HomeMarket NewsSmall CapsMarket Turmoil: Nasdaq Plunges Over 1% as VivoPower International Emerges Victorious

Market Turmoil: Nasdaq Plunges Over 1% as VivoPower International Emerges Victorious

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As the closing bell drew near, U.S. stocks faced a downward trajectory, with the Nasdaq Composite taking a nosedive of over 1% on Tuesday.

Within the closing minutes, the Dow lost 1.07%, settling at 39,142.53, while the NASDAQ saw a 1.14% drop to 16,209.12. The S&P 500 followed suit, slipping by 0.85% to 5,199.28.

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Shifting Sector Trends

Energy shares sprang to life on Tuesday, surging by 0.6%.

Conversely, health care shares felt the weight of a 2% decline in trading.

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Headline Highlights

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February brought a modest 8,000-job increase, with job openings totaling 8.756 million, slightly below market expectations of 8.75 million.

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Stocks Making Moves Upward

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VivoPower International PLC VVPR soared an astounding 385% to $7.08 after the revelation of its Tembo subsidiary merging with Nasdaq-listed Cactus Acquisition Corp. 1 Limited.

Shares of VirTra, Inc. VTSI saw a 33% uptick to $12.72 post-reporting better-than-expected fourth-quarter results.

MSP Recovery, Inc. LIFW also enjoyed gains, climbing 30% to $0.87 following a 13G filing revealing Palantir Technologiesโ€™ 6.5% stake in the company as of March 22, 2024.

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Stocks In Decline

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Acorda Therapeutics, Inc. ACOR witnessed a steep 76% drop to $3.2501 as the company initiated voluntary Chapter 11 proceedings.

Shares of Gritstone bio, Inc. GRTS sank 50% to $1.1850 post-announcement of a $32.5 million underwritten public offering.

Verve Therapeutics, Inc. VERV fell 36% to $8.15 as the company paused enrollment in its Heart-1 Phase 1b clinical trial due to adverse participant incidents.

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Commodity Market Updates

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In commodity movements, oil surged 1.7% to $85.13, gold rose 1.6% to $2,292.70, silver climbed 3.3% to $25.91, and copper inched up by 0.5% to $4.0680 on Tuesday.

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Euro Zone Market Insights

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European exchanges ended on a sour note, with the eurozoneโ€™s STOXX 600 taking a dip of 0.80%. Londonโ€™s FTSE 100 saw a 0.22% descent, Spainโ€™s IBEX 35 Index dropped 0.89%, German DAX fell 1.13%, French CAC 40 declined by 0.92%, and Italyโ€™s FTSE MIB Index slid by 1.22%.

The HCOB manufacturing PMI for Eurozone picked up to 46.1 in March, while median consumer expectations for Eurozone inflation over the next 12 months softened to 3.1% in February. Germanyโ€™s manufacturing PMI revised to 41.9 in March, and French manufacturing PMI receded to 46.2 in the same period.

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Asia Pacific Insights

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Asian markets exhibited mixed outcomes on Tuesday, with Japanโ€™s Nikkei 225 inching up by 0.09%, Hong Kongโ€™s Hang Seng Index soaring 2.36%, Chinaโ€™s Shanghai Composite Index dipping 0.08%, and Indiaโ€™s S&P BSE Sensex falling 0.2%.

The HSBC Indian manufacturing PMI was revised downwards to 59.1 in March from the preliminary reading of 59.2.

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Economic Indicators

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U.S. factory orders rebounded by 1.4% in February to $576.8 billion, following a revised 3.8% slump in January.

The tally of job openings climbed by 8,000 to 8.756 million in February, slightly below the estimated 8.75 million.

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