U.S. stocks witnessed a surge towards the end of the trading session, with the Dow Jones Industrial Average gaining over 80 points on Tuesday.
The Dow climbed by 0.21% to 39,397.20, while the NASDAQ also saw an increase of 0.23% to 16,421.62. The S&P 500 didn’t lag behind, rising by 0.17% to 5,227.03.
Industry Performance
Consumer discretionary shares experienced a significant uptick of 0.6% during Monday’s trading, demonstrating market resilience.
Conversely, utilities shares were in the red, dropping by 1% during the trading session.
Company Standing Out
TD SYNNEX Corporation reported outstanding first-quarter earnings, surpassing market expectations.
The company posted adjusted earnings per share of $2.99 for the first quarter, beating the consensus estimate of $2.84. However, the company’s quarterly revenue of $13.975 billion missed the analyst projection of $14.357 billion.
Stock Movement
Stoke Therapeutics, Inc. made waves by witnessing a 72% surge in its share price to $11.19 following positive Phase 1/2a data for STK-001 in Dravet syndrome.
Shares of Mesoblast Ltd also soared by 66% to $3.6420 after receiving positive feedback from the FDA regarding its Phase 3 study MSB-GVHD001.
OpGen, Inc. witnessed a 47% increase in its shares, reaching $0.6972, after finalizing a securities purchase agreement to drive future growth.
Market Challenges
Cardlytics Inc recorded a significant decline of 33% to $13.65 after announcing a proposed $150 million convertible senior notes offering.
Similarly, GDS Holdings Ltd – ADR saw a 26% drop in its share price to $6.20 after revealing its fourth-quarter results alongside strategic changes.
AppTech Payments Corp. also faced a decline, falling by 42% to $0.9548 after pricing a share offering.
Market Trends
The commodity market experienced a setback as oil prices plummeted by 0.5% to $81.53, while gold prices edged up by 0.1% to $2,178.70.
Silver and copper prices also exhibited downward trends, with silver declining by 1% to $24.635 and copper falling by 0.2% to $4.0085.
Global Economic Landscape
European markets showcased strength, with various indices such as STOXX 600, FTSE 100, IBEX 35, DAX, CAC 40, and FTSE MIB Index posting positive gains.
In economic news, Germany’s Consumer Climate Indicator exhibited improvement heading into April, while Spain’s economy displayed growth in the fourth quarter.
Asian markets closed with mixed results, highlighting the complexity of global economic dynamics.
Moreover, the U.S. witnessed fluctuations in durable goods orders, home prices, and the general business activity index, reflecting the ongoing economic adjustments.