U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 50 points on Tuesday.
The Dow traded up 0.63% to 39,034.59 while the NASDAQ rose 0.35% to 16,160.20. The S&P 500 also rose, gaining, 0.41% to 5,170.36.
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Leading and Lagging Sectors
Energy shares rose by 1% on Tuesday.
In trading on Tuesday, communication services shares fell by 0.2%.
Top Headline
Caleres Inc CAL reported upbeat fourth-quarter results.
Caleres reported fourth-quarter FY23 sales growth of 0.1% year-on-year to $697.12 million, beating the analyst consensus estimate of $694.33 million. Adjusted EPS of 86 cents beat the analyst consensus of 85 cents.
Caleres expects first-quarter FY24 net sales to be flat to +1%. EPS to be in line with the fourth quarter of 2023 on an adjusted basis.
Equities Trading UP
Ontrak, Inc. OTRK shares shot up 93% to $0.3675 ahead of the company’s presentation at the 36th Annual Roth Conference.
Shares of Fusion Pharmaceuticals Inc. FUSN got a boost, surging 98% to $21.05 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 30% to $15.90 after the company announced a collaboration with NVIDIA to advance AI-driven weather prediction.
Equities Trading DOWN
Greenwave Technology Solutions, Inc. GWAV shares dropped 56% to $0.1626. The company announced it has restructured its senior secured debt.
Shares of Seelos Therapeutics, Inc. SEEL were down 30% to $0.6449 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 28% to $3.31 following weak quarterly results.
Commodities
In commodity news, oil traded up 1.3% to $83.75 while gold traded down 0.2% at $2,159.90.
Silver traded down 0.5% to $25.135 on Tuesday, while copper fell 1.4% to $4.0720.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.26%, London’s FTSE 100 rose 0.20% while Spain’s IBEX 35 Index rose 0.99% The German DAX rose 0.31% French CAC 40 gained 0.65% while Italy’s FTSE MIB Index rose 0.95%.
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.
