U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Tuesday.
The Dow traded up 0.68% to 38,499.41 while the NASDAQ rose 1.69% to 15,711.94. The S&P 500 also rose, gaining, 1.24% to 5,072.91.
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Leading and Lagging Sectors
Communication services shares climbed by 2% on Tuesday.
In trading on Tuesday, materials shares fell by 0.5%.
Top Headline
General Motors Company GM reported better-than-expected earnings for its fiscal first quarter.
The company posted quarterly sales growth of 7.6% year-on-year to $43.01 billion, beating the analyst consensus estimate of $41.88 billion. Adjusted EPS of $2.62 beat the consensus estimate of $2.14.
General Motors projects adjusted EPS of $9.00 – $10.00 (prior $8.50 – $9.50) versus consensus of $9.08.
Equities Trading UP
- Hibbett, Inc. HIBB shares shot up 19% to $86.26 after the company agreed to be acquired by JD Sports Fashion for $87.50 per share in cash, in a $1.1 billion transaction.
- Shares of Oportun Financial Corporation OPRT got a boost, surging 36% to $3.0710 after the company announced preliminary first-quarter total revenue above estimates.
- Palisade Bio, Inc. PALI shares were also up, gaining 31% to $6.48 after the company entered into a collaboration with Strand Life Sciences.
Equities Trading DOWN
- JetBlue Airways Corporation JBLU shares dropped 17% to $6.24 after the company reported first-quarter financial results and issued weak FY24 revenue outlook.
- Shares of Abeona Therapeutics Inc. ABEO were down 54% to $3.3950 after the company announced the FDA issued a Complete Response Letter in response to the company’s Biologics License Application for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa.
- LKQ Corporation LKQ was down, falling 13% to $42.67 after the company reported a first-quarter earnings miss and cut its FY24 outlook.
Commodities
In commodity news, oil traded up 1.8% to $83.36 while gold traded down 0.2% at $2,342.00.
Silver traded up 0.5% to $27.38 on Tuesday, while copper fell 0.9% to $4.4350.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 1.09%, London’s FTSE 100 rose 0.26% while Spain’s IBEX 35 Index climbed 1.70% The German DAX gained 1.55% French CAC 40 rose 0.81% while Italy’s FTSE MIB Index jumped 1.89%.
The S&P Global UK PMI composite index climbed to 54.0 in April from 52.8 in the previous month. The HCOB Eurozone composite PMI surged to 51.4 in April from 50.3 a month ago.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 0.30%, Hong Kong’s Hang Seng Index gaining 1.92%, China’s Shanghai Composite falling 0.74% and India’s S&P BSE Sensex gaining 0.12%.
The annual inflation rate in Hong Kong fell to 2% in March from 2.1% in the prior month. The HSBC India Composite flash PMI climbed to 62.2 in April versus a final reading of 61.8 in the earlier month. The au Jibun Bank Japan Composite PMI rose to 52.6 in April compared to a final reading of 51.7 a month ago.
Economics
- Sales of new single-family houses jumped 8.8% month-over-month to an annualized rate of 693,000 in March, compared to a revised 5.1% decline in February.
- The S&P Global services PMI fell to 50.9 in April, recording the weakest level in five months and missing market estimates of 52.
- The S&P Global composite PMI fell to 50.9 in April versus 52.1 a month ago.