U.S. equity markets displayed a mixed pattern today, as the Nasdaq Composite took the lead, surging approximately 50 points on Tuesday.
At the opening bell, the Dow exhibited a fractional decline of 0.07% to 39,043.13, while the NASDAQ saw a respectable rise of 0.31% to 16,026.43. The S&P 500 followed suit, edging up by 0.10% to 5,074.75.
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Sector Highlights
On Tuesday, the utilities sector saw a rise of 0.7%.
Meanwhile, healthcare shares experienced a dip of 0.3% during trading.
Standout Earnings Report
Lowe’s Companies Inc LOW outperformed expectations with its fourth-quarter results.
Lowe’s reported Q4 FY23 sales of $18.60 billion, surpassing the analyst consensus of $18.45 billion. Earnings per share of $1.77 also beat estimates of $1.68.
For FY24, Lowe’s anticipates a revenue range of $84 billion to $85 billion (compared to the estimated $85.61 billion) and an adjusted EPS of $12.00 to $12.30, against the consensus of $12.95. The company foresees a 2% to 3% decrease in comparable sales for FY24.
Top Performing Stocks
Janux Therapeutics, Inc. JANX witnessed a staggering 138% surge in its shares to $36.00 following the announcement of updated clinical data for its clinical programs.
Shares of Infobird Co., Ltd IFBD surged 111% to $5.84, continuing to oscillate significantly after an unexpected delay in its planned reverse stock split.
Viking Therapeutics, Inc. VKTX also saw an uptick, with shares climbing 79% to $68.93 after announcing the success of its Phase 2 VENTURE trial in meeting primary and secondary endpoints.
Laggards of the Day
Minerva Neurosciences, Inc. NERV tumbled 58% to $2.84 after receiving a Complete Response Letter from the FDA regarding the New Drug Application for roluperidone in treating negative symptoms of schizophrenia.
Shares of Thoughtworks Holding, Inc. TWKS plummeted 35% to $2.9950 following disappointing Q4 financial results and weak guidance.
NRx Pharmaceuticals, Inc. NRXP slid by 31% to $0.2930 after announcing a $1.5 million public offering of common stock at $0.30/share and an additional investor commitment of $1 million.
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Commodity Market Update
In commodity news, oil climbed 0.6% to hit $78.01, while gold rose 0.3% to reach $2,045.20.
Silver saw a slight dip of 0.6% to $22.65 on Tuesday, while copper edged up by 0.3% to $3.8440.
Economic Insights
U.S. durable goods orders recorded a 6.1% monthly decline in January, a significant shift from December’s 0.3% decrease.
The FHFA house price index inched up by 0.1% in December following a 0.4% rise in November.
The S&P CoreLogic Case-Shiller 20-city home price index showed a 6.1% year-over-year increase in December.
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