U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining over 1.5% on Tuesday.
The Dow traded up 0.40% to 31,945.39 while the NASDAQ rose 1.58% to 11,365.53. The S&P 500, also rose, gaining, 1% to 3,894.65.
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Leading and Lagging Sectors
- Communication services shares rose by 2% on Tuesday. Meanwhile, top gainers in the sector included Innovid Corp. (NYSE:CTV), up 10%, and Tremor International Ltd (NASDAQ:TRMR), up 10%.
- In trading on Tuesday, health care shares rose by just 0.1%.
The annual inflation rate in the US eased to 6% in February, the lowest level since September 2021, in line with market expectations, and versus 6.4% in the previous month.
Equities Trading UP
- PacWest Bancorp (NASDAQ:PACW) shares shot up 36% to $40.54 as part of what appears to be a relief rally in the financial sector as several bank names bounce back after facing heavy selling pressure over the last few trading sessions.
- Shares of First Republic Bank (NYSE:FRC) got a boost, shooting 30% to $40.54 as part of what appears to be a relief rally in the financial sector as several bank names bounce back after facing heavy selling pressure over the last few trading sessions.
- Ainos, Inc. (NASDAQ:AIMD) shares were also up, gaining 59% to $1.19 after the company announced it signed a Memorandum of Understanding with Merdury Biopharmaceutical to jointly explore and develop a strategic business relationship.
Equities Trading DOWN
- GitLab Inc. (NASDAQ:GTLB) shares tumbled 29% to $31.56 after the company issued weak revenue guidance.
- Shares of Oportun Financial Corporation (NASDAQ:OPRT) were down 31% to $2.90 after the company posted downbeat Q4 results and issued weak revenue forecast.
- RAPT Therapeutics, Inc. (NASDAQ:RAPT) was down, falling 28% to $19.07 after reporting Q4 results.
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In commodity news, oil traded down 4.4% to $71.50 while gold traded down 0.2% at $1,913.30.
Silver traded up 0.6% to $22.05 on Tuesday while copper fell 1.4% to $3.9985.
European shares were higher today. The eurozone’s STOXX 600 gained 1.53%, London’s FTSE 100 rose 1.17% while Spain’s IBEX 35 Index climbed 2.23%. The German DAX climbed 1.83% French CAC 40 rose 1.86% and Italy’s FTSE MIB Index rose 2.36%.
Italy’s industrial production declined by 0.7% from a month ago in January. Spain's consumer price inflation rate was revised lower to 6.0% in February versus a preliminary reading of 6.1%.
The unemployment rate in the UK came in at 3.7% in November to January. Average weekly earnings climbed 5.7% year-over-year to GBP 630 in the three months to January.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 dropping 2.19%, Hong Kong’s Hang Seng Index dropping 2.27% and China’s Shanghai Composite Index declining 0.72%. India’s S&P BSE Sensex fell 0.58%.
Manufacturing production in Hong Kong dropped 0.1 percent year-over-year in the fourth quarter. Indian annual wholesale price inflation rate declined to 3.85% in February from 4.73% in the previous month. The Westpac-Melbourne Institute Index of Consumer Sentiment for Australia came in unchanged at 78.5 in March, while NAB business confidence index fell 10 points to -4 during February.
- The NFIB Small Business Optimism Index rose to 90.9 in February, recording the highest level in three months.
- The annual inflation rate in the US eased to 6% in February, the lowest level since September 2021, in line with market expectations, and versus 6.4% in the previous month.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 105,649,010 cases with around 1,148,990 deaths. India confirmed a total of at least 44,691,330 cases and 530,780 deaths, while France reported over 39,657,160 COVID-19 cases with 165,210 deaths. In total, there were at least 681,707,740 cases of COVID-19 worldwide with more than 6,812,900 deaths.