U.S. stocks traded lower midway through trading, with the Dow Jones index falling over 300 points on Tuesday.
The Dow traded down 0.60% to 50,482.12 while the NASDAQ fell 2.81% to 25,199.98. The S&P 500 also fell, dropping, 1.64% to 7,284.03.
Leading and Lagging Sectors
Real estate shares jumped by 2% on Tuesday.
In trading on Tuesday, information technology stocks fell by 4.4%.
Top Headline
The U.S. trade deficit shrank to $55.9 billion in April versus a revised $56.6 billion in the previous month, compared to market estimates of $56.1 billion.
Imports into the U.S. surged by 2.0% month-over-month to $383.0 billion in April, while exports increased 2.6% to a record $327.1 billion.
Equities Trading UP
- Nuvalent, Inc (NASDAQ:NUVL) shares shot up 39% to $122.86 after GSK announced it will acquire the company.
- Shares of FuelCell Energy Inc (NASDAQ:FCEL) got a boost, surging 21% to $18.83 as investors digest data centers account for nearly 90% of the company’s sales pipeline.
- Aduro Clean Technologies Inc (NASDAQ:ADUR) shares were also up, gaining 18% to $16.98 as the company issued an update on results from the latest operating campaigns at its Next Generation Process (NGP) Pilot Plant.
Equities Trading DOWN
- EHang Holdings Ltd – ADR (NASDAQ:EH) shares dropped 17% to $7.27 following first-quarter results.
- Shares of Zepp Health Corp – ADR (NYSE:ZEPP) were down 17% to $5.10 after reporting first-quarter results.
- Designer Brands Inc (NYSE:DBI) was down, falling 17% to $7.38 after the company reported mixed first-quarter financial results.
Commodities
In commodity news, oil traded down 5.3% to $86.50 while gold traded down 1.8% at $4283.10.
Silver traded down 5% to $65.15 on Tuesday, while copper fell 0.3% to $6.3345.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.8%, while Spain's IBEX 35 Index rose 1.1%. London's FTSE 100 fell 0.2%, Germany's DAX gained 0.7%, while France's CAC 40 climbed 1.1%.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 surging 2.17%, Hong Kong's Hang Seng Index declining 0.37%, China's Shanghai Composite gaining 1.28% and India's BSE Sensex rising 0.54%.
Economics
- Imports into the U.S. surged by 2.0% month-over-month to $383.0 billion in April, while exports increased 2.6% to a record $327.1 billion.
- The U.S. trade deficit shrank to $55.9 billion in April versus a revised $56.6 billion in the previous month, compared to market estimates of $56.1 billion.
- The ADP said U.S. private employers added an average of 29,000 jobs per week during the four weeks ending May 23.
- U.S. existing home sales gained by 3.2% month-over-month to an annualized rate of 4.17 million.
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