Mid-Afternoon Market Update: Nasdaq Rises Over 200 Points; ANI Pharmaceuticals Shares Slide

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining 350 points on Tuesday.

The Dow traded up 1.07% to 33,297.32 while the NASDAQ rose 1.81% to 12,809.09. The S&P also rose, gaining, 1.24% to 4,224.97.

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Leading and Lagging Sectors

Consumer discretionary shares climbed by 2.7% on Tuesday. Meanwhile, top gainers in the sector included New Oriental Education & Technology Group Inc. EDU, up 20% and Shift Technologies, Inc. SFT up 15%.

In trading on Tuesday, energy shares fell by 3.3%.

Top Headline

US producer prices rose 0.8% from a month ago in February, versus a revised 1.2% increase in the previous month and slightly below analysts’ estimates of 0.9%.

Equities Trading UP

Incannex Healthcare Limited IXHL shares shot up 136% to $54.00 after jumping 54% on Monday. Incannex Healthcare recently completed a preliminary analysis of data from its Phase 2 trial of a cannabinoid combination product, IHL-42X, for obstructive sleep apnoea (OSA).

Shares of Cano Health, Inc. CANO got a boost, shooting 14% to $6.04 following Q4 results.

Hollysys Automation Technologies Ltd. HOLI shares were also up, gaining 19% to $15.94. The state-owned operator of Beijing's railway and the subway weighed a takeover bid for Hollysys Automation Technologies, valuing it at $1.9 billion, Bloomberg reported.

Equities Trading DOWN

Evolv Technologies Holdings, Inc. EVLV shares tumbled 45% to $1.63 after the company reported Q4 results and issued weak FY22 sales outlook. Stifel downgraded Evolv Technologies from Buy to Hold and lowered the price target from $10 to $2.

Shares of Better Therapeutics, Inc. BTTX were down 25% to $3.0190. Better Therapeutics said data from its pivotal trial of BT-001, an investigational PDT platform that is designed to use digitally delivered nCBT to treat type 2 diabetes, demonstrated clinically meaningful and statistically significant results in improving glycemic control by reducing A1c 0.4% versus the control group receiving standard of care.

ANI Pharmaceuticals, Inc. ANIP was down, falling 27% to $25.92 after the company reported downbeat Q4 earnings and issued weak FY22 sales forecast.

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Commodities

In commodity news, oil traded down 6.1% to $96.70, while gold traded down 1.7% to $1,927.20.

Silver traded down 0.5% Tuesday to $25.175 while copper fell 0.6% to $4.4980.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.28%, London’s FTSE 100 fell 0.25%, while Spain’s IBEX 35 Index rose 0.02%. The German DAX dropped 0.09%, French CAC 40 dropped 0.23% and Italy’s FTSE MIB Index gained 0.31%.

French consumer price inflation rate accelerated to 3.6% year-over-year in February from 2.9% in the prior month. The UK unemployment rate fell to 3.9% during the three months to January 2022, recording the lowest level in two years, while number of people in work dropped by 12,000 on quarter to 32.493 million.

Economics

The Federal Open Market Committee begins its two-day policy meeting today.

US producer prices rose 0.8% from a month ago in February

The New York Empire State Manufacturing Index dropped 15 points to a reading of -11.8 in March.

The Treasury International Capital report for January will be released at 4:00 p.m. ET.

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Check out the full economic calendar here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,216,260 cases with around 991,030 deaths. India confirmed a total of at least 42,996,060 cases and 516,000 deaths, while Brazil reported over 29,382,190 COVID-19 cases with 655,320 deaths. In total, there were at least 460,312,530 cases of COVID-19 worldwide with more than 6,068,420 deaths.