Mid-Morning Market Update: Markets Mostly Higher; Tesla Motors Offers To Buy SolarCity

Following the market opening Wednesday, the Dow traded up 0.24 percent to 17,871.85 while the NASDAQ declined 0.04 percent to 4,841.98. The S&P also rose, gaining 0.14 percent to 2,091.85.

On Wednesday, basic materials shares rose by 0.64 percent. Top gainers in the sector included

and

. In trading on Wednesday, utilities shares fell by 0.21 percent. Meanwhile, top losers in the sector included

, down 4 percent, and

, down 2 percent.

has offered to acquire

in an all-stock deal valued at $2.8 billion. Tesla made an all-stock bid to acquire SolarCity for $26.50-$28.50 per share.

shares shot up 25 percent to $5.09. BASF SE and Aspen Aerogels reported the expansion of their strategic partnership. Shares of

got a boost, shooting up 15 percent to $18.42 as

announced plans to buy Carolina Bank in a cash and stock deal valued at $19.26 per share.

shares were also up, gaining 10 percent to $2.49 after the company reported $24 million in new commercial orders.

shares dropped 7 percent to $203.35 as the company offered to acquire

in an all-stock deal valued at $2.8 billion. Shares of

were down 13 percent to $19.08 after the company lowered its Q2 earnings outlook.

was down, falling around 8 percent to $7.68. Universal American reported a $40 million buyback program and priced $100 million offering of Convertible Senior Notes due 2021.

In commodity news, oil traded up 0.56 percent to $50.13 while gold traded down 0.24 percent to $1,269.40. Silver traded down 0.17 percent Wednesday to $17.29, while copper rose 1.09 percent to $2.14.

European shares were higher today. The eurozone's STOXX 600 climbed 0.41 percent, the Spanish Ibex Index rose 0.65 percent, while Italy's FTSE MIB Index gained 0.14 percent. Meanwhile the German DAX gained 1.02 percent, and the French CAC 40 climbed 0.65 percent, while U.K. shares rose 0.62 percent.

The MBA reported that its index of mortgage application activity rose 2.9 percent for the week of January 17, 2016. The FHFA house price index rose 0.2 percent for April, versus economists' expectations for a 0.6 percent growth. The Federal Reserve Chair Janet Yellen is scheduled to testify before the House Financial Services Committee in Washington at 10:00 a.m. ET. U.S. existing-home sales increased 1.8 percent to an annual rate of 5.53 million in May, according to the National Association of Realtors. The EIA's weekly report on petroleum inventories or the recent week will be released at 10:30 a.m. ET. The Treasury is set to auction 7-year notes.