Encouraging signs emerged as the Nasdaq Composite surged over 50 points in a late trading session on Tuesday, propelling U.S. stocks higher.
The Dow soared 0.63% to 39,034.59, the NASDAQ climbed 0.35% to 16,160.20, and the S&P 500 experienced a 0.41% upswing to 5,170.36.
Curious about potential developments? Dive into Nvidia’s projections forecasting a potential 10% rally, encapsulated in 10 esteemed analyst forecasts for Tuesday.
Market Movements: Leaders and Laggards
The energy sector enjoyed a 1% boost on Tuesday, while communication services saw a decline of 0.2% in share values.
Top Performer: Caleres Inc.
Caleres Inc. (NYSE: CAL) delighted investors with its fourth-quarter financial report, showcasing a 0.1% year-on-year sales growth, reaching $697.12 million – surpassing analysts’ expectations of $694.33 million. Surpassing projections, the company reported an adjusted EPS of 86 cents, exceeding the expected 85 cents. Anticipating steady growth, Caleres foresees a flat to 1% increase in net sales for the first quarter of FY24, aligning EPS with the achievements of Q4 2023 on an adjusted basis.
Stocks on the Rise
Shares of Ontrak, Inc. (NASDAQ: OTRK) surged by 93% to $0.3675 before the company’s presentation at the 36th Annual Roth Conference. Meanwhile, Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) experienced a 98% surge to $21.05 after confirming its acquisition by AstraZeneca. Despite a downgrade from Outperform to Market Perform by Leerink Partners, the stock’s price target was raised from $17 to $21. Spire Global, Inc. (NYSE: SPIR) shares soared by 30% to $15.90 after affirming a collaboration with NVIDIA to drive forward AI-driven weather prediction.
Stocks on the Decline
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) faced a 56% decrease, falling to $0.1626 after announcing the restructuring of its senior secured debt. Seelos Therapeutics, Inc. (NASDAQ: SEEL) plummeted by 30% to $0.6449 due to the revelation of unsuccessful statistical significance in the primary and secondary endpoint of its ALS study with SLS-005. Additionally, Comtech Telecommunications Corp. (NASDAQ: CMTL) saw a 28% decline to $3.31 following underwhelming quarterly results.
Commodity Market Insights
Oil prices surged by 1.3% to $83.75, while gold experienced a 0.2% decline to $2,159.90. The silver market dipped by 0.5% to $25.135, and copper plunged by 1.4% to $4.0720 on Tuesday.
European Market Update
In European markets, positive momentum was observed, with the eurozone’s STOXX 600 ascending by 0.26%. London’s FTSE 100 soared by 0.20%, Spain’s IBEX 35 Index rose by 0.99%, the German DAX spiked by 0.31%, the French CAC 40 gained 0.65%, and Italy’s FTSE MIB Index escalated by 0.95%. Economic indicators pointed to an upswing, with the ZEW Indicator of Economic Sentiment for the Eurozone elevating by 8.5 points to a reading of 33.5 in March. Moreover, wages in the Eurozone exhibited a 3.1% increase year-over-year in the fourth quarter, accompanied by a 3.4% rise in hourly labor costs for the same period.
Germany witnessed a substantial boost, with the ZEW Indicator of Economic Sentiment leaping to a reading of +31.7 in March, marking its highest level since February 2022.
Asia Pacific Market Recap
Asian markets displayed mixed results on Tuesday, with Japan’s Nikkei 225 advancing by 0.66%, Hong Kong’s Hang Seng Index declining by 1.24%, China’s Shanghai Composite Index dipping by 0.72%, and India’s S&P BSE Sensex falling by 0.87%. An industrial production decline of 6.7% month-over-month in Japan during January marked a shift from the initial estimate of a 7.5% drop. Meanwhile, the Bank of Japan set its key short-term interest rate around 0% to 0.1%.
Economic Highlights
The U.S. experienced a substantial surge in housing starts, increasing by 10.7% month-over-month to an annualized rate of 1.521 million in February following a 12.3% decline in January. Building permits also exhibited growth, rising by 1.9% to an annual rate of 1.518 million in February, surpassing market expectations of 1.495 million.
Delve into insights on companies like Core & Main and Caleres, along with a selection of top stocks to monitor as the week unfolds.
