Mid-Day Market Update: U.S. Stocks Turn Lower; Biohaven Pharmaceutical Shares Jump

U.S. stocks turned mostly lower midway through trading, with the Dow Jones dropping more than 100 points on Tuesday.

The Dow traded down 0.43% to 32,106.78 while the NASDAQ rose 0.34% to 11,662.33. The S&P also fell, dropping, 0.21% to 3,982.83.

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Leading and Lagging Sectors

Energy shares jumped by 1.3% on Tuesday. Meanwhile, top gainers in the sector included Ardmore Shipping Corporation ASC, up 10% and Solaris Oilfield Infrastructure, Inc. SOI up 8%.

In trading on Tuesday, real estate shares fell 1.5%.

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 70% to $141.34. 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 32% to $56.85. Appian was awarded $2.036 billion in damages against Pegasystems Inc..

CECO Environmental Corp. CECE shares were also up, gaining 24% to $5.25 after the company posted upbeat Q1 results and announced the purchase of Compass Water Solutions.

Equities Trading DOWN

Upstart Holdings, Inc. UPST shares tumbled 61% to $29.82 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.

Shares of Desktop Metal, Inc. DM were down 41% to $2.0150 following wider-than-expected quarterly loss.

Cipher Mining Inc. CIFR was down, falling 41% to $1.8992. Cipher Mining posted a Q1 loss of $0.07 per share.

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Commodities

In commodity news, oil traded down 1% to $102.04, while gold traded down 0.5% to $1,850.20.

Silver traded down 0.6% to $21.68 on Tuesday while copper rose 0.1% to $4.1990.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.17%, London’s FTSE 100 rose 0.84% and Spain’s IBEX 35 Index rose 0.53%. The German DAX climbed 1.63%, French CAC 40 jumped 1.13% and Italy’s FTSE MIB Index climbed 1.54%.

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.