Market Overview
U.S. stocks traded mixed midway through trading, with the Dow Jones gaining more than 200 points on Tuesday. The Dow traded up 0.54% to 39,001.22 while the NASDAQ fell 0.34% to 16,048.51. The S&P 500 also rose, gaining 0.02% to 5,150.45.
Sector Performance
Energy shares rose by 0.7% on Tuesday, while communication services shares fell by 1%.
Core & Main Q4 Performance
Shares of Core & Main, Inc. (CNM) gained around 7% on Tuesday after the company reported fourth-quarter results. Core & Main posted quarterly earnings of 34 cents per share, missing analysts’ estimates of 35 cents per share. The company’s quarterly sales came in at $1.44 billion, versus expectations of $1.43 billion. Core & Main expects 2024 net sales of $7.4 billion to $7.6 billion and adjusted EBITDA of $925 million to $975 million.
Equities Trading Highlights
Ontrak, Inc. (OTRK) shares shot up 132%, Fusion Pharmaceuticals Inc. (FUSN) surged 97% after announcing acquisition by AstraZeneca, and Spire Global, Inc. (SPIR) gained 28% following a collaboration with NVIDIA.
Greenwave Technology Solutions, Inc. (GWAV) shares dropped 57%, Seelos Therapeutics, Inc. (SEEL) were down 41%, and Comtech Telecommunications Corp. (CMTL) fell 27%.
Commodities Update
In commodity news, oil traded up 0.4% to $83.03 while gold traded down 0.5% at $2,153.70. Silver traded down 1.1% to $24.99, and copper fell 1.5% to $4.07 on Tuesday.
Global Markets Recap
European shares were mostly higher with various indices displaying modest gains. The ZEW Indicator of Economic Sentiment for the Eurozone and Germany showed positive trends. Asian markets closed mostly lower, with notable movements in Japan, Hong Kong, China, and India.
Economic Indicators
Housing starts in the U.S. surged 10.7% month-over-month to an annualized rate of 1.521 million in February following a 12.3% decline in January. U.S. building permits rose by 1.9% to an annual rate of 1.518 million in February.
