Mid-Morning Market Update: Markets Mixed; Dow Drops 50 Points

view original post

U.S. stocks traded mixed this morning, with the Dow Jones dropping around 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.17% to 33,004.98 while the NASDAQ fell 0.18% to 12,513.83. The S&P, however, gained, 0.05% to 4,157.55.

Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks

Leading and Lagging Sectors

Energy shares climbed 1.4% on Tuesday. Meanwhile, top gainers in the sector included TETRA Technologies, Inc. (NYSE:TTI), up 13% and CVR Energy, Inc. (NYSE:CVI) up 12%.

In trading on Tuesday, consumer discretionary shares fell by 0.4%.

Top Headline

Pfizer Inc. (NYSE:PFE) posted upbeat results for its first quarter on Tuesday.

Pfizer posted quarterly adjusted earnings of $1.62 per share, exceeding analysts’ estimates of $1.50 per share. The company’s quarterly sales came in at $25.70 billion, versus expectations of $23.95 billion.

Pfizer revised its FY22 adjusted EPS guidance to $6.25-$6.45 to reflect $0.11 negative impact for accounting policy change. The company also sees sales of $98 billion to $102 billion.

Equities Trading UP

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 56% to $17.08. The company recently completed a SPAC merger deal last week and began trading on Thursday.

Shares of Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) got a boost, shooting 45% to $3.86 after the company and its partner MicroSafe Group DMCC received EPA approval for Nanocyn as a hospital-grade disinfectant.

Enovix Corporation (NASDAQ:ENVX) shares were also up, gaining 30% to $11.65. Enovix announced initial smartwatch battery order from leading global consumer electronics company.

Equities Trading DOWN

Spero Therapeutics, Inc. (NASDAQ:SPRO) shares tumbled 57% to $2.17. Spero Therapeutics will defer current commercialization activities for tebipenem HBr based on feedback from a recent Late Cycle Meeting (LCM) with the FDA.

Shares of Chegg, Inc. (NYSE:CHGG) were down 30% to $17.36 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.

Blackboxstocks Inc. (NASDAQ:BLBX) was down, falling 29% to $3.2901. Blackboxstocks completed its platform integration with E*TRADE Inc.

Also check out: American Express And 2 Other Stocks Insiders Are Selling

Commodities

In commodity news, oil traded down 0.4% to $104.71, while gold traded up 0.5% to $1,872.10.

Silver traded up 0.7% Tuesday to $22.745 while copper rose 1.2% to $4.3190.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 fell 0.3% and Spain’s IBEX 35 Index rose 1.4%. The German DAX gained 0.1%, French CAC 40 gained 0.2% and Italy’s FTSE MIB Index climbed 1.2%.

The unemployment rate in the Eurozone dropped to a record low of 6.8% in March from a revised 6.9% in February, while annual producer inflation rose to record high of 36.8% in March from a revised 31.5 percent in February. UK’s manufacturing PMI increased to 55.8 in April from a preliminary of 55.3, while unemployment rate in Germany remained at 5%.

Economics

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

Factory orders rose 2.2% month-over-month to $557.3 billion in March.

The number of job openings increased by 205,000 from a month ago to a series high of 11.549 million in March.

Check out this: Executives Buy More Than $32M Of 3 Stocks

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,170,400 cases with around 1,021,080 deaths. India confirmed a total of at least 43,085,160 cases and 523,880 deaths, while Brazil reported over 30,460,990 COVID-19 cases with 663,650 deaths. In total, there were at least 514,034,340 cases of COVID-19 worldwide with more than 6,263,580 deaths.