U.S. stocks surged this morning, with the Dow Jones industrial average skyrocketing over 100 points on Tuesday.
As of the market’s opening, the Dow ascended 0.34% to 38,509.84, while the NASDAQ ascended 0.21% to 15,629.82. The S&P 500 also rose by 0.17% to 4,951.38.
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On the Ups and Downs of Sectors
Materials shares surged 0.9% on Tuesday.
On the other hand, utilities shares dropped by 0.4% during trading on Tuesday.
Standout Performance by Eli Lilly And Co.
Eli Lilly And Co. (LLY) reported better-than-expected earnings for its fourth quarter.
The pharmaceutical giant posted revenue of $9.35 billion for the fourth quarter of 2023, showing a striking 28% year-over-year increase. This revenue surpassed the consensus of $8.93 billion, driven by a 16% surge in realized prices, an 11% rise in volume, and a 1% boost from favorable foreign exchange rates. Moreover, Eli Lilly recorded an adjusted earnings per share of $2.49, surpassing the consensus of $2.19 and marking a robust 19% year-over-year increase.
Rising Equities
InVivo Therapeutics Holdings Corp. (NVIV) saw its shares soar by an astonishing 168% to $0.5941 after a slight decline of around 26% on Monday.
Meanwhile, shares of Tenax Therapeutics, Inc. (TENX) experienced a remarkable surge of 94% to $17.00 after the company announced that the USPTO granted a notice of allowance for the U.S. patent application “Levosimendan For Treating Pulmonary Hypertension With Heart Failure With Preserved Ejection Fraction.”
Additionally, Agrify Corporation (AGFY) witnessed a substantial 42% increase in its shares, reaching $0.91, following the installation of a PX-30 hydrocarbon extraction system at its Michigan facility.
Declining Equities
Sunworks, Inc. (SUNW) observed a stark 66% drop in its shares to $0.0710. The company disclosed its cessation of operations and filed voluntary petitions for relief under Chapter 7 of Title 11 of the U.S. Code.
Likewise, BioRestorative Therapies, Inc. (BRTX) experienced a 53% decline in its shares, dropping to $1.5999. This plummet followed the company’s announcement of exercising warrants and issuing new warrants in a private placement, generating $8.1 million in gross proceeds priced at-the-market.
Furthermore, Peraso Inc. (PRSO) also faced a 48% decline, falling to $1.60, after the company announced the pricing of a $4 million underwritten public offering.
Commodity Movements
In the world of commodities, oil exhibited a 0.2% increase, reaching $72.90, while gold saw a 0.2% decline, resting at $2,039.80.
On the other hand, silver experienced a 0.3% decrease, landing at $22.36 on Tuesday, and copper also fell by 0.1% to $3.77.
Developments in the Eurozone and Asia Pacific Markets
European shares demonstrated mostly positive trends today. The eurozone’s STOXX 600 surged by 0.1%, London’s FTSE 100 climbed by 0.5%, and Spain’s IBEX 35 Index rose by 0.2%. However, the German DAX experienced a 0.1% drop, the French CAC 40 rose by 0.2%, and Italy’s FTSE MIB Index surged by 0.3%.
Within the Eurozone, retail sales exhibited a 1.1% month-over-month decline in December, compared to a revised 0.3% increase in the previous month. Additionally, the median consumer expectations for Eurozone inflation over the next 12 months declined for a third consecutive month, dropping to 3.2% in December. The HCOB Eurozone construction PMI also fell to 41.3 in January from 43.6 a month ago. However, the S&P Global UK construction PMI surged to 48.8 in January from 46.8 in the prior month. At the same time, the S&P Global France construction PMI decreased to 39.6 in January from 42.6 in December, while the German construction PMI dipped to 36.3 from 37 in December.
Across the Asia Pacific markets, Japan’s Nikkei 225 lowered by 0.53%, Hong Kong’s Hang Seng Index surged by 4.04%, and China’s Shanghai Composite Index gained 3.23%. India’s S&P BSE Sensex also rose by 0.63%. In Japan, household spending exhibited a 2.5% year-over-year decline in December, exceeding market expectations for a 2.1% drop. Contrastingly, average cash earnings in Japan rose by 1% year-over-year in December.
Economic Scenario
No major economic releases were scheduled for Tuesday.
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