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Tech Stocks Lead Market Higher as United Natural Foods Beats Earnings Expectations

MarketDash Editorial Team
6 days ago
U.S. markets traded higher Tuesday with tech stocks driving the Nasdaq up 200 points. United Natural Foods surprised with better-than-expected earnings, while individual stocks saw dramatic swings on corporate news and data updates.

U.S. markets kicked off Tuesday with solid gains, particularly in the tech sector where investors seemed happy to pile back in. The Nasdaq Composite climbed around 200 points, while the broader market showed more modest enthusiasm.

The Dow Jones Industrial Average edged up just 0.05% to 47,310.70, barely moving. Meanwhile, the Nasdaq jumped 0.86% to reach 23,476.42, and the S&P 500 split the difference with a 0.42% gain to 6,841.03.

Sector Performance: Tech Wins, Energy Loses

Information technology shares were the day's clear winner, jumping 1.3% as traders rotated back into growth stocks. On the flip side, energy stocks took a hit, falling 1% as oil prices weakened.

United Natural Foods Delivers a Pleasant Surprise

United Natural Foods Inc. (UNFI) gave investors something to cheer about with its first-quarter results. The natural and organic foods distributor reported adjusted earnings of 56 cents per share, handily beating the analyst consensus of 41 cents. That's a solid 37% earnings beat.

The revenue picture was slightly less rosy—the company brought in $7.840 billion for the quarter, which came in below the $7.911 billion analysts were expecting. Still, when you beat earnings expectations by that much, most investors are willing to overlook a modest revenue miss.

Big Movers: The Winners

Some stocks had the kind of day traders dream about. Polyrizon Ltd (PLRZ) absolutely rocketed higher, surging 110% to $6.63 after announcing it completed a manufacturing upscaling milestone for its proprietary nasal-spray product platform. That's the kind of news that gets biotech investors excited.

Eventbrite Inc (EB) had an even better reason to celebrate, jumping 78% to $4.44. The event management platform announced it's being acquired by Bending Spoons for approximately $500 million, giving shareholders a nice payday.

Fitell Corp (FTEL) also had a strong showing, climbing 54% to $1.85 following the announcement of an interim dividend and shareholder loyalty program.

The Losers

Not everyone had a good day. Janux Therapeutics Inc (JANX) took a brutal hit, plummeting 49% to $17.39 after releasing updated interim data for its JANX007 program. Whatever the data showed, investors clearly didn't like it.

American Bitcoin Corp (ABTC) fell 48% to $1.85, while Fly-E Group Inc (FLYE) dropped 29% to $11.21.

Commodities and Global Markets

In commodity markets, it was a down day across the board. Oil traded 0.7% lower at $58.88 per barrel, while gold declined 0.4% to $4,259.10. Silver also fell 0.4% to $58.910, though copper managed a slight 0.1% gain to $5.3060.

European markets showed modest gains, with the eurozone's STOXX 600 rising 0.2%. Spain's IBEX 35 led regional gains with a 0.7% increase, while Germany's DAX 40 added 0.5%.

Asian markets closed mixed overnight. Japan's Nikkei barely budged, gaining just 0.001%, while Hong Kong's Hang Seng rose 0.24%. China's Shanghai Composite fell 0.42% and India's BSE Sensex declined 0.59%.

Economic Calendar

No major economic reports were scheduled for release Tuesday, leaving traders to focus on corporate earnings and company-specific news.

Back to News

Tech Stocks Lead Market Higher as United Natural Foods Beats Earnings Expectations

MarketDash Editorial Team
6 days ago
U.S. markets traded higher Tuesday with tech stocks driving the Nasdaq up 200 points. United Natural Foods surprised with better-than-expected earnings, while individual stocks saw dramatic swings on corporate news and data updates.

U.S. markets kicked off Tuesday with solid gains, particularly in the tech sector where investors seemed happy to pile back in. The Nasdaq Composite climbed around 200 points, while the broader market showed more modest enthusiasm.

The Dow Jones Industrial Average edged up just 0.05% to 47,310.70, barely moving. Meanwhile, the Nasdaq jumped 0.86% to reach 23,476.42, and the S&P 500 split the difference with a 0.42% gain to 6,841.03.

Sector Performance: Tech Wins, Energy Loses

Information technology shares were the day's clear winner, jumping 1.3% as traders rotated back into growth stocks. On the flip side, energy stocks took a hit, falling 1% as oil prices weakened.

United Natural Foods Delivers a Pleasant Surprise

United Natural Foods Inc. (UNFI) gave investors something to cheer about with its first-quarter results. The natural and organic foods distributor reported adjusted earnings of 56 cents per share, handily beating the analyst consensus of 41 cents. That's a solid 37% earnings beat.

The revenue picture was slightly less rosy—the company brought in $7.840 billion for the quarter, which came in below the $7.911 billion analysts were expecting. Still, when you beat earnings expectations by that much, most investors are willing to overlook a modest revenue miss.

Big Movers: The Winners

Some stocks had the kind of day traders dream about. Polyrizon Ltd (PLRZ) absolutely rocketed higher, surging 110% to $6.63 after announcing it completed a manufacturing upscaling milestone for its proprietary nasal-spray product platform. That's the kind of news that gets biotech investors excited.

Eventbrite Inc (EB) had an even better reason to celebrate, jumping 78% to $4.44. The event management platform announced it's being acquired by Bending Spoons for approximately $500 million, giving shareholders a nice payday.

Fitell Corp (FTEL) also had a strong showing, climbing 54% to $1.85 following the announcement of an interim dividend and shareholder loyalty program.

The Losers

Not everyone had a good day. Janux Therapeutics Inc (JANX) took a brutal hit, plummeting 49% to $17.39 after releasing updated interim data for its JANX007 program. Whatever the data showed, investors clearly didn't like it.

American Bitcoin Corp (ABTC) fell 48% to $1.85, while Fly-E Group Inc (FLYE) dropped 29% to $11.21.

Commodities and Global Markets

In commodity markets, it was a down day across the board. Oil traded 0.7% lower at $58.88 per barrel, while gold declined 0.4% to $4,259.10. Silver also fell 0.4% to $58.910, though copper managed a slight 0.1% gain to $5.3060.

European markets showed modest gains, with the eurozone's STOXX 600 rising 0.2%. Spain's IBEX 35 led regional gains with a 0.7% increase, while Germany's DAX 40 added 0.5%.

Asian markets closed mixed overnight. Japan's Nikkei barely budged, gaining just 0.001%, while Hong Kong's Hang Seng rose 0.24%. China's Shanghai Composite fell 0.42% and India's BSE Sensex declined 0.59%.

Economic Calendar

No major economic reports were scheduled for release Tuesday, leaving traders to focus on corporate earnings and company-specific news.