Nasdaq Takes a Tumble
U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dipping over 1% on Tuesday. The Dow traded down 1.07% to 39,142.53 while the NASDAQ fell 1.14% to 16,209.12. The S&P 500 also fell, dropping 0.85% to 5,199.28.
Market Sector Movement
Energy shares jumped by 0.6% on Tuesday, while health care shares fell by 2%.
Headlines and Stock Movement
The number of job openings rose by 8,000 in February to 8.756 million, slightly missing market estimates. VivoPower International PLC shares surged an astounding 385% to $7.08 after announcing a merger with Cactus Acquisition Corp. 1 Limited.
Other notable movements included a 33% increase in VirTra, Inc. shares and MSP Recovery, Inc. seeing a 30% rise after a 13G filing revealed Palantir Technologies’ stake in the company.
On the flip side, Acorda Therapeutics, Inc. shares plummeted 76% as the company initiated voluntary proceedings under Chapter 11. Gritstone bio, Inc. and Verve Therapeutics, Inc. also saw declines.
Fluctuations in Commodities and International Markets
In commodity news, oil traded up 1.7% to $85.13, gold rose 1.6% to $2,292.70, silver increased 3.3% to $25.91, and copper edged up 0.5% to $4.0680 on Tuesday.
Global Market Outlook
European shares closed on a lower note, with a mix of decreases recorded across major indexes. Asian markets also saw a varied day of trading, with gains in Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index, and dips in China’s Shanghai Composite Index and India’s S&P BSE Sensex.
Economic Indicators
U.S. factory orders rose 1.4% in February, totaling $576.8 billion. Job openings also experienced a slight uptick in February, reaching 8.756 million.