Gold Drops Over 1%; Existing Home Sales Surge In February
U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 200 points on Tuesday.
The Dow traded up 0.65% to 32,455.57 while the NASDAQ rose 0.57% to 11,741.91. The S&P 500, also rose, gaining, 0.70% to 3,979.20.
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Leading and Lagging Sectors
- Energy shares rose by 2.5% on Tuesday. Meanwhile, top gainers in the sector included Select Energy Services, Inc. (NYSE:WTTR), up 13%, and Diamond Offshore Drilling, Inc. (NYSE:DO), up 15%.
- In trading on Tuesday, utilities shares fell 1.4%.
Top Headline
Existing home sales in the US surged 14.5% to an annual rate of 4.58 million in February, compared to market estimates of a 5% growth.
Equities Trading UP
- Quince Therapeutics, Inc. (NASDAQ:QNCX) shares shot up 68% to $1.41 after Echo Lake Capital offered to acquire the company for $1.60 per share in cash.
- Shares of Cerberus Cyber Sentinel Corporation (NASDAQ:CISO) got a boost, shooting 74% to $0.4001. Cerberus Cyber Sentinel said it sees Q4 revenue of $14.7 million and sees FY22 revenue of $46.5 million. CISO proposed using the offering proceeds and its existing cash resources to repay the $5,000,000 4% promissory note issued and sold to Bell Bank in June 2022.
- U.S. Xpress Enterprises, Inc. (NYSE:USX) shares were also up, gaining 299% to $5.98 after Knight-Swift Transportation agreed to acquire the company for $6.15 per share.
Equities Trading DOWN
- Altimmune, Inc. (NASDAQ:ALT) shares tumbled 52% to $5.21 after the company announced results from the week 24 interim analysis of pemvidutide MOMENTUM Phase 2 obesity trial and 12-week Phase 1b type 2 diabetes safety trial.
- Shares of Check-Cap Ltd. (NASDAQ:CHEK) were down 40% to $1.83 after the company said the current efficacy results from its calibration studies do not meet the goal to proceed to the powered portion of the U.S. pivotal study.
- First Majestic Silver Corp. (NYSE:AG) was down, falling 25% to $5.61 after the company temporarily suspended mining activities and reduced its workforce at Jerritt Canyon, which represented 21% of the company's 2022 revenue.
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Commodities
In commodity news, oil traded up 1.6% to $68.75 while gold traded down 1.4% at $1,955.60.
Silver traded down 0.7% to $22.485 on Tuesday while copper rose 1% to $3.9920.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.39%, London’s FTSE 100 rose 1.71% while Spain’s IBEX 35 Index rose 2.61%. The German DAX gained 1.78%, French CAC 40 climbed 1.5% and Italy’s FTSE MIB Index rose 2.58%.
Construction output in the Eurozone rose 0.9% from a year ago in January. The ZEW Indicator of Economic Sentiment for the Eurozone fell by 19.7 points to 10 in March versus a one-year high level of 29.7 in the previous month, while ZEW Indicator of Economic Sentiment for Germany declined by 15.1 points to 13 in March. Passenger car registrations in the European Union rose 11.5% year-over-year to 802,763 units in February.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with Hong Kong’s Hang Seng Index gaining 1.36% and China’s Shanghai Composite Index gaining 0.64%. India’s S&P BSE Sensex rose 0.77%.
Hong Kong’s current account surplus shrank to HKD 63.8 billion in the fourth quarter from HKD 91.9 billion in the year-ago period.
Economics
Existing home sales in the US surged 14.5% to an annual rate of 4.58 million in February, compared to market estimates of a 5% growth.
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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 105,979,970 cases with around 1,151,770 deaths. India confirmed a total of at least 44,696,980 cases and 530,800 deaths, while France reported over 39,704,740 COVID-19 cases with 165,370 deaths. In total, there were at least 682,658,200 cases of COVID-19 worldwide with more than 6,820,840 deaths.
