U.S. stocks traded mixed midway through trading, with the Dow Jones gaining more than 200 points on Tuesday.
The Dow traded up 0.54% to 39,001.22 while the NASDAQ fell 0.34% to 16,048.51. The S&P 500 also rose, gaining, 0.02% to 5,150.45.
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Leading and Lagging Sectors
Energy shares rose by 0.7% on Tuesday.
In trading on Tuesday, communication services shares fell by 1%.
Top Headline
Shares of Core & Main, Inc. CNM gained around 7% on Tuesday after the company reported fourth-quarter results.
Core & Main posted quarterly earnings of 34 cents per share, missing analysts’ estimates of 35 cents per share. The company’s quarterly sales came in at $1.44 billion, versus expectations of $1.43 billion.
Core & Main said it expects 2024 net sales of $7.4 billion to $7.6 billion and adjusted EBITDA of $925 million to $975 million.
Equities Trading UP
Ontrak, Inc. OTRK shares shot up 132% to $0.44 ahead of the company's presentation at the 36th Annual Roth Conference.
Shares of Fusion Pharmaceuticals Inc. FUSN got a boost, surging 97% to $21.00 after the company announced agreed to be acquired by AstraZeneca. Also, Leerink Partners downgraded the stock from Outperform to Market Perform but raised its price target from $17 to $21.
Spire Global, Inc. SPIR shares were also up, gaining 28% to $15.70 after the company announced a collaboration with NVIDIA to advance AI-driven weather prediction.
Equities Trading DOWN
Greenwave Technology Solutions, Inc. GWAV shares dropped 57% to $0.1602. The company announced it has restructured its senior secured debt.
Shares of Seelos Therapeutics, Inc. SEEL were down 41% to $0.5394 after the company announced that its ALS study with SLS-005 did not meet statistical significance in the primary and secondary endpoint in the Full Analysis Set.
Comtech Telecommunications Corp. CMTL was down, falling 27% to $3.3450 following weak quarterly results.
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Commodities
In commodity news, oil traded up 0.4% to $83.03 while gold traded down 0.5% at $2,153.70.
Silver traded down 1.1% to $24.99 on Tuesday, while copper fell 1.5% to $4.07.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.01%, London’s FTSE 100 rose 0.02% while Spain’s IBEX 35 Index rose 0.58% The German DAX rose 0.13% French CAC 40 gained 0.52% while Italy’s FTSE MIB Index rose 0.59%.
The ZEW Indicator of Economic Sentiment for the Eurozone rose by 8.5 points to a reading of 33.5 in March, while wages in the Eurozone increased 3.1% year-over-year in the fourth quarter. Hourly labor costs rose by 3.4% year-over-year for the quarter.
The ZEW Indicator of Economic Sentiment for Germany climbed to a reading of +31.7 in March, surging to its strongest level since Feb. 2022.
Asia Pacific Markets
Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 gaining 0.66%, Hong Kong’s Hang Seng Index falling 1.24%, China’s Shanghai Composite Index dipping 0.72% and India’s S&P BSE Sensex falling 0.87%.
Industrial production in Japan fell by 6.7% month-over-month in January compared to the preliminary figure of a 7.5% decline. The Bank of Japan increased its key short-term interest rate to around 0% to 0.1%.
Economics
Housing starts in the U.S. surged 10.7% month-over-month to an annualized rate of 1.521 million in February following a 12.3% decline in January.
U.S. building permits rose by 1.9% to an annual rate of 1.518 million in February, versus market estimates of 1.495 million.
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