Nasdaq Surges 1%; US Construction Spending Rises In February

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 1% on Tuesday.

The Dow traded up 0.26% to 42,110.35 while the NASDAQ rose 1.06% to 17,481.99. The S&P 500 also rose, gaining, 0.59% to 5,644.98.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.2% on Tuesday.

In trading on Tuesday, health care shares tumbled by 1.2%.

Top Headline

U.S. construction spending increased 0.7% month-over-month in February following a revised 0.5% fall in January.

Equities Trading UP
                       

• bioAffinity Technologies, Inc. BIAF shares shot up 260% to $0.9349 following a year-over-year increase in FY24 financial results.
• Shares of Microvast Holdings, Inc. MVSTgot a boost, surging 24% to $1.4450 after the company reported better-than-expected fourth-quarter financial results.
• PVH Corp. PVH shares were also up, gaining 17% to $75.60 following a fourth-quarter adjusted EPS and revenue beat. Additionally, the company announced plans to enter into a $500 million accelerated share repurchase program

Equities Trading DOWN

• Aptose Biosciences Inc.  APTO shares dropped 54% to $1.45 after the company announced it is going to delist from the Nasdaq.
• Shares of Cambium Networks Corporation CMBM were down 52% to $0.3354 after the company announced that it will delay Form 10-K filing for fiscal year 2024.
• Open Lending Corporation LPRO was down, falling 40% to $1.6496 after the company announced weak quarterly results.

Commodities

In commodity news, oil traded down 0.1% to $71.38 while gold traded up 0.2% at $3,155.50.

Silver traded down 0.6% to $34.41 on Tuesday, while copper fell 0.2% to $5.0230.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 jumped 0.46%, Germany’s DAX 40 rose 0.79% and France’s CAC 40 climbed 0.45%. Spain’s IBEX 35 Index climbed 0.69%, while London’s FTSE 100 rose 0.09%.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.02%, China’s Shanghai Composite Index gaining 0.38%, Hong Kong’s Hang Seng Index rising 0.38% and India’s BSE Sensex dipping 1.80%.

Economics

• The S&P Global US manufacturing PMI came in at 50.2 for March, versus the preliminary reading of 49.8.
• The ISM manufacturing PMI declined to 49 in March compared to a reading of 50.3 in February, and also missing market estimates of 49.5.
• U.S. construction spending increased 0.7% month-over-month in February following a revised 0.5% fall in January.
• The number of job openings fell by 194,000 to 7.568 million in February compared to a revised 7.762 million in the previous month.

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