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Mid-Morning Market Update: Markets Open Higher; US producer prices rise 0.8% in May

US stocks advanced this morning, with the Dow Jones gaining more than 100 points on Tuesday.

After the market opened on Tuesday, the Dow Jones was trading down 0.45% at 30,653.98 while the NASDAQ was up 0.52% at 10,865.65. The S&P also rose, gaining 0.59% to 3,771.92.

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Leading and Lagging Sectors

Energy shares jumped 2.8% on Tuesday. Meanwhile, top earners in the industry included Continental Resources, Inc. CLRup 15% and Dynagas LNG Partners LP DLNG up 6%.

In Tuesday’s trading, real estate stocks fell 0.4%.

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Producer prices in the United States rose 0.8% month over month in May, following a 0.4% increase the previous month. Analysts also expected prices to rise by 0.8%.

Stock exchange rising

Houston American Energy Corp. HUSA shares jumped 24% to $7.78.

Shares of New Oriental Education and Technology Group Inc. EDU got a boost, pulling 20% ​​to $20.45. JP Morgan on Monday moved the stock from neutral to overweight and raised its price target from $14 to $24.

Indonesia Energy Corporation Limited INDO shares also rose, gaining 19% to $9.21.

Stock trading down

Outset Medical, Inc. OM shares fell 31% to $14.14. Outset Medical has implemented a shipping hold on the distribution of its home-use Tablo hemodialysis system pending FDA review and clearance of a 510(k).

Shares of Redbox Entertainment Inc. RDBX were down 21% at $12.09 after jumping more than 15% on Monday.

HeartCore Enterprises, Inc. HTCR was down, falling 15% to $1.80.

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In commodities news, oil traded up 2% at $123.32, while gold traded down 0.8% at $1,817.20.

Silver fell 0.8% to $21.09 on Tuesday while copper fell 0.4% to $4.1965.


European stocks were mixed today. The Eurozone STOXX 600 fell 0.4%, London’s FTSE 100 gained 0.3% while Spain’s IBEX 35 index fell 0.2%. The German DAX gained 0.1%, the French CAC 40 fell 0.2% and the Italian FTSE MIB index rose 0.7%.

Wholesale prices in Germany rose 22.9% year-on-year in May, following a record rise of 23.8% the previous month, while the annual inflation rate in the country was confirmed at 7.9 % in May.

Average weekly earnings including bonuses in the UK rose 6.8% year-on-year to £604 in the three months to April, while the unemployment rate rose to 3.8% in the three months ending in April, compared to 3.7% in the three months ending in March.


The Federal Open Market Committee begins its two-day policy meeting today.

The NFIB Small Business Optimism Index fell to 93.1 in May from 93.2 in April.

Producer prices in the United States rose 0.8% month over month in May, following a 0.4% increase the previous month. Analysts also expected prices to rise by 0.8%.

The Treasury is due to auction 52-week bills at 11:30 a.m. ET.

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COVID-19 Update

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 87,424,840 cases with around 1,036,080 deaths. India has confirmed a total of at least 43,236,690 cases and 524,770 deaths, while Brazil has reported over 31,497,030 COVID-19 cases with 668,230 deaths. In total, there have been at least 541,111,130 cases of COVID-19 worldwide with more than 6,332,610 deaths.