Mid-Afternoon Market Update: Gold Down 1%; Continental Resources Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 60 points on Tuesday.

The Dow traded down 0.48% to 30,371.12 while the NASDAQ rose 0.29% to 10,840.18. The S&P also fell, dropping, 0.32% to 3,737.79.

Also check this: Lions Gate Entertainment And 2 Other Stocks Insiders Are Buying


Leading and Lagging Sectors


Energy shares jumped by 1.1% on Tuesday. Meanwhile, top gainers in the sector included Continental Resources, Inc. CLR, up 13% and Dynagas LNG Partners LP DLNG up 10%.


In trading on Tuesday, utilities shares fell by 2.8%.


Top Headline


US producer prices rose 0.8% month-over-month in May, following a 0.4% increase in the previous month. Analysts were also expecting for a 0.8% increase in prices.


Equities Trading UP


Continental Resources, Inc. CLR shares shot up 13% to $73.05 after the company announced the receipt of a "take private" proposal from the Hamm family.


Shares of Kaival Brands Innovations Group, Inc. KAVL got a boost, shooting 20% to $2.08 after the company reached an agreement with Phillip Morris for international electronic nicotine delivery system product distribution.


Qudian Inc. QD shares were also up, gaining 42% to $1.0250 after the company announced a share repurchase program of up to $200 million.


Equities Trading DOWN

Outset Medical, Inc. OM shares tumbled 31% to $14.17. Outset Medical implemented a shipment hold on the distribution of its Tablo Hemodialysis System for home use pending the FDA review and clearance of a 510(k).


Shares of Zedge, Inc. ZDGE were down 18% to $3.92. Zedge reported third-quarter revenue growth of 18.6% year-over-year to $6.2 million.


SeaChange International, Inc. SEAC was down, falling 35% to $0.4449. SeaChange International and Trillerverz, the AI-powered open garden platform for creators, mutually agreed to terminate their proposed merger signed on December 22, 2021.


Also check out: Insiders Buy More Than $3M Of 3 Penny Stocks


Commodities

In commodity news, oil traded up 0.9% to $121.96, while gold traded down 1% to $1,814.20.


Silver traded down 1.7% to $20.895 on Tuesday while copper fell 1.2% to $4.1610.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 1.26%, London’s FTSE 100 slipped 0.25% while Spain’s IBEX 35 Index fell 1.43%. The German DAX dropped 0.91%, French CAC 40 fell 1.20% and Italy’s FTSE MIB Index fell 0.32%.

Wholesale prices in Germany climbed 22.9% year-over-year in May following a record 23.8% surge in the prior month, while annual inflation rate in the country was confirmed at 7.9% in May.

Average weekly earnings including bonuses in the UK rose by 6.8% year-over-year to GBP 604 during the three months to April, while jobless rate rose to 3.8% in the three months to April from 3.7% in the three months to March.


Economics


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


The NFIB small business optimism index fell to 93.1 in May from 93.2 in April.


US producer prices rose 0.8% month-over-month in May, following a 0.4% increase in the previous month. Analysts were also expecting for a 0.8% increase in prices.


Check out this 3 Stocks Under $3 Insiders Are Aggressively Buying


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 87,424,840 cases with around 1,036,080 deaths. India confirmed a total of at least 43,236,690 cases and 524,770 deaths, while Brazil reported over 31,497,030 COVID-19 cases with 668,230 deaths. In total, there were at least 541,111,130 cases of COVID-19 worldwide with more than 6,332,610 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!