U.S. stocks experienced a downturn towards the end of trading, notably marked by the Nasdaq Composite dipping over 1% on Tuesday.
The Dow recorded a decline of 1.07% to 39,142.53, while the NASDAQ fell 1.14% to 16,209.12. The S&P 500 also experienced a drop, decreasing by 0.85% to 5,199.28.
Energy shares showed a positive trend, rising by 0.6% on Tuesday. On the flip side, health care shares faced a decrease of 2% during trading hours.
Significant Developments
The number of job openings saw a modest increase of 8,000 from the prior month, reaching 8.756 million in February, slightly below market estimates of 8.75 million.
Companies on the Move
VivoPower International PLC VVPR witnessed a staggering spike of 385%, soaring to $7.08 after the announcement of its Tembo subsidiary merging with the Nasdaq-listed Cactus Acquisition Corp. 1 Limited.
Shares of VirTra, Inc. VTSI surged by 33% to $12.72 following the company’s report of fourth-quarter results exceeding expectations.
MSP Recovery, Inc. LIFW observed a 30% increase to $0.87 after a 13G filing revealed Palantir Technologies’ 6.5% stake in the company as of March 22, 2024.
Challenges Faced
Acorda Therapeutics, Inc. ACOR encountered a substantial decline of 76% to $3.2501 due to voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.
Shares of Gritstone bio, Inc. GRTS dropped by 50% to $1.1850 following the company’s announcement of a $32.5 million underwritten public offering.
Verve Therapeutics, Inc. VERV fell by 36% to $8.15 as the company paused enrollment in its clinical trial due to adverse events.
Market Trends in Commodities and Global Markets
Commodity movements showcased oil trading up at 1.7% to $85.13, with gold also rising by 1.6% to $2,292.70. Silver experienced a 3.3% increase to $25.91, while copper rose by 0.5% to $4.0680 on Tuesday.
Global Market Insights
European shares closed on a lower note, with various indices such as the FTSE 100, IBEX 35, and DAX facing declines. In the Asia Pacific region, markets closed with mixed outcomes, showing shifts in indices like the Nikkei 225 and Hang Seng Index.
Economic indicators painted a mixed picture, with factory orders and job openings experiencing fluctuations in February.
