Dow Gains Over 50 Points; US Producer Prices Increase More Than Projected

U.S. stocks traded slightly higher this morning, with the Dow Jones index gaining more than 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.16% to 39,492.99 while the NASDAQ rose 0.09% to 16,402.40. The S&P 500 also rose, gaining, 0.03% to 5,222.93.

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Leading and Lagging Sectors

Information technology shares rose by 0.5% on Tuesday.

In trading on Tuesday, industrials shares fell by 0.5%.

Top Headline

U.S. producer prices rose 0.5% month-over-month in April compared to a revised 0.1% decline in March and higher than market expectations of 0.3%.

Equities Trading UP
                       

• Cheetah Net Supply Chain Service Inc. CTNT shares shot up 195% to $3.49 as the company reported pricing of $8.19 million follow-on public offering.
• Shares of AMC Entertainment Holdings, Inc. AMC got a boost, surging 121% to $11.48 after surging 78% on Monday.
• GameStop Corp. GME shares were also up, gaining 87% to $57.00 after jumping over 74% on Monday.

Equities Trading DOWN

• Augmedix, Inc. AUGX shares dropped 57% to $1.0097 after the company reported first-quarter financial results.
• Shares of Scorpius Holdings, Inc. SCPX were down 55% to $0.0812 after the company reported pricing of public offering.
• Inotiv, Inc. NOTV was down, falling 54% to $1.90 after Jefferies downgraded the stock from Buy to Hold and lowered its price target from $11.5 to $3.75.

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Commodities

In commodity news, oil traded down 1.6% to $77.88 while gold traded up 0.5% at $2,355.70.

Silver traded up 0.9% to $28.71 on Tuesday, while copper rose 1.7% to $4.8475.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX fell 0.2% and France's CAC 40 rose 0.1%. Spain's IBEX 35 Index rose 0.4%, while London's FTSE 100 rose 0.3%.

The ZEW Indicator of Economic Sentiment for Germany rose to 47.1 in May, recording the strongest level since Feb. 2022. The ZEW Indicator of Economic Sentiment for the eurozone climbed by 3.1 points to 47 in May, notching the highest level since Feb. 2022.

The UK's unemployment rate increased to 4.3% from January to March, compared to 4.2% in the three months to December, while number of payrolled employees declined by 0.3% to 30.2 million in April. Regular pay, excluding bonus payment, rose 6% year-over-year to GBP 637/week in the three months to March.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.46%, China's Composite Index falling 0.07%, Hong Kong's Hang Seng Index falling 0.22% and India's S&P BSE Sensex gaining 0.5%.

Indian wholesale prices rose by 1.26% year-over-year in April compared to a 0.53% increase in the prior month. Japanese machine tool orders fell 11.6% year-over-year to JPY 117,262 million in April, while producer prices in Japan rose by 0.9% year-over-year in April.

Economics

• The NFIB Small Business Optimism Index climbed to 89.7 in April from 88.5 in March.
• U.S. producer prices rose 0.5% month-over-month in April compared to a revised 0.1% decline in March and higher than market expectations of 0.3%.

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