Nasdaq Moves Lower; Great Lakes Dredge & Dock Shares Surge Following Upbeat Earnings
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 0.2% on Tuesday.
The Dow traded up 0.01% to 38,857.00 while the NASDAQ fell 0.20% to 16,316.79. The S&P 500 also rose, gaining, 0.03% to 5,182.40.
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Leading and Lagging Sectors
Materials shares rose by 1% on Tuesday.
In trading on Tuesday, consumer discretionary shares fell by 0.8%.
Top Headline
Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) jumped around 24% on Tuesday following better-than-expected first-quarter financial results.
Great Lakes Dredge & Dock posted quarterly earnings of 31 cents per share, beating market estimates of 7 cents per share. The company's sales came in at $198.66 million versus expectations of $173.50 million.
Equities Trading UP
- Nuwellis, Inc. (NASDAQ:NUWE) shares shot up 44% to $0.2457 after the company posted a narrower-than-expected quarterly loss.
- Shares of Bioventus Inc. (NASDAQ:BVS) got a boost, surging 27% to $5.09 after the company reported better-than-expected first-quarter financial results and raised its FY24 guidance above estimates.
- Golden Sun Health Technology Group Limited (NASDAQ:GSUN) shares were also up, gaining 74% to $5.03. Golden Sun Health Technology Group regained compliance with Nasdaq continued listing requirement.
Equities Trading DOWN
- AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) shares dropped 28% to $0.1038 after the company announced an offering of 432.5 million shares by selling stockholders.
- Shares of JELD-WEN Holding, Inc. (NYSE:JELD) were down 23% to $14.58 as the company posted downbeat quarterly sales and lowered 2024 revenue guidance.
- Neuronetics, Inc. (NASDAQ:STIM) was down, falling 30% to $2.6099 following quarterly results.
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Commodities
In commodity news, oil traded up 0.1% to $78.53 while gold traded down 0.4% at $2,322.10.
Silver traded down 0.5% to $27.485 on Tuesday, while copper fell 0.5% to $4.5940.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 1.14%, Germany's DAX rose 1.40% and France's CAC 40 gained 0.99%. Spain's IBEX 35 Index rose 1.50%, while London's FTSE 100 rose 1.22%.
Retail sales in the Eurozone gained by 0.8% month-over-month in March compared to a revised 0.3% fall in the prior month, while construction PMI fell to 41.9 in April from 42.4 in the eralier month.
The S&P Global UK construction PMI climbed to 53.0 in April from 50.2 in the prior month, while German construction PMI declined to 37.5 in April from 38.3 a month ago. The S&P Global France Construction PMI rose to 41.5 in April from 41 in the earlier month, while France's trade deficit shrank to €5.5 billion in March versus a revised €5.6 billion in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 1.57%, China's Composite Index gaining 0.22%, Hong Kong's Hang Seng Index falling 0.53% and India's S&P BSE Sensex falling 0.52%.
China’s foreign exchange reserves declined by $44.83 billion to $3.201 trillion in April. The au Jibun Bank Japan services PMI fell to 54.3 versus a preliminary reading of 54.6 in April.
Economics
The Manheim Used Vehicle Value Index fell 2.3% month-over-month in April.
The Logistics Manager's Index fell to 52.9 in April from 58.3 in March.
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