Nasdaq Jumps Over 200 Points; TD Synnex Posts Downbeat Results

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Tuesday.

The Dow traded up 0.73% to 33,959.64 while the NASDAQ rose 1.75% to 13,569.42. The S&P 500, also rose, gaining, 1.22% to 4,381.53.

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Leading and Lagging Sectors

• Information technology shares jumped by 2.1% on Tuesday.
• In trading on Tuesday, health care shares fell by 0.2%.

Top Headline

TD Synnex Corp SNX reported worse-than-expected second-quarter financial results and issued third-quarter guidance below estimates.

TD Synnex reported a second-quarter FY23 revenue decline of 7.9% Y/Y to $14.06 billion, missing the consensus of $14.42 billion. Adjusted EPS of $2.43, missing the consensus of $2.55.

The company expects third-quarter revenue of $13.5 billion-$14.5 billion (vs. below the consensus of $14.96 billion), adjusted EPS of $2.20-$2.70 (vs. below the Street view of $2.76), and adjusted gross billings in the range of $18.0 billion-$19.3 billion.

Equities Trading UP

• Centogene N.V. CNTG shares shot up 43% to $1.1199 after the company and Lifera formed a Saudi Arabian joint venture. Under the terms of the collaboration, the company will receive a $30 million mandatory convertible loan from Lifera.
• Shares of Black Diamond Therapeutics, Inc. BDTX got a boost, shooting 217% to $5.84 after the company announced initial dose escalation data demonstrated anti-tumor activity of BDTX-1535 in non-small cell lung cancer patients across multiple EGFR mutation families.
• Tivic Health Systems, Inc. TIVC shares were also up, gaining 56% to $0.1565 after the company signed a distribution agreement with Cardinal Health.

Equities Trading DOWN

• Lordstown Motors Corp. RIDE shares dropped 23% to $2.1250 after the company opted to file for Chapter 11 bankruptcy protection.
• Shares of Adicet Bio, Inc. ACET were down 57% to $2.00 after the company shared safety and efficacy data from its Phase 1 study of ADI-001 for relapsed or refractory aggressive B-cell non-Hodgkin's lymphoma (NHL). JMP Securities downgraded Adicet Bio to Market Perform from Market Outperform rating.
• Siyata Mobile Inc. SYTA was down, falling 39% to $0.0541 after the company priced a 50 million share offering at $0.045 per share.

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Commodities

In commodity news, oil traded down 2.5% to $67.62 while gold traded down 0.5% at $1,923.30.

Silver traded up 0.3% to $22.89 on Tuesday while copper fell 0.3% to $3.7930.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.05%, London’s FTSE 100 rose 0.11% while Spain’s IBEX 35 Index rose 1.28% The German DAX gained 0.21% French CAC 40 rose 0.43% and Italy’s FTSE MIB Index rose 0.58%.

The manufacturing confidence index in Italy fell to 100.3 in June from 101.2 in the prior month, while consumer confidence climbed to 108.6 from 105.1.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 dropping 0.49%, Hong Kong’s Hang Seng Index jumping 1.88%, China’s Shanghai Composite Index climbing 1.23%. India’s S&P BSE Sensex jumped 0.71%.

India reported a current account deficit of $1.3 billion during the first three months of the year, compared to market estimates of a $3.3 billion surplus. Hong Kong's trade deficit narrowed to $26.4 billion in May from $36.7 billion in the year-ago month.

Economics

• Building permits in the U.S. rose by 5.6% to an annual rate of 1.496 million in May.
• The FHFA house prices index rose by 0.7% versus the previous month in April.
• The S&P CoreLogic Case-Shiller 20-city home price index dropped 1.7% year-over-year in April, recording the biggest drop since April 2012.
• Sales of new single-family houses in the U.S. surged 12.2% month-over-month to an annualised rate of 763,000 in May.
• The manufacturing activity index in the Richmond area climbed by 8 points from the prior month to a reading of -7 in June.
• The Dallas Fed general business activity index for Texas' service sector climbed to a reading of -8.2 in June from -17.3 a month ago.

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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 107,283,940 cases with around 1,167,830 deaths. India confirmed a total of at least 44,993,990 cases and 531,900 deaths, while France reported over 40,133,520 COVID-19 cases with 167,610 deaths. In total, there were at least 690,857,970 cases of COVID-19 worldwide with more than 6,894,560 deaths.