Nasdaq Tops 13,000; US House Prices Drop In March

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining over 1% on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.25% to 33,011.64 while the NASDAQ rose 1.04% to 13,110.80. The S&P 500, also rose, gaining, 0.40% to 4,222.43.

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Leading and Lagging Sectors

• Information technology shares rose by 2% on Tuesday. Meanwhile, top gainers in the sector included Bit Origin Ltd BTOG, up 27%, and C3.ai, Inc. AI, up 22%.
• In trading on Tuesday, energy shares fell 1.9%.

Top Headline

The S&P CoreLogic Case-Shiller home price index in the U.S. declined 1.1% year-over-year in March, recording the first drop since May 2012.

Equities Trading UP

• Arlington Asset Investment Corp. AAIC shares shot up 46% to $4.0209 after Ellington Financial announced plans to acquire the company.
• Shares of Equitrans Midstream Corporation ETRN got a boost, shooting 39% to $8.48 after RBC Capital upgraded the stock from Sector Perform to Outperform and raised its price target from $7 to $10.
• C3.ai, Inc. AI shares were also up, gaining 21% to $39.77. The stock appears to be moving in anticipation of the company's quarterly results, which are due after the close Wednesday.

Equities Trading DOWN

• Smart for Life, Inc. SMFL shares dropped 36% to $1.38. Smart for Life reported exercise of warrants for $4.5 million in gross proceeds.
• Shares of Presto Automation Inc. PRST were down 17% to $2.97 after jumping 64% on Friday. Presto Automation recently entered into commitments for an $10 million common equity pipe.
• Bright Health Group, Inc. BHG was down, falling 13% to $10.21. RBC Capital maintained Bright Health with a Sector Perform and lowered the price target from $80 to $13.

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Commodities

In commodity news, oil traded down 3.4% to $70.19 while gold traded up 0.5% at $1,971.90.

Silver traded down 0.6% to $23.23 on Tuesday while copper fell 0.6% to $3.6595.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index rose 0.2% The German DAX climbed 0.3% French CAC 40 fell 0.7% and Italy’s FTSE MIB Index rose 0.3%.

Bank lending to households in the Eurozone climbed by 2.5% year-over-year to EUR 6.87 trillion during the month of April.

Industrial producer prices in Italy dropped by 1.5% year-over-year in April, recording the first drop since Jan. 2021. Retail sales in Spain rose 5.5% year-over-year in April, versus a revised 9.9% surge in the prior month. Spanish consumer price inflation fell to 3.2% in May.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.30%, Hong Kong’s Hang Seng Index rising 0.24% and China’s Shanghai Composite Index gaining 0.09%. India’s S&P BSE Sensex rose 0.1%.

Japanese unemployment rate fell to 2.6% in April from March's reading of 2.8%, and compared to market expectations of 2.7%.

Economics

• The S&P CoreLogic Case-Shiller home price index in the U.S. declined 1.1% year-over-year in March, recording the first drop since May 2012.
• The FHFA house price index increased by 0.6% versus the previous month in March.

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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 107,104,020 cases with around 1,165,280 deaths. India confirmed a total of at least 44,990,270 cases and 531,860 deaths, while France reported over 40,080,480 COVID-19 cases with 167,260 deaths. In total, there were at least 689,478,910 cases of COVID-19 worldwide with more than 6,884,010 deaths.