Nasdaq Rises 50 Points; Lowe's Earnings Top Views
U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining around 50 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 0.07% to 39,043.13 while the NASDAQ rose 0.31% to 16,026.43. The S&P 500 also rose, gaining, 0.10% to 5,074.75.
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Leading and Lagging Sectors
Utilities shares rose by 0.7% on Tuesday.
In trading on Tuesday, health care shares fell by 0.3%.
Top Headline
Lowe’s Companies Inc (NYSE:LOW) posted better-than-expected fourth-quarter results.
Lowe’s reported fourth-quarter FY23 sales of $18.60 billion, beating the analyst consensus estimate of $18.45 billion. EPS of $1.77 beat the consensus estimate of $1.68.
For FY24, Lowe’s expects revenue of $84 billion-$85 billion (against the Street view of $85.61 billion) and adjusted EPS of $12.00 – $12.30 vs. consensus of $12.95. The company expects comparable sales to decline about 2% to 3% in FY24.
Equities Trading UP
Janux Therapeutics, Inc. (NASDAQ:JANX) shares shot up 138% to $36.00 after the company announced updated clinical data for both of its clinical programs.
Shares of Infobird Co., Ltd (NASDAQ:IFBD) got a boost, surging 111% to $5.84. The stock continues to experience marked volatility after the company on Monday said it encountered an unexpected delay in its planned reverse stock split.
Viking Therapeutics, Inc. (NASDAQ:VKTX) shares were also up, gaining 79% to $68.93 after the company announced the Phase 2 VENTURE trial successfully achieved its primary endpoint and all secondary endpoints.
Equities Trading DOWN
Minerva Neurosciences, Inc. (NASDAQ:NERV) shares dropped 58% to $2.84 after the company announced it received a Complete Response Letter from the FDA for the New Drug Application for roluperidone for the treatment of negative symptoms in patients with schizophrenia.
Shares of Thoughtworks Holding, Inc. (NASDAQ:TWKS) were down 35% to $2.9950 after the company reported worse-than-expected fourth-quarter financial results and issued weak guidance.
NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) was down, falling 31% to $0.2930 after the company announced pricing of $1.5 million underwritten public offering of common stock at a price of $0.30/share together with investor commitment for additional $1 million.
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Commodities
In commodity news, oil traded up 0.6% to $78.01 while gold traded up 0.3% at $2,045.20.
Silver traded fell 0.6% to $22.65 on Tuesday while copper rose 0.3% to $3.8440.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.5% The German DAX gained 0.5% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index rose 0.1%.
Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.870 trillion for January. The consumer confidence indicator in France declined to 89 in February versus around two-year high level of 91 in the prior month. The GfK Consumer Climate Indicator for Germany climbed to a reading of -29.0 heading into March compared to February's level of 29.6.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 0.01%, Hong Kong’s Hang Seng Index climbing 0.94%, China’s Shanghai Composite Index surging 1.29% and India’s S&P BSE Sensex gaining 0.4%.
Hong Kong recorded a trade surplus of $3.6 billion in January compared to a year-ago deficit of $25.4 billion. The annual inflation rate in Japan slowed to 2.2% in January compared to 2.6% in the earlier month.
Economics
U.S. durable goods orders fell by 6.1% month-over-month in January compared to a 0.3% decline in December.
The FHFA house price index rose 0.1% in December following a 0.4% increase in November.
The S&P CoreLogic Case-Shiller 20-city home price index climbed by 6.1% year-over-year in December.
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