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Benzinga
Benzinga
Business
Lisa Levin

Mid-Afternoon Market Update: Dow Rises 100 Points; Kiromic BioPharma Shares Spike Higher

U.S. stocks turned higher toward the end of trading, with the Dow Jones gaining more than 100 points on Tuesday.

The Dow traded up 0.32% to 33,019.73 while the NASDAQ rose 0.43% to 12,113.57. The S&P also rose, gaining, 0.42% to 4,138.69.

Also check this: Home Depot And 2 Other Stocks Insiders Are Buying


Leading and Lagging Sectors


Energy shares jumped by 2.6% on Tuesday. Meanwhile, top gainers in the sector included Peabody Energy Corporation (NYSE:BTU), up 11% and Arch Resources, Inc. (NYSE:ARCH) up 10%.


In trading on Tuesday, consumer discretionary shares fell 1.1%.


Top Headline


United Natural Foods Inc (NYSE:UNFI) reported upbeat results for its third quarter.

United Natural Foods reported third-quarter FY22 sales growth of 9.2% year-on-year to $7.24 billion, beating the consensus of $7.10 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.97.

United Natural Foods sees FY22 sales of $28.8 billion - $29.1 billion (prior view $28.2 billion - $28.7 billion), against the consensus of $28.66 billion. It currently expects FY22 adjusted EPS of $4.65 - $4.90 (prior view $3.90 - $4.20) versus the consensus of $4.16.


Equities Trading UP


JanOne Inc. (NASDAQ:JAN) shares shot up 34% to $3.3450 after the company announced that a patent was issued that covers a method of improving nerve function using JAN101.


Shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX) got a boost, shooting 32% to $57.01 after JMP Securities upgraded the stock from Market Perform to Market Outperform and announced a $72 price target.


Kiromic BioPharma, Inc. (NASDAQ:KRBP) shares were also up, gaining 74% to $0.5025 after the company entered a sponsored research agreement under which in vivo preclinical data will be generated from Kiromic's Gamma Delta T cell allogeneic therapies.


Equities Trading DOWN

Boxed, Inc. (NYSE:BOXD) shares tumbled 36% to $3.5450. Boxed announced addition to the Russell 2000 index.


Shares of REV Group, Inc. (NYSE:REVG) were down 17% to $10.05 after the company reported downbeat Q2 results and lowered FY22 guidance


Delcath Systems, Inc. (NASDAQ:DCTH) was down, falling 8% to $4.16. Delcath Systems announced further details regarding presentations relating to its proprietary percutaneous hepatic perfusion (PHP) system.


Also check out: Executives Sell Around $325M Of 3 Stocks


Commodities

In commodity news, oil traded down 0.5% to $117.93, while gold traded up 0.5% to $1,852.30.


Silver traded up 0.3% to $22.16 on Tuesday while copper fell 0.1% to $4.4330.



Euro zone


European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.28%, London’s FTSE 100 slipped 0.12% while Spain’s IBEX 35 Index rose 0.06%. The German DAX dropped 0.66%, French CAC 40 fell 0.74% and Italy’s FTSE MIB Index declined 0.81%.

The S&P Global Eurozone construction PMI declined to 49.2 in May from 50.4 in April, while the S&P Global/CIPS UK services PMI rose to 53.4 in May from a preliminary reading of 51.8. Italy’s construction PMI dropped to 54.3 in May from 59 a month ago, while Germany’s construction PMI fell to 45.4 in May from 46.0 in April. France’s construction PMI climbed to 50.9 in May from 50.6 in the previous month.


Economics


The trade deficit shrank to a four-month low of $87.1 billion in April from a record level of $107.7 billion in March. Exports from the US increased by 3.5%, while imports dropped by 3.7% in April.


The Logistics Manager’s Index dropped to 67.1 in May, recording the lowest level since December 2020.


Data on consumer credit for April will be released at 3:00 p.m. ET.

Check out this: HP And 3 Other Stocks Insiders Are Selling

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 86,637,480 cases with around 1,033,830 deaths. India confirmed a total of at least 43,185,040 cases and 524,700 deaths, while Brazil reported over 31,195,110 COVID-19 cases with 667,100 deaths. In total, there were at least 536,026,890 cases of COVID-19 worldwide with more than 6,321,790 deaths.

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