Dow Surges Over 150 Points; Innovative Eyewear Shares Spike Higher
U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones gaining over 150 points on Tuesday.
The Dow traded up 0.49% to 33,751.82 while the NASDAQ fell 0.05% to 12,077.79. The S&P 500, also rose, gaining, 0.31% to 4,121.98.
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Leading and Lagging Sectors
- Energy shares rose by 1.2% on Tuesday. Meanwhile, top gainers in the sector included BP Prudhoe Bay Royalty Trust. (NYSE:BPT), up 13%, and Tellurian Inc. (NASDAQ:TELL), up 10%.
- In trading on Tuesday, information technology fell by 0.7%.
Top Headline
Albertsons Companies Inc (NYSE:ACI) reported better-than-expected fourth-quarter results.
The company posted quarterly sales growth of 5.1% year-on-year, to $18.27 billion, beating the consensus of $18.22 billion. Adjusted EPS of $0.79 beat the analyst consensus of $0.67.
The company's Board declared a cash dividend for the first quarter of fiscal 2023 of $0.12 per share, payable on May 10, 2023, to stockholders of record on Apr. 26, 2023.
Equities Trading UP
- WW International, Inc. (NASDAQ:WW) shares shot up 52% to $6.26 after Goldman Sachs upgraded the stock from Neutral to Buy and raised its price target from $3.8 to $13.
- Shares of Innovative Eyewear, Inc. (NASDAQ:LUCY) got a boost, shooting 244% to $5.02 after the company announced it launched ChatGPT-enabled smart eyewear.
- National CineMedia, Inc. (NASDAQ:NCMI) shares were also up, gaining 65% to $0.2199 after a 13G filing showed a 9.1% passive stake in the company from AMC Entertainment.
Equities Trading DOWN
- PLx Pharma Inc. (NASDAQ:PLXP) shares dropped 61% to $0.1403. PLx Pharma received a written notice from Nasdaq Listing Qualifications Department.
- Shares of Kalera Public Limited Company (NASDAQ:KAL) were down 44% to $1.5194 after the company received a notice of delisting form Nasdaq.
- Virgin Orbit Holdings, Inc. (NASDAQ:VORB) was down, falling 31% to $0.1160. Virgin Orbit announced receipt of Nasdaq delisting notice after filing for bankruptcy.
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Commodities
In commodity news, oil traded up 2% to $81.37 while gold traded up 0.8% at $2,019.40.
Silver traded up 1.2% to $25.215 on Tuesday while copper rose 1.4% to $4.0325.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.62%, London’s FTSE 100 rose 0.57% while Spain’s IBEX 35 Index fell 0.80%. The German DAX rose 0.37%, French CAC 40 rose 0.89% and Italy’s FTSE MIB Index rose 1.15%.
Retail trade in the Eurozone declined by 0.8% from a month ago in February versus a revised 0.8% increase in the prior month. Retail sales in the UK surged 4.9% from a year ago in March.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.05%, Hong Kong’s Hang Seng Index surging 0.76% and China’s Shanghai Composite Index dropping 0.05%. India’s S&P BSE Sensex rose 0.5%.
Chinese annual inflation rate came in at 0.7% in March, while producer prices dipped 2.5% year-over-year in March. Auto sales in China climbed by 9.7% year-over-year to 2.45 million units in March, while China's total social financing increased to CNY 5.38 trillion in March from CNY 3.16 trillion in the earlier month. Foreign exchange reserves in Hong Kong climbed to $430.7 billion in March from $429.1 billion a month ago.
Economics
The NFIB Small Business Optimism Index in the U.S. fell to a three-month low level of 90.1 in March versus 90.9 in the previous month.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,376,390 cases with around 1,157,020 deaths. India confirmed a total of at least 44,768,170 cases and 531,000 deaths, while France reported over 39,851,370 COVID-19 cases with 165,850 deaths. In total, there were at least 685,060,610 cases of COVID-19 worldwide with more than 6,838,150 deaths.