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Following the market opening Tuesday, the Dow traded up 0.22 percent to 18,531.96 while the NASDAQ gained 0.28 percent to 5,264.58. The S&P also rose, gaining 0.14 percent to 2,182.94.
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Leading and Lagging Sectors
Tuesday morning, energy shares surged by 0.64 percent. Meanwhile, top gainers in the sector included Pioneer Energy Services Corp (NYSE: PES), and Spectra Energy Corp. (NYSE: SE).
In trading on Tuesday, financial shares fell by 0.16 percent. Meanwhile, top losers in the sector included Centene Corp (NYSE: CNC), down 5 percent, and Seacoast Banking Corporation of Florida (NASDAQ: SBCF), down 4 percent.
Top Headline
Danaher Corporation (NYSE: DHR) disclosed Tuesday that it reached a definitive merger deal with Cepheid (NASDAQ: CPHD) to buy the latter for $53.00 a share in cash.
The total enterprise value of the transaction is approximately $4 billion, which included indebtedness and net of acquired cash. The companies expect the transaction to be completed before the end of the current year.
Equities Trading UP
CoLucid Pharmaceuticals Inc (NASDAQ: CLCD) shares shot up 72 percent to $18.30 after the company disclosed that its SAMURAI final stage study evaluating lasmiditan achieved both the primary and key secondary efficacy endpoints. The company claimed that lasmiditan was well tolerated.
Shares of Navistar International Corp (NYSE: NAV) got a boost, shooting up 59 percent to $22.31 after the company disclosed a 16.6 percent stake by Volkswagen AG (ADR) (OTC: VLKAY).
Cepheid (NASDAQ: CPHD) shares were also up, gaining 52 percent to $52.36 after Danaher Corporation (NYSE: DHR) agreed to buy Cepheid for $53.00 a share in cash.
Equities Trading DOWN
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares dropped 53 percent to $1.03 as the company disclosed that its Phase 3 clinical study, AFFIRM, missed the primary efficacy endpoint.
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Shares of Performance Sports Group Ltd (NYSE: PSG) were down 10 percent to $3.20 as the company reported the termination of shareholder nomination agreement with Sagard Capital Partners, L.P.
Marvell Technology Group Ltd. (NASDAQ: MRVL) was down, falling around 6 percent to $12.27 after the company announced mixed results for the second quarter. While adjusted EPS came in above expectations, revenue fell shy of the estimates.
Commodities
In commodity news, oil traded down 0.88 percent to $44.05 while gold traded up 0.92 percent to $1,338.90.
Silver traded up 1.72 percent Tuesday to $19.70, while copper rose 0.43 percent to $2.09.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.13 percent, the Spanish Ibex Index rose 0.28 percent, while Italy’s FTSE MIB Index surged 0.15 percent. Meanwhile the German DAX rose 0.46 percent, and the French CAC 40 rose 0.22 percent while U.K. shares fell 0.34 percent.
Economics
The ISM non-manufacturing index slipped to 51.40 in August, versus a prior reading of 55.50. Economists were expecting a reading of 55.00.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
The Treasury will also auction 3-and 6-month bills at 11:30 a.m. ET.
The TD Ameritrade Investor Movement Index for August will be released at 12:30 p.m. ET.
San Francisco Federal Reserve Bank President John Williams is set to speak in Reno, Nevada at 8:30 p.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.