US Stocks Mixed Ahead Of Powell Testimony; Dick's Sporting Goods Posts Upbeat Earnings

U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining around 20 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.03% to 33,420.92 while the NASDAQ rose 0.18% to 11,697.05. The S&P 500 also fell, dropping, 0.04% to 4,046.93.

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Leading and Lagging Sectors

• Communication services shares rose 0.4% on Tuesday. Meanwhile, top gainers in the sector included Sea Limited SE, up 18%, and Vivid Seats Inc. SEAT, up 15%.
• In trading on Tuesday, energy shares fell by 0.8%.

Top Headline

Dick's Sporting Goods DKS reported better-than-expected Q4 results and issued strong FY23 guidance.

DICK'S Sporting reported sales growth of 7.3% year-on-year to $3.597 billion, beating the consensus of $3.45 billion. Adjusted EPS of $2.93 beat the analyst consensus of $2.88.

Equities Trading UP

• WW International, Inc. WW shares shot up 33% to $5.14 despite worse-than-expected Q4 revenue and Q1 guidance below estimates. The company also announced it will acquire Weekend Health, Inc. for a net purchase price of $106 million.
• Shares of Genelux Corporation GNLX got a boost, shooting 24% to $36.67.
• Sea Limited SE shares were also up, gaining 16% to $76.09 after the company reported better-than-expected Q4 revenues.

Equities Trading DOWN

• Cara Therapeutics, Inc. CARA shares tumbled 29% to $7.15 after the company reported worse-than-expected Q4 results.
• Shares of Intrusion Inc. INTZ were down 26% to $1.66 after the company reported worse-than-expected Q4 results.
• Aris Water Solutions, Inc. ARIS was down, falling 22% to $10.38 after the company posted downbeat quarterly results.

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Commodities

In commodity news, oil traded down 0.7% to $79.88 while gold traded down 1.1% at $1,834.90.

Silver traded down 2.4% to $20.635 on Tuesday while copper fell 2% to $4.0080.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.3%. The German DAX dropped 0.2% French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.1%.

Industrial production in Spain dropped 0.4% year-over-year in January versus a revised 0.7% growth in the prior month. Factory orders in Germany rose 1% month-over-month in January, while the Halifax house price index climbed by 2.1% from a year ago in February.

Asia Pacific Markets

Asian markets closed mostly mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.25%, Hong Kong’s Hang Seng Index dropping 0.33% and China’s Shanghai Composite Index falling 1.11%.

Foreign exchange reserves in Hong Kong fell to $429.1 billion in February versus a six-month high of $436.5 in the prior month. Chinese foreign exchange reserves fell to $3.133 trillion at the end of February. Foreign exchange reserves in Japan fell to $1.23 trillion in February from $1.25 trillion in the previous month.

Chinese trade surplus widened to a record high of $116.88 billion in January-February combined, compared to $109.54 billion in the year-ago period. The Reserve Bank of Australia increased the cash rate by 25bps to 3.6% at its recent meeting.

Economics

The Manheim Used Vehicle Value Index rose 4.3% month-over-month in February.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 105,409,310 cases with around 1,146,830 deaths. India confirmed a total of at least 44,688,360 cases and 530,770 deaths, while France reported over 39,639,110 COVID-19 cases with 165,070 deaths. In total, there were at least 680,764,400 cases of COVID-19 worldwide with more than 6,805,880 deaths.