Markets Open Higher; US Goods Gap Narrows To $104.3B In May

U.S. stocks traded higher this morning, with the Dow Jones gaining over 350 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.14% to 31,795.63 while the NASDAQ rose 0.79% to 11,615.62. The S&P also rose, gaining, 0.96% to 3,937.67.

Also check this: U.S. Consumer Confidence And Other Macro Issues For Tuesday

Leading and Lagging Sectors

Energy shares jumped by 2.3% on Tuesday. Meanwhile, top gainers in the sector included Earthstone Energy, Inc. ESTE, up 6% and BP Prudhoe Bay Royalty Trust BPT up 7%.

In trading on Tuesday, health care shares rose by just 0.4%.

Top Headline

U.S. goods gap shrank to $104.3 billion in May versus a revised $106.7 billion in April, recording the lowest trade gap so far this year. Exports rose 1.2% to a record high, with imports declining 0.1%.

Equities Trading UP

Kezar Life Sciences, Inc. KZR shares shot up 76% to $10.17 after the company announced topline results from the MISSION Phase 2 clinical trial evaluating zetomipzomib.

Shares of Sutro Biopharma, Inc. STRO got a boost, shooting 24% to $5.35. Astellas Pharma and Sutro Biopharma announced a strategic collaboration and licensing agreement focused on the discovery and development of immunostimulatory antibody-drug conjugates (iADC).

Ceragon Networks Ltd. CRNT shares were also up, gaining 18% to $2.4625 after Aviat Networks, Inc. proposed to acquire the company for $2.80 per share in cash.

Equities Trading DOWN

Lytus Technologies Holdings PTV. Ltd. LYT shares tumbled 39% to $28.89. Lytus recently announced the closing of initial public offering.

Shares of Cognyte Software Ltd. CGNT were down 27% to $4.68 after the company reported worse-than-expected Q1 results.

Revlon, Inc. REV was down, falling 10% to $6.01. Reliance Industries, in a press release, declined comment on rumor of Revlon takeover interest.

Also check out: TD SYNNEX, Ceragon + 3 Stocks To Watch Heading Into Tuesday


In commodity news, oil traded up 1.2% to $110.84, while gold traded down 0.1% to $1,823.10.

Silver traded down 0.4% to $21.085 on Tuesday while copper rose 1% to $3.80.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.9%, London’s FTSE 100 rose 1.3% while Spain’s IBEX 35 Index rose 1.4%. The German DAX gained 1.2%, French CAC 40 rose 1.4% and Italy’s FTSE MIB Index climbed 1.5%.

The consumer confidence index in France dropped for a sixth straight month to 82 in June, recording the lowest level since July 2013, while GfK Consumer Climate Indicator in Germany fell to a new record low of -27.4 for July from revised reading of -26.2 in June. Italy’s industrial sales rose by 2.7% over a month during April.


U.S. goods gap shrank to $104.3 billion in May versus a revised $106.7 billion in April, recording the lowest trade gap so far this year. Exports rose 1.2% to a record high, with imports declining 0.1%.

Wholesale inventories in the US increased 2% month-over-month to $880.6 billion in May versus a revised 2.3% rise in the previous month.

The S&P CoreLogic Case-Shiller home price index ROSE 21.2% year-over-year in April.

The FHFA house price index rose 1.6% from a month ago in April.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 12:30 p.m. ET.

The Treasury is set to auction 7-year notes at 1:00 p.m. ET.

Data on money supply for May will be released at 1:00 p.m. ET.

Check out this: This Healthcare Stock Jumps Around 188%, Here's 83 Biggest Movers From Yesterday

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,910,140 cases with around 1,041,020 deaths. India confirmed a total of at least 43,420,600 cases and 525,040 deaths, while Brazil reported over 32,136,910 COVID-19 cases with 670,600 deaths. In total, there were at least 549,898,720 cases of COVID-19 worldwide with more than 6,352,400 deaths.

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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