Mid-Day Market Update: Nasdaq Jumps 200 Points; AutoWeb Shares Slide

U.S. stocks traded higher midway through trading, with the Nasdaq Composite adding 200 points on Tuesday.

The Dow traded up 0.77% to 32,472.47 while the NASDAQ rose 1.73% to 11,864.48. The S&P also rose, gaining, 1.32% to 4,060.95.

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Leading and Lagging Sectors

Materials shares jumped by 2.3% on Tuesday. Meanwhile, top gainers in the sector included LSB Industries, Inc. LXU, up 9% and Nouveau Monde Graphite Inc. NMG up 9%.

In trading on Tuesday, consumer staples shares fell 1%.

Top Headline

Walmart Inc WMT reported mixed financial results and lowered earnings guidance.

Walmart said first-quarter revenue increased 2.4% year-over-year to $141.6 billion, which beat the $138.88-billion estimate. The company reported quarterly adjusted earnings of $1.30 per share, which missed the estimate of $1.48 per share.

Walmart said its U.S. comparable sales grew 3% year-over-year, while e-commerce sales grew 1%. Walmart cut its second-quarter earnings guidance from a low to mid-single-digit range. The company now expects earnings to be "flat to up slightly."

 

Equities Trading UP

Jumia Technologies AG JMIA shares shot up 26% to $6.96. Jumia Technologies reported first-quarter FY22 revenue growth of 44.3% year-on-year to $47.6 million.

Shares of BTCS Inc. BTCS got a boost, shooting 21% to $2.92. BTCS reported first-quarter FY22 revenue growth of 776% year-on-year to $0.6 million.

Scholar Rock Holding Corporation SRRK shares were also up, gaining 19% to $6.19 after the company posted a narrower Q1 loss.

Equities Trading DOWN

AutoWeb, Inc. AUTO shares tumbled 66% to $0.7740 after the company reported worse-than-expected Q1 EPS results and announced the creation of a special committee of the board of directors to explore strategic alternatives.

Shares of Imperial Petroleum Inc. IMPP were down 35% to $0.5006 after the company reported pricing of $40 million underwritten public offering.

GreenBox POS GBOX was down, falling 34% to $1.7550 after the company reported Q1 earnings results.

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Commodities

In commodity news, oil traded up 0.6% to $114.87, while gold traded up 0.3% to $1,819.80.

Silver traded up 0.8% to $21.72 on Tuesday while copper rose 1.5% to $4.2530.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.04%, London’s FTSE 100 gained 0.61% and Spain’s IBEX 35 Index rose 1.27%. The German DAX climbed 1.3%, French CAC 40 rose 0.99% and Italy’s FTSE MIB Index climbed 0.85%.

The number of people in work in the UK climbed by 83,000 on quarter to 32,569 during the three months to March, while labor productivity fell by 0.7% on quarter during the same period. The unemployment rate in the UK fell to 3.7% in the first quarter. The unemployment rate in France declined to 7.3% in the first quarter from the prior figure of 7.4%.

Economics

U.S. retail sales rose 0.9% from a month ago in April following a revised 1.4% increase in March.

U.S. industrial production rose 1.1% for April.

U.S. business inventories increased 2% from a month ago in March.

The NAHB housing market index declined for a 5th consecutive month to 69 in May from 77 in April.

 

Federal Reserve Chair Jerome Powell will speak at 2:00 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 2:30 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 6:45 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 84,230,820 cases with around 1,026,670 deaths. India confirmed a total of at least 43,123,800 cases and 524,240 deaths, while Brazil reported over 30,688,390 COVID-19 cases with 664,960 deaths. In total, there were at least 521,354,660 cases of COVID-19 worldwide with more than 6,288,630 deaths.