Benzinga | Mar 9, 2021 10:18AM EST

Mid-Morning Market Update: Markets Open Higher; Dicks Sporting Goods Profit Beats Views

Following the market opening Tuesday, the Dow traded up 0.59% to 31,988.91 while the NASDAQ rose 3.36% to 13,032.27. The S&P also rose, gaining 1.64% to 3,884.02.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 20,045,440 cases with around 525,810 deaths. India confirmed a total of at least 11,244,780 confirmed cases and 157,930 deaths, while Brazil reported over 11,051,660 COVID-19 cases with 266,397 deaths. In total, there were at least 117,206,910 cases of COVID-19 worldwide with over 2,601,400 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose 3.3% on Tuesday. Meanwhile, top gainers in the sector included Canaan Inc. (NASDAQ:CAN), up 31%, and Riot Blockchain, Inc. (NASDAQ:RIOT), up 26%.

In trading on Tuesday, energy shares fell 1.6%.

Top Headline

Dicks Sporting Goods Inc (NYSE:DKS) reported better-than-expected results for its fourth quarter, but issued weak earnings forecast for FY21.

Dick's Sporting posted quarterly adjusted earnings of $2.43 per share, exceeding analysts' estimates of $2.28 per share. The company's sales came in at $3.13 billion, versus expectations of $3.07 billion.

DICK'S Sporting said it sees FY21 adjusted EPS of $4.40-$5.20 versus expectations of $5.96. The company expects sales of $9.544 billion-$9.935 billion, versus market estimates of $9.53 billion.



Equities Trading UP

INVO Bioscience, Inc. (NASDAQ:INVO) shares shot up 200% to $9.32 after the company announced an amendment under its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.

Shares of AnPac Bio-Medical Science Co., Ltd. (NASDAQ:ANPC) got a boost, shooting 63% to $9.42 as the company said it has developed and completed evaluations for its CDA Pro Cancer Detection Sensor.

Auris Medical Holding Ltd. (NASDAQ:EARS) shares were also up, gaining 52% to $5.22 after gaining over 8% on Monday.

Check out these big movers of the day

Equities Trading DOWN

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares tumbled 48% to $23.67. As part of its ongoing review of ACADIA Pharmaceuticals supplemental new drug application for pimavanserin, the FDA said in a March 3 letter it has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time. Various analysts also downgraded the stock.

Shares of Graybug Vision, Inc. (NASDAQ:GRAY) were down 38% to $9.17 after the company reported preliminary topline results from Phase 2b ALTISSIMO trial.

Stitch Fix, Inc. (NASDAQ:SFIX) was down, falling 27% to $50.24 after the company reported weaker-than-expected sales for its second quarter. The company also said its Q2 net revenue per active client declined 7% year-over-year. Deutsche Bank downgraded the stock from Buy to Hold.



Commodities

In commodity news, oil traded up 1% to $65.70, while gold traded up 1.3% to $1,700.30.

Silver traded up 1.8% Tuesday to $25.73 while copper fell 1.7% to $4.0250.

Euro zone

European shares were higher today. The eurozone's STOXX 600 climbed 0.5%, the Spanish Ibex Index rose 0.4% and the German DAX 30 gained 0.4%. Meanwhile, the French CAC 40 rose 0.2%, London's FTSE 100 rose 0.5% and Italy's FTSE MIB gained 0.5%.

The Eurozone economy contracted by 0.7% in the fourth quarter following a record 12.4% growth in the earlier three-month period. The German current account surplus widened slightly to (euro)16.9 billion in January from (euro)16.6 billion a year ago, while trade surplus rose to (euro)14.3 billion from (euro)13.7 billion.

French payroll employment in the private sector fell 0.1% to 19.4 million during the fourth quarter. Italy's industrial production increased 1% in January following a revised 0.2% rise in December.

Economics

The NFIB small business optimism index rose to 95.8 in February from 95.0 in January.

The Johnson Redbook Retail Sales Index rose 8% year-over-year during the first week of March.

The Treasury is set to auction 3-year notes at 1:00 p.m.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:05 p.m. ET.

Check out the full economic calendar here