Mid-Morning Market Update: Markets Open Higher; JPMorgan Posts Lower Q1 Profit

Following the market opening Tuesday, the Dow traded up 2.7% to 24021.69 while the NASDAQ rose 3.43% to 8,473.43. The S&P also rose, gaining 2.87% to 2,840.94.

The U.S. is the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 582,500 coronavirus cases with around 23,600 deaths. Spain confirmed a total of over 172,500 coronavirus cases with 18,050 deaths, while Italy reported a total of at least 159,500 confirmed cases and 20,460 deaths. In total, there were at least 1,929,900 cases of COVID-19 worldwide with over 120,450 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 3.3% on Tuesday. Meanwhile, top gainers in the sector included Canaan Inc. CAN, up 22%, and Inseego Corp. INSG, up 13%.

In trading on Tuesday, energy shares rose by just 1.4%.

Top Headline

JPMorgan Chase & Co JPM reported a strong decline in its earnings for the first quarter.

The bank's net income declined to $2.87 billion, or $0.78 per share, down from $9.18 billion, or $2.65 per share, in the year-ago period. Analysts were projecting earnings of $1.84 per share. The company reported sales of $28.3 billion and managed sales of $29.1 billion versus the $29.670 billion estimate.

Equities Trading UP

Sonnet BioTherapeutics Holdings, Inc. SONN shares shot up 179% to $13.80.

Shares of GameStop Corp. GME got a boost, shooting 24% to $5.87 after gaining 22% on Monday.

Aldeyra Therapeutics, Inc. ALDX shares were also up, gaining 26% to $3.12 after the company reported top-line Phase 1 clinical trial results and clinical development plans for ADX-629.

Equities Trading DOWN

CorEnergy Infrastructure Trust, Inc. CORR shares tumbled 36% to $15.57 the company issued business update and lowered dividend outlook.

Shares of Esports Entertainment Group, Inc. GMBL were down 15% to $2.55 after the company reported pricing of above market $8.4 million public offering and uplisting to the NASDAQ.

Borqs Technologies, Inc. BRQS was down, falling 13% to $3.49.

Commodities


In commodity news, oil traded down 2.4% to $21.87, while gold traded down 0.1% to $1,759.10.

Silver traded up 2.1% Tuesday to $15.86, while copper rose 0.4% to $2.311.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.6%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index rose 0.3%. Meanwhile, the German DAX gained 1.1%, and the French CAC 40 climbed 0.1% while UK shares fell 0.8%.

Economics

U.S. import prices dropped 2.3% in March, versus a revised 0.7% fall in February. Export prices fell 1.6% in March, following a 1.1% decline in February.

The Johnson Redbook Retail Sales Index fell 8.3% during the first week of April versus March.

Federal Reserve Bank of St. Louis President James Bullard is set to speak at 11:05 a.m. ET.

Chicago Federal Reserve chief Charles Evans will speak at 12:30 p.m. ET.