US)$ rose 1.87% to 11,840.14. The $S&P 500 index(.SPX.US)$ 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 $DHT Holdings(DHT.US)$ , up 9% and $Vertex Energy(VTNR.US)$ up 10%.

In trading on Tuesday, consumer staples shares rose by just 0.1%.

Top Headline

$Fox Corp-A(FOXA.US)$ 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

$Biohaven Pharmaceutical(BHVN.US)$ shares shot up 71% to $141.81. $Pfizer(PFE.US)$ will acquire Biohaven Pharmaceutical Holding for $148.50 per share, equivalent to $11.6 billion.

Shares of $Appian(APPN.US)$ got a boost, shooting 30% to $56.00. Appian was awarded $2.036 billion in damages against Pegasystems Inc..

$AdaptHealth(AHCO.US)$ 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

$Upstart(UPST.US)$ 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 $Kaleyra(KLR.US)$ 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.

$United Insurance Holdings(UIHC.US)$ was down, falling 37% to $1.42 after the company reported a wider Q1 core loss.

Commodities

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.

Euro zone

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.

Economics

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

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