At midday, the U.S. stock market exhibited a mixed performance, with a considerable descent of over 50 points in the Nasdaq Composite on Tuesday.
The Dow Jones Industrial Average edged up by 0.19% to reach 38,454.57, while the NASDAQ dropped by 0.41% to 15,534.23. Also, the S&P 500 fell by 0.08% to 4,938.63.
In sector performance, materials shares surged by 1.6%, but information technology shares lagged behind, falling by 1%.
Centene Corporation’s Outstanding Quarter
Centene Corporation (CNC) reported robust financial results for the fourth quarter, surpassing expectations. The company’s fourth-quarter sales amounted to $39.5 billion, marking an 11% year-over-year increase and comfortably exceeding the consensus of $36.14 billion. Notably, Centene turned a profit of $45 million in the fourth quarter, a laudable turnaround from the $(213) million loss recorded a year ago. Furthermore, the company’s adjusted earnings per share stood at 45 cents, outpacing the consensus of 43 cents.
Market Movers
Shares of Tenax Therapeutics, Inc. (TENX) surged by 58% to $13.80 following a noteworthy announcement about a U.S. patent application. Similarly, Palantir Technologies Inc. (PLTR) witnessed a 25% surge to reach $20.90 after reporting better-than-expected fourth-quarter sales and issuing promising guidance. Furthermore, Agrify Corporation’s (AGFY) shares grew by 29% to $0.8288 after a successful installation at a customer’s facility in Michigan.
Conversely, Sunworks, Inc. (SUNW) experienced a 61% decline to reach $0.0810 after announcing the cessation of operations and filing for relief under Chapter 7 of the United States Code. BioRestorative Therapies, Inc. (BRTX) also witnessed a 60% decline to $1.3850 due to the announcement of a private placement. Additionally, Peraso Inc. (PRSO) fell by 44% to $1.7050 following an underwritten public offering.
Commodity and Market Update
In the commodities market, oil ascended by 1.2% to reach $73.62, while gold also experienced a 0.6% increase at $2,054.50. Moreover, silver traded up by 0.5% to $22.525, and copper rose by 0.3% to $3.7835 on Tuesday.
Global Markets
European shares exhibited varied performance, with the STOXX 600 in the Eurozone rising by 0.63%, the FTSE 100 in London climbing by 0.90%, and the IBEX 35 Index in Spain ascending by 0.62%. However, the DAX in Germany fell by 0.76%, while the French CAC 40 rose by 0.65%, and Italy’s FTSE MIB Index increased by 0.53%. Retail sales in the Eurozone fell by 1.1% month-over-month in December, and median consumer expectations for Eurozone inflation over the next 12 months declined to 3.2% in the same period. Additionally, the HCOB Eurozone construction PMI dropped to 41.3 in January from 43.6 a month ago. On the other hand, the S&P Global UK construction PMI rose to 48.8 in January, and the S&P Global France construction PMI declined to 39.6.
Turning to the Asia Pacific markets, Japan’s Nikkei 225 fell by 0.53%, while Hong Kong’s Hang Seng Index surged by 4.04%, China’s Shanghai Composite Index gained 3.23%, and India’s S&P BSE Sensex rose by 0.63%. In Japan, household spending declined by 2.5% year-over-year in December, and average cash earnings rose by 1% in the same period.
Economic Outlook
There were no major economic releases on Tuesday, maintaining a sense of calm in the market.
