Mid-Morning Market Update: Markets Open Higher; U.S. Retail Sales Jump 17.7%

Following the market opening Tuesday, the Dow traded up 3.10% to 26561.19 while the NASDAQ rose 2.33% to 9952.56. The S&P also rose, gaining 2.78% to 3151.91.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,114,020 cases with around 116,120 deaths. Brazil confirmed a total of over 888,270 COVID-19 cases with 43,950 deaths, while Russia reported a total of at least 544,720 confirmed cases and 7,270 deaths. In total, there were at least 8,052,090 cases of COVID-19 worldwide with over 437,280 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 4.6% on Tuesday. Meanwhile, top gainers in the sector included Borr Drilling Limited BORR, up 14%, and Penn Virginia Corporation PVAC, up 14%.

In trading on Tuesday, communication services shares rose by just 2%.

Top Headline

U.S. retail sales surged 17.7% in May, after falling 14.7% in April. However, analysts were expecting for an 8% increase.

Core retail sales gained 12.4% during the month, exceeding estimates of a 5.5% growth.

Equities Trading UP

Urban One, Inc. UONE shares shot up 138% to $15.58 after surging more than 255% on Monday.

Shares of Mid-Con Energy Partners, LP MCEP got a boost, shooting 125% to $6.22 after the company reported a strong rise in Q1 sales.

Yunhong CTI Ltd. CTIB shares were also up, gaining 40% to $3.45 after dropping 13% on Monday.

Equities Trading DOWN

Monaker Group, Inc. MKGI shares tumbled 17% to $1.83 after climbing around 65% on Monday.

Shares of Genius Brands International, Inc GNUS were down 16% to $3.81. Following the Monday launch of its new free digital Kartoon Channel! across multiple AVOD and OTT platforms, Genius Brands announced the new programming slate of premium content for children 2 – 11 years-old and their families set to debut on the channel.

Chesapeake Energy Corporation CHK was down, falling 15% to $16.07. Chesapeake Energy will file for bankruptcy as soon as this week, Reuters reported.

Commodities


In commodity news, oil traded up 1.6% to $37.72, while gold traded up 0.4% to $1,734.80.

Silver traded up 0.9% Tuesday to $17.555, while copper rose 1.1% to $2.5945.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 2.7%, the Spanish Ibex Index rose 2.9%, while Italy’s FTSE MIB Index surged 3.5%. Meanwhile, the German DAX 30 climbed 3.2%, French CAC 40 rose 2.7% and UK shares rose 2.6%.

Economics

U.S. retail sales surged 17.7% in May, after falling 14.7% in April.

The Johnson Redbook Retail Sales Index fell 2.4% during the first two weeks in June versus May.

U.S. industrial production rose 1.4% for May, versus analysts’ expectations for a 2.9% increase.

U.S. business inventories declined 1.3% in April, after a revised 0.3% decline in March.

The NAHB housing market index rose 21 points to a reading of 58 in June.

The Treasury will auction 52-week bills at 11:30 a.m. ET.

Federal Reserve Vice Chairman Richard Clarida will speak at 6:00 p.m. ET.