The markets opened sharply higher with the Dow soaring 156 points to 18,528 as producer prices rose 0.5% in June. Nasdaq gained 37 points to 5,043.
On the upside
Infineon Technologies will pay approximately $850 million to buy Cree's (Nasdaq: CREE) Wolfspeed Power unit.
Bargain hunters lift shares of SemiLEDs (Nasdaq: LEDS).
Shares of Skypeople Fruit Juice (Nasdaq: SPU) surged on no news.
On the downside
Robert W. Baird downgraded Brocade Communications Systems (Nasdaq: BRCD) to an Underperform rating and cut its price target to $8.
Investors continued to lock in profits on Sage Therapeutics (Nasdaq: SAGE).
Shares of Rennova Health (Nasdaq: RNVA) extended its losses.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 climbed 14 points to 2,167. Bitcoin eased $1 to $653.
