U.S. stocks traded higher this morning, with the Dow Jones gaining more than 500 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 1.70% to 30,395.65 while the NASDAQ rose 2.88% to 11,109.85. The S&P also rose, gaining, 2.38% to 3,762.25.
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Leading and Lagging Sectors
In trading on Tuesday, utilities shares rose by just 0.7%.
Lennar Corporation (NYSE:LEN) reported better-than-expected results for its second quarter on Tuesday.
Lennar posted adjusted earnings of $4.69 per share, beating analysts’ estimates of $3.98 per share. The company’s quarterly sales came in at $8.36 billion, versus expectations of $8.11 billion.
The company said it sees Q3 deliveries of 17,000 to 18,500.
Equities Trading UP
Convey Health Solutions Holdings, Inc. (NYSE:CNVY) shares shot up 139% to $10.31 as the company agreed to be taken private by TPG Capital,.
Shares of Valneva SE (NASDAQ:VALN) got a boost, shooting 82% to $24.95. Pfizer will invest €90.5 million ($95 million) for an 8.1% stake in Valneva, as the companies updated the terms of agreement for Lyme disease vaccine candidate VLA15.
BlackSky Technology Inc. (NYSE:BKSY) shares were also up, gaining 26% to $2.56. BlackSky won a 5-year joint Artificial Intelligence Center contract for AI data readiness.
Equities Trading DOWN
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares tumbled 34% to $12.79. A panel of the FDA’s outside experts voted 9-3 that Acadia Pharmaceuticals’ pimavanserin doesn’t appear to be effective at treating patients with Alzheimer’s-related psychosis.
Shares of Neonode Inc. (NASDAQ:NEON) were down 20% to $5.09.
The ODP Corporation (NASDAQ:ODP) was down, falling 15% to $29.70. ODP completed realignment of operating business entities to better serve customers.
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In commodity news, oil traded up 2.1% to $111.85, while gold traded down 0.1% to $1,839.20.
Silver traded up 0.5% to $21.69 on Tuesday while copper rose 0.7% to $4.0415.
European shares were higher today. The eurozone’s STOXX 600 gained 1.1%, London’s FTSE 100 rose 0.7% while Spain’s IBEX 35 Index rose 0.2%. The German DAX gained 1.1%, French CAC 40 climbed 1.7% and Italy’s FTSE MIB Index climbed 1.1%.
The Euro Area recorded a current account gap of EUR 5.4 billion in April versus a year-ago surplus of EUR 32.3 billion.
The Chicago Fed National Activity Index fell to an eight-month low of +0.01 in May from +0.40 in the prior month.
Existing home sales dropped by 3.4% to an annual rate of 5.41 million in May.
Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:00 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Federal Reserve Bank of Richmond President Thomas Barkin will speak at 3:30 p.m. ET.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,054,080 cases with around 1,038,380 deaths. India confirmed a total of at least 43,320,840 cases and 524,890 deaths, while Brazil reported over 31,756,110 COVID-19 cases with 669,210 deaths. In total, there were at least 544,958,040 cases of COVID-19 worldwide with more than 6,342,090 deaths.