The markets rebounded to open sharply higher with the Dow soaring 102 points to 21,390 as consumer spending edged up in May. Nasdaq rose 5 points to 6,150.

On the upside

Nike (NYSE: NKE) reported better than expected fourth quarter earnings and revenue.

Highbridge Capital Management increased its stake in Avis Budget Group (Nasdaq: CAR) to 36,038 shares.

Engaged Capital acquired a 9.9% stake in Hain Celestial (Nasdaq: HAIN) and has urged the organic and natural products company to sell itself.

On the downside

Shares of Rite Aid (NYSE: RAD) extended its losses.

Oppenheimer Asset Management acquired 79,023 shares of MGM Resorts International (NYSE: MGM).

Deutsche Bank downgraded Vipshop Holdings (NYSE: VIPS) from a Buy rating to a Hold rating.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE while decliners edged out advancers by more than 6 to 5 on Nasdaq. The broader S&P 500 rose 7 points to 2,426. Bitcoin dropped $38 to $2486.