Mid-Day Market Update: Dow Jumps 100 Points; Spero Therapeutics Shares Plunge

U.S. stocks traded higher midway through trading, with the Dow Jones gaining over 100 points on Tuesday.

The Dow traded up 0.35% to 33,178.65 while the NASDAQ rose 0.01% to 12,537.98. The S&P also rose, gaining, 0.54% to 4,177.90.

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Leading and Lagging Sectors


Energy shares climbed 2.5% on Tuesday. Meanwhile, top gainers in the sector included TETRA Technologies, Inc. TTI, up 16% and CVR Energy, Inc. CVI up 13%.


In trading on Tuesday, consumer discretionary shares fell by 0.2%.


Top Headline


Pfizer Inc. PFE posted upbeat results for its first quarter on Tuesday.


Pfizer posted quarterly adjusted earnings of $1.62 per share, exceeding analysts’ estimates of $1.50 per share. The company’s quarterly sales came in at $25.70 billion, versus expectations of $23.95 billion.

Pfizer revised its FY22 adjusted EPS guidance to $6.25-$6.45 to reflect $0.11 negative impact for accounting policy change. The company also sees sales of $98 billion to $102 billion.


Equities Trading UP


Belite Bio, Inc BLTE shares shot up 28% to $11.39. The FDA has granted Fast Track Designation to Belite Bio’s LBS-008 for Stargardt disease (STGD1).


Shares of Sonoma Pharmaceuticals, Inc. SNOA got a boost, shooting 33% to $3.5316 after the company and its partner MicroSafe Group DMCC received EPA approval for Nanocyn as a hospital-grade disinfectant.


Enovix Corporation ENVX shares were also up, gaining 21% to $10.83. Enovix announced initial smartwatch battery order from leading global consumer electronics company.


Equities Trading DOWN

Spero Therapeutics, Inc. SPRO shares tumbled 60% to $2.0180. Spero Therapeutics will defer current commercialization activities for tebipenem HBr based on feedback from a recent Late Cycle Meeting (LCM) with the FDA.


Shares of Chegg, Inc. CHGG were down 30% to $17.48 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.


Kymera Therapeutics, Inc. KYMR was down, falling 26% to $24.13 after the company reported worse-than-expected Q1 EPS and sales results.


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Commodities

In commodity news, oil traded down 0.8% to $104.29, while gold traded up 0.6% to $1,874.80.


Silver traded up 1% Tuesday to $22.815 while copper rose 0.5% to $4.2895.



Euro zone


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.28%, London’s FTSE 100 fell 0.05% and Spain’s IBEX 35 Index rose 1.62%. The German DAX gained 0.26%, French CAC 40 gained 0.40% and Italy’s FTSE MIB Index climbed 1.33%.

The unemployment rate in the Eurozone dropped to a record low of 6.8% in March from a revised 6.9% in February, while annual producer inflation rose to record high of 36.8% in March from a revised 31.5 percent in February. UK’s manufacturing PMI increased to 55.8 in April from a preliminary of 55.3, while unemployment rate in Germany remained at 5%.


Economics


The Federal Open Market Committee will begin its two-day policy meeting today.


Factory orders rose 2.2% month-over-month to $557.3 billion in March.


The number of job openings increased by 205,000 from a month ago to a series high of 11.549 million in March.


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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,170,400 cases with around 1,021,080 deaths. India confirmed a total of at least 43,085,160 cases and 523,880 deaths, while Brazil reported over 30,460,990 COVID-19 cases with 663,650 deaths. In total, there were at least 514,034,340 cases of COVID-19 worldwide with more than 6,263,580 deaths.

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