Nasdaq Jumps Over 300 Points On EU Tariff Delay; AutoZone Posts Downbeat Earnings

U.S. stocks traded higher this morning, with the Nasdaq Composite surging more than 300 points on Tuesday. President Donald Trump announced the extension of the 50% tariffs on Sunday till July 9, which he had initially announced on Friday.

Following the market opening Tuesday, the Dow traded up 0.95% to 41,997.56 while the NASDAQ surged 1.78% to 19,070.48. The S&P 500 also rose, gaining, 1.33% to 5,879.93.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 2% on Tuesday.

In trading on Tuesday, consumer staples stocks rose by just 0.3%.

Top Headline

AutoZone, Inc. (NYSE:AZO) reported weaker-than-expected third-quarter earnings.

The company reported earnings per share of $35.36, missing the analyst consensus estimate of $37.17. Quarterly sales of $4.46 billion (+5.4% year over year) outpaced the street view of $4.35 billion. The company reported a 3.2% growth in same-store sales on strength in the domestic segment.

Equities Trading UP
           

• SharpLink Gaming, Inc. (NASDAQ:SBET) shares shot up 411% to $34.33 after the company announced a $425 million private placement, where it will use the proceeds to adopt an Ethereum treasury strategy.
• Shares of E-Home Household Service Holdings Limited (NASDAQ:EJH) got a boost, surging 98% to $0.1995.
• SCWorx Corp. (NASDAQ:WORX) shares were also up, gaining 63% to $0.6567.

Equities Trading DOWN

• Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares dropped 57% to $2.67 after the company reported a patient death in its Phase 2 trial of RP-A501 and voluntarily paused further dosing.
• Shares of NeuroPace, Inc. (NASDAQ:NPCE) were down 36% to $11.25 after the company announced preliminary results from one-year data in NAUTILUS study.
• Savara Inc. (NASDAQ:SVRA) was down, falling 29% to $2.0099 after the company announced it received a refusal to file letter from the FDA for its biologics license application.

Commodities

In commodity news, oil traded down 1% to $60.93 while gold traded down 2.3% at $3,287.30.

Silver traded down 1.5% to $33.12 on Tuesday, while copper fell 1.3% to $4.7720.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.3%, while Spain's IBEX 35 Index fell 0.1%. London's FTSE 100 gained 0.7%, Germany's DAX 40 rose 0.7% and France's CAC 40 fell 0.1% during the session.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.51%, Hong Kong's Hang Seng Index rising 0.43%, China's Shanghai Composite Index falling 0.18% and India's BSE Sensex falling 0.76%.

Economics

• The S&P CoreLogic Case-Shiller Home Price Index increased 4.1% year-over-year in March, following a 4.5% gain in February.
• The FHFA house price index declined by 0.1% in March versus market estimates of a 0.1% increase.
• New orders for manufactured goods dipped by 6.3% to $296.3 billion in April, recording the sharpest decline since Jan. 2024.

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