Mid-Morning Market Update: Markets Open Lower; Dow Drops 1%

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 1% on Tuesday.

Following the market opening Tuesday, the Dow traded down 1.16% to 32,826.36 while the NASDAQ fell 1.34% to 11,968.21. The S&P also fell, dropping, 1.20% to 4,108.51.

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Leading and Lagging Sectors

Energy shares jumped by 1.1% on Tuesday. Meanwhile, top gainers in the sector included Indonesia Energy Corporation Limited INDO, up 14% and Ecopetrol S.A. EC up 13%.

In trading on Tuesday, materials shares fell 1.7%.

Top Headline

 

The S&P Corelogic Case-Shiller home price index jumped 21.2% year-over-year in March, following a 20.3% increase in February.

 

Equities Trading UP

TherapeuticsMD, Inc. TXMD shares shot up 354% to $9.73 after the company announced it has entered into a definitive merger agreement to be acquired by an affiliate of EW Healthcare Partners.

Shares of JanOne Inc. JAN got a boost, shooting 95% to $4.38 after the company announced it sold GeoTraq to SPYR Technologies in a $13.5 million transaction.

CatchMark Timber Trust, Inc. CTT shares were also up, gaining 48% to $12.31 after the company and PotlatchDeltic announced they have entered into a definitive agreement to combine in an all-stock transaction.

Equities Trading DOWN

Elevation Oncology, Inc. ELEV shares tumbled 20% to $2.41. Elevation Oncology recently announced the FDA granted Fast Track designation to seribantumab for the tumor-agnostic treatment of advanced solid tumors that harbor NRG1 gene fusions.

Shares of Gold Fields Limited GFI were down 20% to $9.73 after the company announced it will acquire Yamana Gold for $6.7 billion.

LexinFintech Holdings Ltd. LX was down, falling 19% to $1.9250 after the company reported unaudited results for the first quarter.

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Commodities

In commodity news, oil traded up 3.1% to $118.60, while gold traded down 0.3% to $1,851.50.

Silver traded down 1.5% to $21.755 on Tuesday while copper rose 0.7% to $4.3365.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.6%, London’s FTSE 100 gained 0.4% and Spain’s IBEX 35 Index fell 0.7%. The German DAX dropped 1.3%, French CAC 40 fell 1.3% and Italy’s FTSE MIB Index fell 1%.

Italy’s gross domestic product expanded by 0.1% on the quarter during the three months leading to March. Household spending in France declined by 0.4% from a month ago in April. The annual inflation rate in France accelerated to 5.2% in May, while the country’s economy shrank by 0.2% on quarter during the first three months of the year.

Economics

The S&P Corelogic Case-Shiller home price index jumped 21.2% year-over-year in March, following a 20.3% increase in February.

The FHFA house price index rose 1.5% from a month ago in March.

The Chicago PMI for May climbed to 60.3 in May from April's reading of 56.4.

The Conference Board's consumer confidence index fell to 106.4 from previous reading of 108.6.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Data on farm prices for April will be released at 3:00 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 85,730,590 cases with around 1,031,280 deaths. India confirmed a total of at least 43,158,580 cases and 524,630 deaths, while Brazil reported over 30,977,660 COVID-19 cases with 666,560 deaths. In total, there were at least 532,218,740 cases of COVID-19 worldwide with more than 6,312,140 deaths.