Mid-Morning Market Update: Markets Open Higher; Nasdaq Jumps Over 200 Points

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.15% to 32,617.64 while the NASDAQ rose 1.87% to 11,840.14. The S&P also rose, gaining, 1.44% to 4,048.87.

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Leading and Lagging Sectors

Energy shares jumped by 2.3% on Tuesday. Meanwhile, top gainers in the sector included DHT Holdings, Inc. DHT, up 9% and Vertex Energy, Inc. VTNR up 10%.

In trading on Tuesday, consumer staples shares rose by just 0.1%.

Top Headline

Fox Corporation FOXA reported weaker-than-expected earnings for its third quarter, while sales exceeded estimates.

Fox posted quarterly earnings of $0.81 per share, missing analysts’ estimates of $0.88 per share. The company’s quarterly sales came in at $3.46 billion, versus expectations of $3.39 billion.

Equities Trading UP

Biohaven Pharmaceutical Holding Company Ltd. BHVN shares shot up 71% to $141.81. Pfizer Inc PFE will acquire Biohaven Pharmaceutical Holding for $148.50 per share, equivalent to $11.6 billion.

Shares of Appian Corporation APPN got a boost, shooting 30% to $56.00. Appian was awarded $2.036 billion in damages against Pegasystems Inc..

AdaptHealth Corp. AHCO shares were also up, gaining 27% to $ 14.55 after the company reported upbeat Q1 sales and announced a $200 million buyback.

Equities Trading DOWN

Upstart Holdings, Inc. UPST shares tumbled 56% to $34.18 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.

Shares of Kaleyra, Inc. KLR were down 37% to $3.8428 after the company reported worse-than-expected Q1 EPS and sales results and issued Q2 and FY22 sales guidance below analyst estimates.

United Insurance Holdings Corp. UIHC was down, falling 37% to $1.42 after the company reported a wider Q1 core loss.

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Commodities

In commodity news, oil traded down 0.5% to $102.61, while gold traded down 0.1% to $1,856.40.

Silver traded down 0.1% to $21.785 on Tuesday while copper rose 0.5% to $4.2155.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.1%, London’s FTSE 100 rose 0.7% and Spain’s IBEX 35 Index rose 1%. The German DAX climbed 1.5%, French CAC 40 jumped 1% and Italy’s FTSE MIB Index climbed 1.6%.

The ZEW Indicator of Economic Sentiment for Germany rose to -34.3 in May from a 2-year low level of -41 in April. Industrial production in Italy came in unchanged for March. Retail sales in the UK rose 1.7% in April from a year ago.

Economics

The NFIB small business optimism index came in unchanged at 93.2 for April.

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

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 3:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 7:00 p.m. ET.

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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 83,688,180 cases with around 1,024,750 deaths. India confirmed a total of at least 43,107,680 cases and 524,100 deaths, while Brazil reported over 30,574,240 COVID-19 cases with 664,240 deaths. In total, there were at least 517,866,200 cases of COVID-19 worldwide with more than 6,278,370 deaths.