Dow Gains 50 Points; US Small Business Optimism Index Rises In May

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 50 points n Tuesday.

The Dow traded up 0.13% to 42,817.81 while the NASDAQ gained 0.22% to 19,634.48. The S&P 500 also rose, gaining, 0.29% to 6,023.46.

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Leading and Lagging Sectors

Energy shares jumped by 1.9% on Tuesday.

In trading on Tuesday, industrials stocks fell by 0.4%.

Top Headline

The NFIB Small Business Optimism Index rose to 98.8 in May from 95.8 in April and topping market estimates of 95.9.

Equities Trading UP

Insmed Incorporated INSM shares shot up 27% to $89.94 after the company announced topline results from its randomized, double-blind, placebo-controlled Phase 2b study evaluating the efficacy and safety of treprostinil palmitil inhalation powder met its primary endpoint and all secondary efficacy endpoints.
Shares of Casey’s General Stores, Inc. CASY got a boost, surging 15% to $506.20 after the company reported better-than-expected fourth-quarter financial results and increased its quarterly dividend.
Evogene Ltd. EVGN shares were also up, gaining 72% to $1.9399. Evogene announced completion of first-in-class foundation model for generative molecule design, developed in collaboration with Google Cloud.

Equities Trading DOWN

Liquidia Corporation LQDA shares dropped 21% to $14.23 in reaction to Insmed’s drug to treat rare lung disease met its primary endpoint and all secondary efficacy endpoints.
Shares of Calavo Growers, Inc. CVGW were down 17% to $22.93 after the company reported worse-than-expected second-quarter financial results.
United Therapeutics Corporation UTHR was down, falling 16% to $276.38 in reaction to Insmed after its drug to treat rare lung disease met its primary endpoint and all secondary efficacy endpoints.

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Commodities

In commodity news, oil traded down 0.2% to $65.14 while gold traded down 0.3% at $3,344.80.

Silver traded down 0.6% to $36.570 on Tuesday, while copper fell 0.5% to $4.8990.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.09%, while Spain's IBEX 35 Index rose 0.19%. London's FTSE 100 gained 0.45%, Germany's DAX 40 fell 0.35% and France's CAC 40 rose 0.09% during the session.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.32%, Hong Kong's Hang Seng Index falling 0.08%, China's Shanghai Composite dipping 0.44% and India's BSE Sensex falling 0.07%.

Economics

The NFIB Small Business Optimism Index rose to 98.8 in May from 95.8 in April and topping market estimates of 95.9.

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