Dow Jumps Over 200 Points; US Services PMI Falls In April

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 200 points on Tuesday.

The Dow traded up 0.60% to 38,470.94 while the NASDAQ rose 1.44% to 15,673.22. The S&P 500 also rose, gaining, 1.08% to 5,064.48.

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Leading and Lagging Sectors

Communication services shares climbed by 1.7% on Tuesday.

In trading on Tuesday, materials shares fell by 0.8%.

Top Headline

The S&P Global services PMI fell to 50.9 in April, recording the weakest level in five months and missing market estimates of 52.

Equities Trading UP

• Cyngn Inc. CYN shares shot up 70% to $0.2030 after the company announced that it has been chosen to supply its DriveMod Tuggers for industrial automation to John Deere’s operation in Dubuque, Iowa.
• Shares of Oportun Financial Corporation OPRT got a boost, surging 36% to $3.0503 after the company announced preliminary first-quarter total revenue above estimates.
• Palisade Bio, Inc. PALI shares were also up, gaining 26% to $6.18 after the company entered into a collaboration with Strand Life Sciences.

Equities Trading DOWN

• JetBlue Airways Corporation JBLU shares dropped 17% to $6.27 after the company reported first-quarter financial results and issued weak FY24 revenue outlook.
• Shares of Abeona Therapeutics Inc. ABEO were down 49% to $3.7799 after the company announced the FDA issued a Complete Response Letter in response to the company’s Biologics License Application for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa.
• LKQ Corporation LKQ was down, falling 13% to $42.33 after the company reported a first-quarter earnings miss and cut its FY24 outlook.

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Commodities

In commodity news, oil traded up 0.9% to $82.66 while gold traded down 0.6% at $2,333.00.

Silver traded down 0.1% to $27.21 on Tuesday, while copper fell 1.3% to $4.4175.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.05%, London's FTSE 100 rose 0.25% while Spain's IBEX 35 Index climbed 1.58% The German DAX gained 1.46% French CAC 40 rose 0.76% while Italy's FTSE MIB Index jumped 1.78%.

The S&P Global UK PMI composite index climbed to 54.0 in April from 52.8 in the previous month. The HCOB Eurozone composite PMI surged to 51.4 in April from 50.3 a month ago.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 0.30%, Hong Kong's Hang Seng Index gaining 1.92%, China's Shanghai Composite falling 0.74% and India's S&P BSE Sensex gaining 0.12%.

The annual inflation rate in Hong Kong fell to 2% in March from 2.1% in the prior month. The HSBC India Composite flash PMI climbed to 62.2 in April versus a final reading of 61.8 in the earlier month. The au Jibun Bank Japan Composite PMI rose to 52.6 in April compared to a final reading of 51.7 a month ago.

Economics

• Sales of new single-family houses jumped 8.8% month-over-month to an annualized rate of 693,000 in March, compared to a revised 5.1% decline in February.
• The S&P Global services PMI fell to 50.9 in April, recording the weakest level in five months and missing market estimates of 52.
• The S&P Global composite PMI fell to 50.9 in April versus 52.1 a month ago.

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