Mid-Morning Market Update: Markets Edge Higher; AutoZone Tops Q3 Expectations

Following the market opening Tuesday, the Dow traded up 0.06% to 34,413.00 while the NASDAQ rose 0.15% to 13,681.64. The S&P also rose, gaining 0.10% to 4,201.32.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,144,090 cases with around 590,570 deaths. India confirmed a total of at least 26,948,870 cases and 307,230 deaths, while Brazil reported over 16,120,750 COVID-19 cases with 449,850 deaths. In total, there were at least 167,357,750 cases of COVID-19 worldwide with more than 3,474,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Industrial shares climbed 0.4% on Tuesday. Meanwhile, top gainers in the sector included LSI Industries Inc. LYTS, up 9%, and Hydrofarm Holdings Group, Inc. HYFM, up 9%.

In trading on Tuesday, energy shares fell 1%.

Top Headline

AutoZone, Inc. AZO reported better-than-expected results for its third quarter on Tuesday.

AutoZone posted quarterly earnings of $26.48 per share, exceeding market estimates of $20.14 per share. The company’s quarterly sales came in at $3.70 billion, versus analysts’ estimates of $3.26 billion.

Equities Trading UP

Taiwan Liposome Company, Ltd. TLC shares shot up 26% to $6.23 after India's Central Drugs Standard Control Organization approved the company’s marketing application for Amphotericin B Liposome for 50mg Injection for immediate import to aid in the country's emergency of acute liposomal amphotericin B shortage..

Shares of PainReform Ltd. PRFX got a boost, shooting 23% to $3.16.

Provention Bio, Inc. PRVB shares were also up, gaining 28% to $10.19. FDA's Endocrinologic and Metabolic Drugs Advisory Committee will meet on Thursday to discuss Provention Bio’s BLA for teplizumab intravenous infusion, for the delay or prevention of clinical type 1 diabetes mellitus in at-risk individuals. The FDA will release a briefing document prepared by FDA staffers that will provide background and other information for deliberation by the FDA panel.

Check out these big movers of the day

Equities Trading DOWN

Vimeo Inc. VMEO shares tumbled 20% to $41.51.

Shares of Petros Pharmaceuticals, Inc. PTPI were down 18% to $3.36 after climbing 38% on Monday.

Lordstown Motors Corp. RIDE was down, falling 14% to $8.30 after the company reported a wider loss for the first quarter.

Commodities

In commodity news, oil traded down 0.4% to $65.80, while gold traded down 0.1% to $1,882.10.

Silver traded down 0.8% Tuesday to $27.69 while copper fell 0.3% to $4.5105.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4%, the Spanish Ibex Index rose 0.3% and the German DAX 30 gained 0.8%. Meanwhile, the London’s FTSE 100 slipped 0.1%, French CAC 40 gained 0.2% and Italy’s FTSE MIB rose 0.4%.

German economy contracted 1.8% on quarter during the three months to March, while Ifo Business Climate indicator climbed to 99.2 in May from 96.6 a month ago. Spain's producer price inflation surged 12.8% year-over-year in April.

Economics

The Johnson Redbook Retail Sales Index jumped 13.2% year-over-year during the first three weeks of May.

The S&P CoreLogic Case-Shiller 20-city home price index surged 13.3% year-over-year in March.

The FHFA house price index rose 1.4% in March.

Sales of new single family houses dropped 5.9% to an annualized rate of 863,000 in April.

The Conference Board’s consumer confidence index fell to 117.2 in May.

The Richmond Fed's manufacturing index increased to 18 in May from 17 in each of the last two months.

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.

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

Check out the full economic calendar here