Nasdaq Rises 100 Points; Alibaba Posts Weak Earnings
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 100 points on Tuesday.
The Dow traded up 0.22% to 39,519.75 while the NASDAQ rose 0.64% to 16,492.50. The S&P 500 also rose, gaining, 0.34% to 5,239.17.
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Leading and Lagging Sectors
Real estate shares rose by 0.5% on Tuesday.
In trading on Tuesday, energy shares fell by 0.7%.
Top Headline
Alibaba Group Holding Limited (NYSE:BABA) reported weaker-than-expected earnings for its fiscal fourth-quarter.
The e-commerce giant reported fiscal fourth-quarter 2023 revenue growth of 7% year-on-year to $30.73 billion, beating the analyst consensus estimate of $30.40 billion. Adjusted earnings per ADS of $1.40 missed the analyst consensus estimate of $1.41.
Equities Trading UP
- Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) shares shot up 246% to $4.0750 as the company reported pricing of $8.19 million follow-on public offering.
- Shares of SunPower Corporation (NASDAQ:SPWR) got a boost, surging 48% to $4.06 as high short-interest stocks gain amid the return of trader "Roaring Kitty" to social media. Additionally, the Biden administration raised tariffs on Chinese solar panels.
- GameStop Corp. (NYSE:GME) shares were also up, gaining 39% to $42.33 after retail investor Roaring Kitty made a return to social media on Monday via a post on X. The company’s stock jumped over 74% on Monday.
Equities Trading DOWN
- Augmedix, Inc. (NASDAQ:AUGX) shares dropped 50% to $1.17 after the company reported first-quarter financial results.
- Shares of Scorpius Holdings, Inc. (NASDAQ:SCPX) were down 55% to $0.0832 after the company reported pricing of public offering.
- Inotiv, Inc. (NASDAQ:NOTV) was down, falling 48% to $2.18 after Jefferies downgraded the stock from Buy to Hold and lowered its price target from $11.5 to $3.75.
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Commodities
In commodity news, oil traded down 1.4% to $78.00 while gold traded up 0.7% at $2,359.70.
Silver traded up 1% to $28.74 on Tuesday, while copper rose 2.7% to $4.8940.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.15%, Germany's DAX fell 0.14% and France's CAC 40 rose 0.13%. Spain's IBEX 35 Index rose 0.20%, while London's FTSE 100 rose 0.16%.
The ZEW Indicator of Economic Sentiment for Germany rose to 47.1 in May, recording the strongest level since Feb. 2022. The ZEW Indicator of Economic Sentiment for the eurozone climbed by 3.1 points to 47 in May, notching the highest level since Feb. 2022.
The UK's unemployment rate increased to 4.3% from January to March, compared to 4.2% in the three months to December, while number of payrolled employees declined by 0.3% to 30.2 million in April. Regular pay, excluding bonus payment, rose 6% year-over-year to GBP 637/week in the three months to March.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei gaining 0.46%, China's Composite Index falling 0.07%, Hong Kong's Hang Seng Index falling 0.22% and India's S&P BSE Sensex gaining 0.5%.
Indian wholesale prices rose by 1.26% year-over-year in April compared to a 0.53% increase in the prior month. Japanese machine tool orders fell 11.6% year-over-year to JPY 117,262 million in April, while producer prices in Japan rose by 0.9% year-over-year in April.
Economics
- The NFIB Small Business Optimism Index climbed to 89.7 in April from 88.5 in March.
- U.S. producer prices rose 0.5% month-over-month in April compared to a revised 0.1% decline in March and higher than market expectations of 0.3%.
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