U.S. stocks traded higher midway through trading, with the Dow Jones gaining over 100 points on Tuesday.
The Dow traded up 0.35% to 33,178.65 while the NASDAQ rose 0.01% to 12,537.98. The S&P also rose, gaining, 0.54% to 4,177.90.
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Leading and Lagging Sectors
In trading on Tuesday, consumer discretionary shares fell by 0.2%.
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
Belite Bio, Inc (NASDAQ:BLTE) shares shot up 28% to $11.39. The FDA has granted Fast Track Designation to Belite Bio’s LBS-008 for Stargardt disease (STGD1).
Shares of Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) got a boost, shooting 33% to $3.5316 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 21% to $10.83. Enovix announced initial smartwatch battery order from leading global consumer electronics company.
Equities Trading DOWN
Spero Therapeutics, Inc. (NASDAQ:SPRO) shares tumbled 60% to $2.0180. 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 $17.48 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.
Kymera Therapeutics, Inc. (NASDAQ:KYMR) was down, falling 26% to $24.13 after the company reported worse-than-expected Q1 EPS and sales results.
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In commodity news, oil traded down 0.8% to $104.29, while gold traded up 0.6% to $1,874.80.
Silver traded up 1% Tuesday to $22.815 while copper rose 0.5% to $4.2895.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.28%, London’s FTSE 100 fell 0.05% and Spain’s IBEX 35 Index rose 1.62%. The German DAX gained 0.26%, French CAC 40 gained 0.40% and Italy’s FTSE MIB Index climbed 1.33%.
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%.
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.
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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.