Dow Gains 100 Points; McCormick Posts Upbeat Results
U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 100 points on Tuesday.
The Dow traded up 0.25% to 39,413.30 while the NASDAQ rose 0.27% to 16,448.55. The S&P 500 also rose, gaining, 0.27% to 5,232.36.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 0.8% on Monday.
In trading on Monday, energy shares fell by 0.6%.
Top Headline
McCormick & Co Inc (NYSE:MKC) reported better-than-expected first-quarter financial results.
McCormick reported first-quarter FY24 sales growth of 3% year-on-year to $1.60 billion, beating the analyst consensus estimate of $1.56 billion. Adjusted EPS of 63 cents beat the consensus of 58 cents.
Equities Trading UP
Stoke Therapeutics, Inc. (NASDAQ:STOK) shares shot up 73% to $11.25 after the company announced Phase 1/2a data supporting the potential for STK-001 in Dravet syndrome.
Shares of Mesoblast Ltd (NASDAQ:MESO) got a boost, surging 36% to $3.00 after the FDA informed the company that the available clinical data from its Phase 3 study MSB-GVHD001 appears sufficient to support submission of the proposed Biologics License Application for remestemcel-L for treatment of pediatric patients with steroid-refractory acute graft versus host disease.
OpGen, Inc. (NASDAQ:OPGN) shares were also up, gaining 37% to $0.65 after the company entered into a securities purchase agreement with a private investor, David Lazar, to acquire 3 million shares of Series E Convertible Preferred Stock at $1.00 per share for aggregate gross proceeds of $3.0 million.
Equities Trading DOWN
Cardlytics Inc (NASDAQ:CDLX) shares dropped 31% to $13.93 after the company announced a $150 million proposed convertible senior notes offering.
Shares of GDS Holdings Ltd - ADR (NASDAQ:GDS) were down 19% to $6.76 after the company reported fourth-quarter results, disclosed equity raise and new CEO for its international business.
AppTech Payments Corp. (NASDAQ:APCX) was down, falling 39% to $81.62 after the company priced its 2 million share offering at $1 per share.
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Commodities
In commodity news, oil traded down 0.4% to $81.62 while gold traded up 0.3% at $2,183.00.
Silver traded down 0.7% to $24.71 on Monday, while copper fell 0.5% to $3.9975.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.16%, London’s FTSE 100 rose 0.11% while Spain’s IBEX 35 Index rose 0.31% The German DAX rose 0.74% French CAC 40 rose 0.35% while Italy’s FTSE MIB Index rose 0.22%.
The GfK Consumer Climate Indicator for Germany rose to -27.4 heading into April compared to a revised reading of -28.8 in the prior period. Spanish economy grew 0.6% in the fourth quarter, compared to a 0.4% increase in the prior period.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.04%, Hong Kong’s Hang Seng Index gaining 0.88%, China’s Shanghai Composite Index gaining 0.17% and India’s S&P BSE Sensex falling 0.50%.
Hong Kong’s trade deficit narrowed to $41.7 billion in February versus a $45.4 billion gap recorded in the year-ago period.
Economics
U.S. durable goods orders increased by 1.4% month-over-month in February versus a revised 6.9% decline in January.
The S&P CoreLogic Case-Shiller 20-city home price index increased by 6.6% year-over-year in January compared to a 6.2% gain in the prior month.
The FHFA house price index fell by 0.1% in January.
The Dallas Fed general business activity index for Texas' service sector fell to a reading of -5.5 in March from -3.9 in February.
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