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.
Headline Highlights
February brought a modest 8,000-job increase, with job openings totaling 8.756 million, slightly below market expectations of 8.75 million.
Stocks Making Moves Upward
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 Technologies’ 6.5% stake in the company as of March 22, 2024.
Stocks In Decline
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
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.
Euro Zone Market Insights
European exchanges ended on a sour note, with the eurozone’s STOXX 600 taking a dip of 0.80%. London’s FTSE 100 saw a 0.22% descent, Spain’s IBEX 35 Index dropped 0.89%, German DAX fell 1.13%, French CAC 40 declined by 0.92%, and Italy’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. Germany’s manufacturing PMI revised to 41.9 in March, and French manufacturing PMI receded to 46.2 in the same period.
Asia Pacific Insights
Asian markets exhibited mixed outcomes on Tuesday, with Japan’s Nikkei 225 inching up by 0.09%, Hong Kong’s Hang Seng Index soaring 2.36%, China’s Shanghai Composite Index dipping 0.08%, and India’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.
Economic Indicators
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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