Nasdaq Rises 2.5%; ACADIA Pharmaceuticals Shares Plummet

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining over 2.5% on Tuesday.

The Dow traded up 2.09% to 30,445.81 while the NASDAQ rose 2.58% to 11,076.53. The S&P also rose, gaining, 2.44% to 3,764.68.

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Leading and Lagging Sectors

Energy shares jumped by 5.4% on Tuesday. Meanwhile, top gainers in the sector included BP Prudhoe Bay Royalty Trust (NYSE:BPT), up 18% and VAALCO Energy, Inc. (NYSE:EGY) up 15%.

In trading on Tuesday, materials shares rose by just 1.5%.

Top Headline

Lennar Corporation (NYSE:LEN) reported better-than-expected results for its second quarter on Tuesday.

Lennar posted adjusted earnings of $4.69 per share, beating analysts’ estimates of $3.98 per share. The company’s quarterly sales came in at $8.36 billion, versus expectations of $8.11 billion.

The company said it sees Q3 deliveries of 17,000 to 18,500.

Equities Trading UP

Convey Health Solutions Holdings, Inc. (NYSE:CNVY) shares shot up 139% to $10.30 as the company agreed to be taken private by TPG Capital,.

Shares of Valneva SE (NASDAQ:VALN) got a boost, shooting 89% to $25.90. Pfizer will invest €90.5 million ($95 million) for an 8.1% stake in Valneva, as the companies updated the terms of agreement for Lyme disease vaccine candidate VLA15.

Lexaria Bioscience Corp. (NASDAQ:LEXX) shares were also up, gaining 18% to $2.74 as the company signed manufacturing and license agreements with Atlanta-based BevNology LLC.

Equities Trading DOWN

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares tumbled 33% to $13.00. A panel of the FDA's outside experts voted 9-3 that Acadia Pharmaceuticals’ pimavanserin doesn't appear to be effective at treating patients with Alzheimer's-related psychosis.

Shares of Fujian Blue Hat Interactive Entertainment Technology Ltd. (NASDAQ:BHAT) were down 41% to $0.68. Blue Hat Interactive Entertainment Technology reported a proposed underwritten public offering of ordinary shares and pre-funded warrants to purchase ordinary shares.

The ODP Corporation (NASDAQ:ODP) was down, falling 11% to $31.07. ODP completed realignment of operating business entities to better serve customers.

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Commodities

In commodity news, oil traded up 0.7% to $110.33, while gold traded down 0.2% to $1,836.20.

Silver traded up 0.7% to $21.73 on Tuesday while copper rose 0.4% to $4.0310.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.35%, London’s FTSE 100 rose 0.42% while Spain’s IBEX 35 Index fell 0.61%. The German DAX gained 0.20%, French CAC 40 climbed 0.75% and Italy’s FTSE MIB Index climbed 0.39%.

The Euro Area recorded a current account gap of EUR 5.4 billion in April versus a year-ago surplus of EUR 32.3 billion.

Economics

The Chicago Fed National Activity Index fell to an eight-month low of +0.01 in May from +0.40 in the prior month.

Existing home sales dropped by 3.4% to an annual rate of 5.41 million in May.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 3:30 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,054,080 cases with around 1,038,380 deaths. India confirmed a total of at least 43,320,840 cases and 524,890 deaths, while Brazil reported over 31,756,110 COVID-19 cases with 669,210 deaths. In total, there were at least 544,958,040 cases of COVID-19 worldwide with more than 6,342,090 deaths.