Mid-Morning Market Update: Markets Open Higher; Deere Tops Q2 Views

U.S. stocks traded higher this morning. Following the market opening Friday, the Dow traded up 0.20% to 31,316.89 while the NASDAQ rose 0.35% to 11,428.90. The S&P also rose, gaining, 0.34% to 3,914.24.

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Leading and Lagging Sectors

Energy shares rose by 1.3% on Friday. Meanwhile, top gainers in the sector included Permian Basin Royalty Trust PBT, up 10% and Camber Energy, Inc. CEI up 5%.

In trading on Friday, consumer discretionary shares dipped 1%.

Top Headline

Deere & Company DE reported better-than-expected results for its second quarter and raised its guidance.

Deere posted quarterly earnings of $6.81 per share, beating analysts’ estimates of $6.71 per share. The company’s quarterly sales came in at $13.37 billion, versus expectations of $13.20 billion.

Deere raised its FY22 earnings guidance from $6.7 billion-$7.1 billion to $7 billion-$7.4 billion.

Equities Trading UP

TherapeuticsMD, Inc. TXMD shares shot up 25% to $2.8350 after the company announced that it has received FDA approval of its supplemental New Drug Application for ANNOVERA.

Shares of Leju Holdings Limited LEJU got a boost, shooting 42% to $4.48.

Eve Holding, Inc. EVEX shares were also up, gaining 26% to $10.49.

Equities Trading DOWN

Bright Green Corporation BGXX shares tumbled 23% to $12.11 after tumbling 67% on Thursday. Bright Green, went public on the NASDAQ Tuesday, becoming the first U.S. plant-touching company to list on a major U.S. stock exchange.

Shares of Ross Stores, Inc. ROST were down 22% to $72.30 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued Q2 EPS guidance below analyst estimates.

Foghorn Therapeutics Inc. FHTX was down, falling 20% to $9.20 after the company announced the FDA placed the Phase 1 dose escalation study of FHD-286 in relapsed and/or refractory acute myelogenous leukemia and myelodysplastic syndrome on a partial clinical hold.

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Commodities

In commodity news, oil traded up 0.3% to $112.50, while gold traded down 0.5% to $1,832.60.

Silver traded down 0.8% to $21.735 on Friday while copper rose 0.4% to $4.2985.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.4%, London’s FTSE 100 jumped 1.9% and Spain’s IBEX 35 Index rose 1.4%. The German DAX climbed 1.8%, French CAC 40 rose 1% and Italy’s FTSE MIB Index jumped 1.8%.

Construction output in Italy climbed 19.4% year-over-year in March following a revised 22.1% surge in the prior month. Annual producer inflation in Germany accelerated to 33.5% in April from 30.9% in March. Retail sales in the UK climbed 1.4% month-over-month in April.

Economics

The Baker Hughes North American rig count report for the latest quarter will be released 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 84,799,040 cases with around 1,028,330 deaths. India confirmed a total of at least 43,131,820 cases and 524,320 deaths, while Brazil reported over 30,752,220 COVID-19 cases with 665,490 deaths. In total, there were at least 526,027,940 cases of COVID-19 worldwide with more than 6,297,330 deaths.