Midway through trading Tuesday, the Dow traded up 1.82% to 23816.13 while the NASDAQ rose 2.98% to 8,436.29. The S&P also rose, gaining 2.21% to 2,822.76.
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
Consumer discretionary shares climbed 3.1% on Tuesday. Meanwhile, top gainers in the sector included GameStop Corp. GME, up 22%, and YETI Holdings, Inc. YETI, up 16%.
In trading on Tuesday, financial shares fell 1%.
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 125% to $11.11.
Shares of New Age Beverages Corporation NBEV got a boost, shooting 33% to $1.7250 after the company reported better-than-expected Q1 preliminary sales results.
Aldeyra Therapeutics, Inc. ALDX shares were also up, gaining 14% to $2.8380 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 39% to $14.94 the company issued business update and lowered dividend outlook.
Shares of NeuroBo Pharmaceuticals, Inc. NRBO were down 44% to $16.50. NeuroBo Pharma priced its 750,000 share common stock offering at $10 per share.
SCWorx Corp. WORX was down, falling 24% to $9.16. SCWorx shares surged 425% on Monday after the company announced the first installment of a purchase order for 48 million coronavirus rapid testing units.
Commodities
In commodity news, oil traded down 5.5% to $21.18, while gold traded up 0.1% to $1,761.70.
Silver traded up 3.1% Tuesday to $16.015, while copper rose 0.4% to $2.3125.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.49%, the Spanish Ibex Index rose 0.21%, while Italy’s FTSE MIB Index fell 0.63%. Meanwhile, the German DAX gained 1.38%, and the French CAC 40 climbed 0.44% while UK shares fell 0.87%.
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.
Chicago Federal Reserve chief Charles Evans will speak at 12:30 p.m. ET.
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