U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 0.97% to 32,536.92 while the NASDAQ rose 1.70% to 11,860.81. The S&P also rose, gaining, 1.30% to 4,060.03.
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Leading and Lagging Sectors
Financials shares jumped by 2.3% on Tuesday. Meanwhile, top gainers in the sector included Sunlight Financial Holdings Inc. SUNL, up 15% and Forge Global Holdings, Inc. FRGE up 10%.
In trading on Tuesday, consumer staples shares fell 1.4%.
Walmart Inc WMT reported mixed financial results and lowered earnings guidance.
Walmart said first-quarter revenue increased 2.4% year-over-year to $141.6 billion, which beat the $138.88-billion estimate. The company reported quarterly adjusted earnings of $1.30 per share, which missed the estimate of $1.48 per share.
Walmart said its U.S. comparable sales grew 3% year-over-year, while e-commerce sales grew 1%. Walmart cut its second-quarter earnings guidance from a low to mid-single-digit range. The company now expects earnings to be "flat to up slightly."
Equities Trading UP
Pioneer Power Solutions, Inc. PPSI shares shot up 22% to $3.9450 after the company reported better-than-expected Q1 sales results.
Shares of Okyo Pharma Ltd. ADR OKYO got a boost, shooting 53% to $6.11 as the company priced its IPO at $4 per ADS.
Scholar Rock Holding Corporation SRRK shares were also up, gaining 20% to $6.23 after the company posted a narrower Q1 loss.
Equities Trading DOWN
AutoWeb, Inc. AUTO shares tumbled 61% to $0.88 after the company reported worse-than-expected Q1 EPS results and announced the creation of a special committee of the board of directors to explore strategic alternatives.
Shares of PolarityTE, Inc. PTE were down 33% to $2.86 after the company announced a 1-for-25 reverse stock split.
Albireo Pharma, Inc. ALBO was down, falling 24% to $21.43 after the company reported downbeat Q1 results.
In commodity news, oil traded up 0.2% to $114.45, while gold traded up 0.9% to $1,830.10.
Silver traded up 0.6% to $21.69 on Tuesday while copper rose 1.8% to $4.2660.
European shares were higher today. The eurozone’s STOXX 600 rose 1.4%, London’s FTSE 100 gained 0.7% and Spain’s IBEX 35 Index rose 1.4%. The German DAX climbed 1.5%, French CAC 40 rose 1.2% and Italy’s FTSE MIB Index climbed 1.4%.
The number of people in work in the UK climbed by 83,000 on quarter to 32,569 during the three months to March, while labor productivity fell by 0.7% on quarter during the same period. The unemployment rate in the UK fell to 3.7% in the first quarter. The unemployment rate in France declined to 7.3% in the first quarter from the prior figure of 7.4%.
U.S. retail sales rose 0.9% from a month ago in April following a revised 1.4% increase in March.
U.S. industrial production rose 1.1% for April.
U.S. business inventories increased 2% from a month ago in March.
The NAHB housing market index declined for a 5th consecutive month to 69 in May from 77 in April.
The Treasury is set to auction 52-week bills at 11:30 a.m. ET.
Federal Reserve Chair Jerome Powell will speak at 2:00 p.m. ET.
Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 2:30 p.m. ET.
Federal Reserve Bank of Chicago President Charles Evans will speak at 6:45 p.m. ET.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 84,230,820 cases with around 1,026,670 deaths. India confirmed a total of at least 43,123,800 cases and 524,240 deaths, while Brazil reported over 30,688,390 COVID-19 cases with 664,960 deaths. In total, there were at least 521,354,660 cases of COVID-19 worldwide with more than 6,288,630 deaths.
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