Dow Jumps 550 Points; Convey Health Solutions Shares Spike Higher

U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 550 points on Tuesday.

The Dow traded up 1.86% to 30,445.81 while the NASDAQ rose 3.15% to 11,138.32. The S&P also rose, gaining, 2.56% to 3,768.74.

Also check this: US Existing Home Sales And Other Macro Issues For Tuesday

Leading and Lagging Sectors

Consumer discretionary shares jumped by 3.7% on Tuesday. Meanwhile, top gainers in the sector included Mullen Automotive, Inc. (NASDAQ:MULN), up 15% and Arrival (NASDAQ:ARVL) up 20%.

In trading on Tuesday, materials shares rose by just 1.4%.

Top Headline

Lennar Corporation (NYSE:LEN) reported better-than-expected results for its second quarter on Tuesday.

Lennar posted adjusted earnings of $4.69 per share, beating analysts’ estimates of $3.98 per share. The company’s quarterly sales came in at $8.36 billion, versus expectations of $8.11 billion.

The company said it sees Q3 deliveries of 17,000 to 18,500.

Equities Trading UP

Convey Health Solutions Holdings, Inc. (NYSE:CNVY) shares shot up 139% to $10.31 as the company agreed to be taken private by TPG Capital,.

Shares of Valneva SE (NASDAQ:VALN) got a boost, shooting 84% to $25.17. Pfizer will invest €90.5 million ($95 million) for an 8.1% stake in Valneva, as the companies updated the terms of agreement for Lyme disease vaccine candidate VLA15.

Lexaria Bioscience Corp. (NASDAQ:LEXX) shares were also up, gaining 23% to $2.8643 as the company signed manufacturing and license agreements with Atlanta-based BevNology LLC.

Equities Trading DOWN

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares tumbled 36% to $12.52. A panel of the FDA’s outside experts voted 9-3 that Acadia Pharmaceuticals’ pimavanserin doesn’t appear to be effective at treating patients with Alzheimer’s-related psychosis.

Shares of Fujian Blue Hat Interactive Entertainment Technology Ltd. (NASDAQ:BHAT) were down 45% to $0.6341. Blue Hat Interactive Entertainment Technology reported a proposed underwritten public offering of ordinary shares and pre-funded warrants to purchase ordinary shares.

The ODP Corporation (NASDAQ:ODP) was down, falling 14% to $30.17. ODP completed realignment of operating business entities to better serve customers.

Also check out: Kraft Heinz And 2 Other Stocks Insiders Are Selling

Commodities

In commodity news, oil traded up 1.8% to $111.51, while gold traded down 0.1% to $1,840.40.

Silver traded up 1.2% to $21.85 on Tuesday while copper rose 1.1% to $4.0575.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.46%, London’s FTSE 100 rose 0.45% while Spain’s IBEX 35 Index fell 0.54%. The German DAX gained 0.33%, French CAC 40 climbed 0.82% and Italy’s FTSE MIB Index climbed 0.43%.

The Euro Area recorded a current account gap of EUR 5.4 billion in April versus a year-ago surplus of EUR 32.3 billion.

Economics

The Chicago Fed National Activity Index fell to an eight-month low of +0.01 in May from +0.40 in the prior month.

Existing home sales dropped by 3.4% to an annual rate of 5.41 million in May.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 3:30 p.m. ET.

Check out this: U.S. Markets Open Higher; Lennar Earnings Top Views

Check out our premarket coverage here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,054,080 cases with around 1,038,380 deaths. India confirmed a total of at least 43,320,840 cases and 524,890 deaths, while Brazil reported over 31,756,110 COVID-19 cases with 669,210 deaths. In total, there were at least 544,958,040 cases of COVID-19 worldwide with more than 6,342,090 deaths.