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Market Overview

Mid-Morning Market Update: Markets Open Higher; AutoZone Beats Q3 Expectations

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Following the market opening Tuesday, the Dow traded up 2.29% to 25024.78 while the NASDAQ rose 1.38% to 9453.15. The S&P also rose, gaining 1.77% to 3007.81.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,662,760 cases with around 98,220 deaths. Brazil confirmed a total of over 374,890 COVID-19 cases with 23,470 deaths, while Russia reported a total of at least 362,340 confirmed cases and 3,800 deaths. In total, there were at least 5,512,059 cases of COVID-19 worldwide with over 346,610 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 3.9% on Tuesday. Meanwhile, top gainers in the sector included Independent Bank Group, Inc. (NASDAQ: IBTX), up 10%, and MGIC Investment Corporation (NYSE: MTG), up 9%.

In trading on Tuesday, health care shares rose by just 0.7%.

Top Headline

AutoZone, Inc. (NYSE: AZO) reported better-than-expected results for its third quarter.

AutoZone reported quarterly earnings of $14.39 per share on Tuesday, which beat the analyst consensus estimate of $13.68 per share. The company reported quarterly sales of $2.80 billion, which beat the analyst consensus estimate of $2.67 billion.

Equities Trading UP

argenx SE (NASDAQ: ARGX) shares shot up 30% to $205.61 after the company disclosed positive topline data from the pivotal ADAPT trial of efgartigimod.

Shares of Fly Leasing Limited (NYSE: FLY) got a boost, shooting 24% to $7.64. JP Morgan upgraded Fly Leasing from Neutral to Overweight and lowered the price target from $17 to $15.

Evofem Biosciences, Inc. (NASDAQ: EVFM) shares were also up, gaining 24% to $6.21 after the company disclosed that the FDA has approved the company’s birth control gel, Phexxi.

Equities Trading DOWN

BioLineRx Ltd. (NASDAQ: BLRX) shares tumbled 31% to $1.65 after the company reported a $9 million registered direct offering.

Shares of Caladrius Biosciences, Inc. (NASDAQ: CLBS) were down 17% to $1.7201 after the company reported a $4.3 million registered direct offering priced at-the-market under Nasdaq rules.

Genetic Technologies Limited (NASDAQ: GENE) was down, falling 16% to $2.02 after the company announced pricing of $8.0 million public offering.

Commodities

In commodity news, oil traded up 2.3% to $34.01, while gold traded down 0.6% to $1,725.20.

Silver traded up 1% Tuesday to $17.86, while copper rose 1.6% to $2.4235.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 surged 1%, the Spanish Ibex Index rose 1.3%, while Italy’s FTSE MIB Index rose 1.2%. Meanwhile, the German DAX gained 0.9%, and the French CAC 40 climbed 1.3% while UK shares rose 1.3%.

Economics

The Chicago Fed National Activity Index dipped to -16.74 in April, versus a revised reading of -4.97 for March.

The S&P Corelogic Case-Shiller home price index rose 3.9% year-over-year in March, versus a 3.5% increase in the earlier month.

The FHFA house price index increased 0.1% for March.

U.S. new home sales gained 0.6% to an annualized rate of 623,000.

The Dallas Fed manufacturing index for May will be released at 10:30 a.m. ET.

The business uncertainty index for May is scheduled for release at 11:00 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 1:00 p.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

 

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