Following the market opening Tuesday, the Dow traded up 0.04% to 31,549.29 while the NASDAQ fell 0.52% to 13,518.42. The S&P also fell, dropping 0.20% to 3,894.08.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,664,600 cases with around 514,660 deaths. India confirmed a total of at least 11,124,520 confirmed cases and 157,240 deaths, while Brazil reported over 10,587,000 COVID-19 cases with 255,720 deaths. In total, there were at least 114,499,550 cases of COVID-19 worldwide with over 2,540,340 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Materials shares rose 0.8% on Tuesday. Meanwhile, top gainers in the sector included The Amyris, Inc. AMRS, up 22%, and Valhi, Inc. VHI, up 7%.
In trading on Tuesday, information technology shares fell 0.8%.
Top Headline
Target Corporation TGT reported better-than-expected earnings for its fourth quarter.
Target posted quarterly adjusted earnings of $2.67 per share, beating analysts’ estimates of $2.54 per share. The company reported sales of $28.34 billion, versus expectations of $27.48 billion.
Target’s comparable sales climbed 20.5%, while digital comparable sales jumped 118% last quarter.
Equities Trading UP
NanoViricides, Inc. NNVC shares shot up 75% to $7.38. NanoViricides reported on the strong pan-coronavirus effectiveness of its two COVID-19 clinical drug candidates for which the company is preparing a pre-IND application.
Shares of Communications Systems, Inc. JCS got a boost, shooting 60% to $8.56 after the company reported an agreement to merge with Pineapple Energy, LLC.
CHF Solutions, Inc. CHFS shares were also up, gaining 26% to $9.61 after the company reported better-than-expected Q4 results.
Check out these big movers of the day
Equities Trading DOWN
FibroGen, Inc. FGEN shares tumbled 32% to $34.39. FibroGen and AstraZeneca announced FDA's Cardiovascular and Renal Drugs Advisory Committee will hold an advisory committee meeting to review the new drug application for roxadustat in the U.S. The companies have not received a confirmed AdCom meeting date from the FDA. The company also reported a wider-than-expected net loss for the fourth quarter.
Shares of Inseego Corp. INSG were down 20% to $12.07 after the company reported Q4 earnings results. Stifel and Canaccord Genuity downgraded the stock to Hold.
Morphic Holding, Inc. MORF was down, falling 14% to $73.25 after the company announced a $200 million common stock offering. The company yesterday reported positive Phase 1 data for its MORF-057, which is being evaluated for inflammatory bowel disease.
Commodities
In commodity news, oil traded down 0.1% to $60.64, while gold traded up 0.4% to $1,729.00.
Silver traded down 1.2% Tuesday to $26.35 while copper rose 1% to $4.1540.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.5%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.3%. Meanwhile, the French CAC 40 rose 0.4%, London’s FTSE 100 rose 0.6% and Italy’s FTSE MIB climbed 0.1%.
UK’s annual house price growth increased to 6.9% in February from 6.4% in January. Retail sales in Germany fell 4.5% in January, while unemployment rate came in unchanged at 4.6% for January.
Economics
Federal Reserve Governor Lael Brainard is set to speak at 1:00 p.m.
Federal Reserve Bank of San Francisco President Mary Daly will speak at 2:00 p.m. ET.
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