US Stocks Open Higher; Nasdaq Jumps Over 100 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.90% to 32,535.25 while the NASDAQ rose 1.05% to 11,798.59. The S&P 500, also rose, gaining, 1.04% to 3,992.47.

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Leading and Lagging Sectors

• Energy shares rose by 3.1% on Tuesday. Meanwhile, top gainers in the sector included Select Energy Services, Inc. WTTR, up 16%, and Diamond Offshore Drilling, Inc. DO, up 12%.
• In trading on Tuesday, utilities shares fell 1%.

Top Headline

Tencent Music Entertainment Group TME posted upbeat sales for its fourth quarter.

Tencent Music reported a fourth-quarter revenue decline of 2.4% year-over-year to $1.08 billion (RMB 7.43 billion), beating the consensus of $1.07 billion. Adjusted EPADS of $0.13 is in line with the consensus.

Equities Trading UP

• First Republic Bank FRC shares shot up 37% to $16.67 following reports suggesting JP Morgan CEO Jamie Dimon is leading discussions to come up with a new rescue plan for the bank. Also, Treasury Secretary Yellen said the government is prepared to take more action to aid banks, which could be positively impacting the stock.
• Shares of On Holding AG ONON got a boost, shooting 28% to $27.66 after the company reported fourth-quarter FY22 sales growth of 91.9% year-on-year to CHF 366.8 million.
• Oportun Financial Corporation OPRT shares were also up, gaining 18% to $3.99.

Equities Trading DOWN

• Altimmune, Inc. ALT shares tumbled 52% to $5.20 after the company announced results from the week 24 interim analysis of pemvidutide MOMENTUM Phase 2 obesity trial and 12-week Phase 1b type 2 diabetes safety trial.
• Shares of Check-Cap Ltd. CHEK were down 47% to $1.60. Check-Cap said it 'plans to continue conducting its calibration studies, albeit at a slower pace, to collect additional clinical data and the company is also implementing a cost reduction plan, in order to extend its cash runway.'
• First Majestic Silver Corp. AG was down, falling 22% to $5.82 after the company temporarily suspended mining activities and reduced its workforce at Jerritt Canyon, which represented 21% of the company's 2022 revenue.

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Commodities

In commodity news, oil traded up 1.9% to $68.94 while gold traded down 0.8% at $ 1,966.10.

Silver traded down 0.1% to $22.635 on Tuesday while copper rose 1.7% to $4.0170.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.6%, London’s FTSE 100 rose 1.7% while Spain’s IBEX 35 Index rose 2.7%. The German DAX gained 1.8%, French CAC 40 climbed 1.8% and Italy’s FTSE MIB Index rose 2.6%.

Construction output in the Eurozone rose 0.9% from a year ago in January. The ZEW Indicator of Economic Sentiment for the Eurozone fell by 19.7 points to 10 in March versus a one-year high level of 29.7 in the previous month, while ZEW Indicator of Economic Sentiment for Germany declined by 15.1 points to 13 in March. Passenger car registrations in the European Union rose 11.5% year-over-year to 802,763 units in February.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Hong Kong’s Hang Seng Index gaining 1.36% and China’s Shanghai Composite Index gaining 0.64%. India’s S&P BSE Sensex rose 0.77%.

Hong Kong’s current account surplus shrank to HKD 63.8 billion in the fourth quarter from HKD 91.9 billion in the year-ago period.

Economics

Existing home sales in the US surged 14.5% to an annual rate of 4.58 million in February, compared to market estimates of a 5% growth.

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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 105,979,970 cases with around 1,151,770 deaths. India confirmed a total of at least 44,696,980 cases and 530,800 deaths, while France reported over 39,704,740 COVID-19 cases with 165,370 deaths. In total, there were at least 682,658,200 cases of COVID-19 worldwide with more than 6,820,840 deaths.