Mid-Afternoon Market Update: Gold Down 1%; Continental Resources Shares Spike Higher

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 60 points on Tuesday.

The Dow traded down 0.48% to 30,371.12 while the NASDAQ rose 0.29% to 10,840.18. The S&P also fell, dropping, 0.32% to 3,737.79.

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Leading and Lagging Sectors

Energy shares jumped by 1.1% on Tuesday. Meanwhile, top gainers in the sector included Continental Resources, Inc. CLR, up 13% and Dynagas LNG Partners LP DLNG up 10%.

In trading on Tuesday, utilities shares fell by 2.8%.

Top Headline

US producer prices rose 0.8% month-over-month in May, following a 0.4% increase in the previous month. Analysts were also expecting for a 0.8% increase in prices.

Equities Trading UP

Continental Resources, Inc. CLR shares shot up 13% to $73.05 after the company announced the receipt of a "take private" proposal from the Hamm family.

Shares of Kaival Brands Innovations Group, Inc. KAVL got a boost, shooting 20% to $2.08 after the company reached an agreement with Phillip Morris for international electronic nicotine delivery system product distribution.

Qudian Inc. QD shares were also up, gaining 42% to $1.0250 after the company announced a share repurchase program of up to $200 million.

Equities Trading DOWN

Outset Medical, Inc. OM shares tumbled 31% to $14.17. Outset Medical implemented a shipment hold on the distribution of its Tablo Hemodialysis System for home use pending the FDA review and clearance of a 510(k).

Shares of Zedge, Inc. ZDGE were down 18% to $3.92. Zedge reported third-quarter revenue growth of 18.6% year-over-year to $6.2 million.

SeaChange International, Inc. SEAC was down, falling 35% to $0.4449. SeaChange International and Trillerverz, the AI-powered open garden platform for creators, mutually agreed to terminate their proposed merger signed on December 22, 2021.

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Commodities

In commodity news, oil traded up 0.9% to $121.96, while gold traded down 1% to $1,814.20.

Silver traded down 1.7% to $20.895 on Tuesday while copper fell 1.2% to $4.1610.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.26%, London’s FTSE 100 slipped 0.25% while Spain’s IBEX 35 Index fell 1.43%. The German DAX dropped 0.91%, French CAC 40 fell 1.20% and Italy’s FTSE MIB Index fell 0.32%.

Wholesale prices in Germany climbed 22.9% year-over-year in May following a record 23.8% surge in the prior month, while annual inflation rate in the country was confirmed at 7.9% in May.

Average weekly earnings including bonuses in the UK rose by 6.8% year-over-year to GBP 604 during the three months to April, while jobless rate rose to 3.8% in the three months to April from 3.7% in the three months to March.

Economics

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

The NFIB small business optimism index fell to 93.1 in May from 93.2 in April.

US producer prices rose 0.8% month-over-month in May, following a 0.4% increase in the previous month. Analysts were also expecting for a 0.8% increase in prices.

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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 87,424,840 cases with around 1,036,080 deaths. India confirmed a total of at least 43,236,690 cases and 524,770 deaths, while Brazil reported over 31,497,030 COVID-19 cases with 668,230 deaths. In total, there were at least 541,111,130 cases of COVID-19 worldwide with more than 6,332,610 deaths.