Mid-Morning Market Update: Markets Open Higher; Toll Brothers Tops Q2 Views

Following the market opening Tuesday, the Dow traded up 0.95 percent to 17,658.80 while the NASDAQ climbed 1.05 percent to 4,815.77. The S&P also rose, gaining 0.88 percent to 2,066.07.

Financial shares gained by 1.3 percent in trading on Tuesday. Top gainers in the sector included

,

, and

. In trading on Tuesday, basic materials shares dropped by 0.1 percent. Meanwhile, top losers in the sector included

, down 6 percent, and

, down 6 percent.

reported stronger-than-expected Q2 results on Tuesday. Toll Brothers said it earned $0.51 per share in the second quarter on revenue of $1.115 billion. Wall Street analysts were expecting the company to earn $0.46 per share on revenue of $1.04 billion. Average price of homes delivered in the quarter also rose to $855,500 from $713,500 a year ago. Toll Brothers also said that its board of directors approved the repurchase of 20 million shares of its common stock, which will replace the prior share repurchase program.

shares shot up 127 percent to $4.34 after the company reported the execution of second license deal with

. Shares of

got a boost, shooting up 11 percent to $84.27 as the company reported better-than-expected results for its second quarter on Monday.

shares were also up, gaining 76 percent to $0.980 following announcement that the "Journal of Clinical Oncology" published a favorable article detailing results from the company's Study GOG-0186I. This also marks the first published report of the beneficial effects of combination vascular targeted therapy (VTT) for women with recurrent ovarian cancer.

shares dropped 11 percent to $19.29 as the company reported downbeat Q1 earnings and lowered its FY16 earnings outlook. Shares of

were down 10 percent to $14.52 as the company reported an offering of 5 million shares of Class A common stock.

was down, falling around 7 percent to $10.86 as the company issued a corporate update for the first quarter ended March 31, 2016. The company posted Q1 net loss of $2.2 million, versus a year-ago net loss of $4.9 million.

In commodity news, oil traded up 0.85 percent to $48.49 while gold traded down 1.08 percent to $1,241.30. Silver traded down 0.69 percent Tuesday to $16.31, while copper rose 1.05 percent to $2.08.

European shares were higher today. The eurozone's STOXX 600 gained 1.62 percent, the Spanish Ibex Index rose 1.47 percent, while Italy's FTSE MIB Index surged 2.09 percent. Meanwhile the German DAX climbed 1.55 percent, and the French CAC 40 gained 1.72 percent, while U.K. shares rose 0.98 percent.

The Johnson Redbook Retail Sales Index gained 2.1 percent in the third week of May versus April. The Richmond Fed Manufacturing Index fell to -1.00 for May, versus a prior reading of 14.00. However, economists were expecting a reading of 9.00. U.S. new home sales rose 16.6 percent to an annual rate of 619,000 in April. However, economists were projecting a 523,000 pace.