Nasdaq Moves Lower; Great Lakes Dredge & Dock Shares Surge Following Upbeat Earnings

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 0.2% on Tuesday.

The Dow traded up 0.01% to 38,857.00 while the NASDAQ fell 0.20% to 16,316.79. The S&P 500 also rose, gaining, 0.03% to 5,182.40.

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Leading and Lagging Sectors

Materials shares rose by 1% on Tuesday.

In trading on Tuesday, consumer discretionary shares fell by 0.8%.

Top Headline

Shares of Great Lakes Dredge & Dock Corporation GLDD jumped around 24% on Tuesday following better-than-expected first-quarter financial results.

Great Lakes Dredge & Dock posted quarterly earnings of 31 cents per share, beating market estimates of 7 cents per share. The company's  sales came in at $198.66 million versus expectations of $173.50 million.

Equities Trading UP
                       

• Nuwellis, Inc. NUWE shares shot up 44% to $0.2457 after the company posted a narrower-than-expected quarterly loss.
• Shares of Bioventus Inc. BVS got a boost, surging 27% to $5.09 after the company reported better-than-expected first-quarter financial results and raised its FY24 guidance above estimates.
• Golden Sun Health Technology Group Limited GSUN shares were also up, gaining 74% to $5.03. Golden Sun Health Technology Group regained compliance with Nasdaq continued listing requirement.

Equities Trading DOWN

• AgriFORCE Growing Systems Ltd. AGRI shares dropped 28% to $0.1038 after the company announced an offering of 432.5 million shares by selling stockholders.
• Shares of JELD-WEN Holding, Inc. JELD were down 23% to $14.58 as the company posted downbeat quarterly sales and lowered 2024 revenue guidance.
• Neuronetics, Inc. STIM was down, falling 30% to $2.6099 following quarterly results.

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Commodities

In commodity news, oil traded up 0.1% to $78.53 while gold traded down 0.4% at $2,322.10.

Silver traded down 0.5% to $27.485 on Tuesday, while copper fell 0.5% to $4.5940.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.14%, Germany's DAX rose 1.40% and France's CAC 40 gained 0.99%. Spain's IBEX 35 Index rose 1.50%, while London's FTSE 100 rose 1.22%.

Retail sales in the Eurozone gained by 0.8% month-over-month in March compared to a revised 0.3% fall in the prior month, while construction PMI fell to 41.9 in April from 42.4 in the eralier month.

The S&P Global UK construction PMI climbed to 53.0 in April from 50.2 in the prior month, while German construction PMI declined to 37.5 in April from 38.3 a month ago. The S&P Global France Construction PMI rose to 41.5 in April  from 41 in the earlier month, while France's trade deficit shrank to €5.5 billion in March versus a revised €5.6 billion in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 1.57%, China's Composite Index gaining 0.22%, Hong Kong's Hang Seng Index falling 0.53% and India's S&P BSE Sensex falling 0.52%.

China’s foreign exchange reserves declined by $44.83 billion to $3.201 trillion in April. The au Jibun Bank Japan services PMI fell to 54.3 versus a preliminary reading of 54.6 in April.

Economics

The Manheim Used Vehicle Value Index fell 2.3% month-over-month in April.

The Logistics Manager's Index fell to 52.9 in April from 58.3 in March.

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