Mid-Morning Market Update: Markets Open Higher; Dow Gains 300 Points
U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.91% to 33,543.56 while the NASDAQ rose 1.55% to 12,683.73. The S&P also rose, gaining, 1.19% to 4,224.93.
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Leading and Lagging Sectors
Information technology shares rose by 2.9% on Wednesday. Meanwhile, top gainers in the sector included Enphase Energy, Inc. (NASDAQ:ENPH), up 15% and JinkoSolar Holding Co., Ltd. (NYSE:JKS) up 11%.
In trading on Wednesday, communication services shares dipped by 1.3%.
Top Headline
Boeing Company reported wider-than-expected first quarter loss.
Boeing’s adjusted core loss came in at $2.75 per share, versus analysts’ estimates of a $0.25 per share loss. Group revenues declined 8% from last year to $14 billion, versus analysts' expectations of $16.02 billion
Equities Trading UP
Nutex Health, Inc. (NASDAQ:NUTX) shares shot up 30% to $9.96 after jumping 74% on Tuesday.
Shares of TradeUP Global Corporation (NASDAQ:TUGC) got a boost, shooting 17% to $10.78.
Repligen Corporation (NASDAQ:RGEN) shares were also up, gaining 13% to $161.00 after reporting upbeat Q1 results.
Equities Trading DOWN
Molecular Partners AG (NASDAQ:MOLN) shares tumbled 38% to $8.62. The company’s collaborating partner Amgen for MP0310 (AMG 506) will return the global rights of MP0310 to Molecular Partners following a strategic pipeline review.
Shares of Agile Therapeutics, Inc. (NASDAQ:AGRX) were down 26% to $3.31 following effectiveness of 1:40 reverse stock split.
NCR Corporation (NYSE:NCR) was down, falling 21% to $29.44 after the company reported worse-than-expected Q1 EPS and sales results. The company also cut its FY22 EPS and sales guidance.
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Commodities
In commodity news, oil traded down 1.4% to $100.28, while gold traded down 0.9% to $1,886.50.
Silver traded down 0.1% Wednesday to $23.525 while copper fell 0.2% to $4.4535.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, London’s FTSE 100 gained 0.8%, while Spain’s IBEX 35 Index rose 0.6%. The German DAX gained 0.5%, French CAC 40 climbed 0.9% and Italy’s FTSE MIB Index gained 0.7%.
The consumer confidence in France declined to 88 points in April from a revised reading of 90 points in March, while GfK Consumer Climate Indicator in Germany fell to -26.5 heading into May.
Economics
The goods trade deficit in the US rose to $125.3 billion in March from $106.3 billion in the previous month.
U.S. wholesale inventories rose 2.3% month-over-month to $837.7 billion in March.
The pending home sales index fell 1.2% for March.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
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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 82,789,710 cases with around 1,019,000 deaths. India confirmed a total of at least 43,065,660 cases and 522,370 deaths, while Brazil reported over 30,378,060 COVID-19 cases with 662,940 deaths. In total, there were at least 510,925,220 cases of COVID-19 worldwide with more than 6,249,430 deaths.