U.S. stocks were trading higher in mid-trading, with the Dow Jones gaining more than 200 points on Tuesday.
The Dow rose 0.60% to 38,470.94 while the NASDAQ rose 1.44% to 15,673.22. The S&P 500 index also rose, up 1.08% to 5,064.48.
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Leading and lagging sectors
Communications services shares rose 1.7% on Tuesday.
In trading Tuesday, materials shares fell 0.8%.
Main title
The S&P Global Services PMI fell to 50.9 in April, marking its weakest level in five months and missing market estimates of 52.
Stock trading UP
- Cyngn Inc. BEFORE shares jumped 70% to $0.2030 after the company announced it had been chosen to supply its DriveMod Tuggers for industrial automation to the John Deere plant in Dubuque, Iowa.
- Shares of Oportun Finance Company OPRT got a boost, rising 36% to $3.0503 after the company announced preliminary total revenue for the first quarter beat estimates.
- Palista Bio, Inc. POLES Shares also rose, gaining 26% to $6.18 after the company partnered with Strand Life Sciences.
Stock Trading DOWN
- JetBlue Airways Corporation BLUE shares fell 17% to $6.27 after the company reported first-quarter financial results and issued weak revenue forecasts for fiscal 2024.
- Shares of Abeona Therapeutics Inc. ABE fell 49% to $3.7799 after the company announced that the FDA issued a complete response letter in response to the company’s biologics license application for pz-cel to treat patients with recessive dystrophic epidermolysis bullosa .
- LKQ Corporation LKQ fell, plunging 13% to $42.33 after the company reported a first-quarter earnings miss and cut its outlook for fiscal 24.
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Merci
In commodity news, oil traded 0.9% higher at $82.66, while gold fell 0.6% to $2,333.00.
Silver fell 0.1% to $27.21 on Tuesday, while copper fell 1.3% to $4.4175.
Eurozone
European stocks were higher today. The eurozone’s STOXX 600 index rose 1.05%, London’s FTSE 100 rose 0.25% while Spain’s IBEX 35 index rose 1.58%. The German DAX gained 1.46% The French CAC 40 rose 0.76% while the Italian FTSE MIB index rose 1.78%.
The S&P Global UK PMI composite index rose to 54.0 in April from 52.8 the previous month. The Eurozone HCOB composite PMI rose to 51.4 in April from 50.3 a month ago.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 up 0.30%, Hong Kong’s Hang Seng index up 1.92%, China’s Shanghai Composite down 0.74% and India’s S&P BSE Sensex index up 0.12%.
The annual inflation rate in Hong Kong fell to 2% in March from 2.1% the previous month. HSBC India’s composite flash PMI rose to 62.2 in April from the final reading of 61.8 in the previous month. The Au Jibun Bank Japan Composite PMI rose to 52.6 in April from the final reading of 51.7 a month ago.
Economy
- Sales of new single-family homes rose 8.8% month over month to an annualized rate of 693,000 in March, compared to a revised decline of 5.1% in February.
- The S&P Global Services PMI fell to 50.9 in April, marking its weakest level in five months and missing market estimates of 52.
- The S&P global composite PMI fell to 50.9 in April from 52.1 a month ago.
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