Market Mixed, Nasdaq Composite Declines
U.S. stocks have hit a snag mid-trading, as the Nasdaq Composite takes a nosedive by over 50 points on Tuesday.
The Dow, however, is defying gravity, up 0.19% to 38,454.57, while the NASDAQ plummets 0.41% to 15,534.23. The S&P 500 is also on the decline, dropping 0.08% to 4,938.63.
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Market Movers: Leading and Lagging Sectors
The seesaw battle persists as materials shares surge by 1.6% on Tuesday, while information technology shares fall by 1%.
Top Performers and Dismal Drops
Centene Corporation CNC reports robust fourth-quarter financial results, with sales totaling $39.5 billion, up 11% Y/Y, smashing the consensus estimate of $36.14 billion. The company also swings to a net profit of $45 million in the fourth quarter, rebounding from a loss of $(213) million a year ago. Furthermore, Centene exceeds expectations with an adjusted EPS of 45 cents, towering over the consensus of 43 cents.
Peraso Inc. PRSO takes a tumble, falling 44% to $1.7050 after announcing a $4 million public offering. Sunworks, Inc. SUNW sees a jaw-dropping 61% decline to $0.0810 after filing for Chapter 7 bankruptcy. Meanwhile, BioRestorative Therapies, Inc. BRTX also struggles, down 60% to $1.3850 after issuing new warrants in a private placement.
Commodities in the Spotlight
Crude oil takes center stage, rising 1.2% to $73.62, while gold trades up 0.6% at $2,054.50. In addition, silver is up 0.5% to $22.525, and copper rises 0.3% to $3.7835.
Global Markets Overview
European shares gain traction as the eurozone’s STOXX 600 rises 0.63%, London’s FTSE 100 is up 0.90%, and Spain’s IBEX 35 Index increases by 0.62%. Meanwhile, the German DAX falls 0.76%, the French CAC 40 climbs 0.65%, and Italy’s FTSE MIB Index rises 0.53%.
Asian markets mostly bask in the green, with Japan’s Nikkei 225 facing a 0.53% setback, Hong Kong’s Hang Seng Index surging 4.04%, China’s Shanghai Composite Index gaining 3.23%, and India’s S&P BSE Sensex rising 0.63%.
Economic Front: Still Waters
There are no major economic releases for Tuesday as the volatility in the market takes the spotlight.
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