Dow Jumps 400 Points; TD Synnex Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index gaining around 400 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.90% to 45,625.16 while the NASDAQ rose 1.61% to 21,128.95. The S&P 500 also rose, gaining, 1.23% to 6,421.63.

Leading and Lagging Sectors

Communication services shares climbed by 1.8% on Tuesday.

In trading on Tuesday, utilities stocks fell by 0.6%.

Top Headline

TD SYNNEX Corporation (NYSE:SNX) posted better-than-expected earnings for the first quarter on Tuesday.

The company posted adjusted EPS of $4.73, beating market estimates of $3.31. The company's sales came in at $17.161 billion, versus estimates of $15.591 billion.

TD Synnex said it sees second-quarter adjusted EPS of $3.75-$4.25, versus market estimates of $3.45. The company sees sales of $16.100 billion-$16.900 billion, versus expectations of $15.798 billion.

Equities Trading UP
           

• Apellis Pharmaceuticals Inc (NASDAQ:APLS) shares shot up 136% to $40.42 after the company announced that it will be acquired by Biogen for $41 per share.
• Shares of Hitek Global Inc (NASDAQ:HKIT) got a boost, surging 130% to $0.092.
• Classover Holdings (NASDAQ:KIDZ) shares were also up, gaining 100% to $4.09 after the company announced it regained Nasdaq compliance.

Equities Trading DOWN

• IO Biotech Inc (NASDAQ:IOBT) shares dropped 73% to $0.046 after the company announced it filed for Chapter 7 bankruptcy and will cease operations in Delaware.
• Shares of PepGen Inc (NASDAQ:PEPG) were down 56% to $1.85 following the announcement of topline results from the lowest dose cohort in the ongoing Phase 2 FREEDOM2-DM1 trial of PGN-EDODM1 for myotonic dystrophy type 1 (DM1).
• Iterum Therapeutics PLC (NASDAQ:ITRM) was down, falling 39% to $0.0432 following the company's announcement of a winding-up petition filed in the High Court in Ireland.

Commodities

In commodity news, oil traded up 0.6% to $103.47 while gold traded up 1.2% at $4,610.30.

Silver traded up 3.6% to $73.135 on Tuesday, while copper rose 0.7% to $5.5425.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.9%, while Spain's IBEX 35 Index rose 1%. London's FTSE 100 surged 0.8%, Germany's DAX gained 0.9% and France's CAC 40 rose 0.7% during the session.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 1.58%, Hong Kong's Hang Seng index gaining 0.15% and China's Shanghai Composite falling 0.80%.

Economics

• The FHFA house price index rose 0.1% in January following a 0.3% growth in December.
• The S&P Cotality Case-Shiller home price index increased 1.2% year-over-year in January compared to 1.4% in December and down from market estimates of 1.3%.

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