Dow Jumps Over 100 Points; Eli Lilly Posts Upbeat Earnings
U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 100 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 0.34% to 38,509.84 while the NASDAQ rose 0.21% to 15,629.82. The S&P 500 also rose, gaining, 0.17% to 4,951.38.
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Leading and Lagging Sectors
Materials shares rose by 0.9% on Tuesday.
In trading on Tuesday, utilities shares fell by 0.4%.
Top Headline
Eli Lilly And Co (NYSE:LLY) posted better-than-expected earnings for its fourth quarter.
Eli Lilly reported fourth-quarter of 2023 revenue of $9.35 billion, up 28% Y/Y, beating the consensus of $8.93 billion driven by increases of 16% due to higher realized prices, 11% in volume, and 1% from the favorable impact of foreign exchange rates. Eli Lilly posted an adjusted EPS of $2.49, beating the consensus of $2.19, up 19% Y/Y.
Equities Trading UP
InVivo Therapeutics Holdings Corp. (NASDAQ:NVIV) shares shot up 168% to $0.5941 after dipping around 26% on Monday.
Shares of Tenax Therapeutics, Inc. (NASDAQ:TENX) got a boost, surging 94% to $17.00 after the company announced the USPTO granted notice of allowance for the U.S. patent application "Levosimendan For Treating Pulmonary Hypertension With Heart Failure With Preserved Ejection Fraction."
Agrify Corporation (NASDAQ:AGFY) shares were also up, gaining 42% to $0.91. Agrify achieved milestone with PX-30 hydrocarbon extraction system installation in Michigan Facility.
Equities Trading DOWN
Sunworks, Inc. (NASDAQ:SUNW) shares dropped 66% to $0.0710. Sunworks disclosed it ceased operations and filed voluntary petitions for relief under the provisions of Chapter 7 of Title 11 of U.S Code.
Shares of BioRestorative Therapies, Inc. (NASDAQ:BRTX) were down 53% to $1.5999. BioRestorative Therapies announced exercise of warrants and issuance of new warrants in a private placement for $8.1 million gross proceeds priced at-the-market.
Peraso Inc. (NASDAQ:PRSO) was down, falling 48% to $1.60 after the company announced pricing of $4 million underwritten public offering.
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Commodities
In commodity news, oil traded up 0.2% to $72.90 while gold traded down 0.2% at $2,039.80.
Silver traded down 0.3% to $22.36 on Tuesday while copper fell 0.1% to $3.77.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.2% The German DAX fell 0.1% French CAC 40 rose 0.2% while Italy’s FTSE MIB Index rose 0.3%.
Retail sales in the Eurozone fell by 1.1% month-over-month in December versus a revised 0.3% increase in the prior month, while median consumer expectations for Eurozone inflation over the next 12 months declined for a third straight month to 3.2% in December. The HCOB Eurozone construction PMI fell to 41.3 in January from 43.6 a month ago.
The S&P Global UK construction PMI climbed to 48.8 in January from 46.8 in the prior month. The S&P Global France construction PMI declined to 39.6 in January from 42.6 in December, while German construction PMI dipped to 36.3 from 37 in December.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 falling 0.53%, Hong Kong’s Hang Seng Index jumping 4.04% and China’s Shanghai Composite Index gaining 3.23%. India’s S&P BSE Sensex, meanwhile, rose 0.63%.
Household spending in Japan fell by 2.5% year-over-year in December compared to market expectations for a 2.1% decline. Average cash earnings in Japan rose by 1% year-over-year in December.
Economics
There are no major economic releases for Tuesday.
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