U.S. stocks fluctuated during mid-day trading, witnessing the Dow Jones index drop 150 points on Tuesday.
The Dow fell 0.39% to 38,915.65, while the NASDAQ edged up 0.15% to 15,999.50. The S&P 500 also experienced a marginal decline, falling 0.03% to 5,067.80.
In the realm of leading and lagging sectors, utilities shares saw a 1.5% uptick on Tuesday.
Conversely, energy shares took a hit, dropping by 0.5% in trading on Tuesday.
Massive Overhaul: Macy’s to Close 150 Stores
Macy’s Inc (M) reported a mixed bag of quarterly financial results and unveiled plans to shut down 150 stores.
The company exceeded expectations with fourth-quarter adjusted EPS of $2.45, surpassing the analyst consensus of $1.96. However, quarterly revenue of $8.12 billion fell short of the anticipated $8.15 billion. Year-over-year sales witnessed a 1.7% decline.
Under the banner of “A Bold New Chapter,” Macy’s introduced a strategic shift aimed at reigniting enterprise growth. The retail giant aims to consolidate its resources by closing approximately 150 underperforming locations by the year 2026.
Rising Titans: Equities on the Upswing
Janux Therapeutics, Inc. (JANX) saw its shares soar by a staggering 195% to $44.47 following the revelation of updated clinical data for both of its clinical programs.
Hims & Hers Health, Inc. (HIMS) experienced a 35% surge to $13.80 after releasing better-than-expected fourth-quarter financial results and offering strong guidance.
Viking Therapeutics, Inc. (VKTX) also witnessed an upward trend, with shares spiking by 100% to $76.92 after the successful achievement of primary and secondary endpoints in the Phase 2 VENTURE trial.
Sliding Giants: Equities on the Downtrend
Minerva Neurosciences, Inc. (NERV) witnessed a 58% decrease to $2.88 after receiving a Complete Response Letter from the FDA regarding the New Drug Application for roluperidone intended for treating negative symptoms in schizophrenia patients.
Thoughtworks Holding, Inc. (TWKS) slumped by 28% to $3.33 post poor fourth-quarter financial results and gloomy guidance.
NRx Pharmaceuticals, Inc. (NRXP) also saw a dip, falling by 32% to $0.2901 post announcing a pricing of $1.5 million underwritten public offering of common stock at $0.30/share along with an investor commitment for an additional $1 million.
Market Movements: Commodities Overview
In the commodity domain, oil exhibited a 1% incline to reach $78.35, whereas gold marked a 0.2% rise at $2,042.60.
On Tuesday, silver experienced a 0.2% decline to $22.485, while copper surged by 0.5% to $3.8520.
Global Tides: Eurozone Insights
European markets showcased a predominantly positive trend today. The STOXX 600 in the eurozone rose by 0.24%, the FTSE 100 in London saw a modest 0.04% climb, and the IBEX 35 Index in Spain dipped by 0.22%. Meanwhile, the German DAX witnessed a notable 0.78% increase, the French CAC 40 edged up by 0.29%, and Italy’s FTSE MIB Index rose by 0.48%.
Bank lending to households in the Eurozone experienced a 0.3% year-over-year increase, reaching EUR 6.870 trillion in January. Notably, the consumer confidence indicator in France witnessed a decline to 89 in February from the previous month’s two-year high of 91. Conversely, the GfK Consumer Climate Indicator in Germany ascended to -29.0 in March from February’s 29.6.
Asia Pacific Markets: Regional Insights
Asian markets closed on a positive note on Tuesday, with Japan’s Nikkei 225 making a modest 0.01% gain, Hong Kong’s Hang Seng Index surging by 0.94%, China’s Shanghai Composite Index climbing 1.29%, and India’s S&P BSE Sensex witnessing a 0.4% upswing.
Hong Kong reported a trade surplus of $3.6 billion in January, a substantial improvement from the year-ago deficit of $25.4 billion. In Japan, the annual inflation rate decelerated to 2.2% in January from 2.6% in the previous month.
Market Pulse: Economic Indicators
U.S. durable goods orders plunged by 6.1% month-over-month in January, contrasting the 0.3% dip observed in December.
In housing news, the FHFA house price index ticked up by 0.1% in December following a 0.4% rise in November. Additionally, the S&P CoreLogic Case-Shiller 20-city home price index surged by 6.1% year-over-year in December.
The Dallas Fed general business activity index for Texas’ service sector witnessed an improvement, rising to -3.9 in February from -9.3 in the prior month.
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