As Tuesday’s trading session drew to a close, the Nasdaq Composite made a significant leap, gaining over 50 points, marking a shift in market momentum. The Dow climbed 0.63% to 39,034.59, the NASDAQ rose 0.35% to 16,160.20, and the S&P 500 also saw gains, rising 0.41% to 5,170.36.
Sector Performance
Energy shares experienced a notable rise, increasing by 1% during Tuesday’s trading. Meanwhile, communication services shares faced a slight decline of 0.2%.
Caleres Inc’s Positive Quarter
Caleres Inc (CAL) reported robust fourth-quarter results, exceeding expectations. The company’s fourth-quarter FY23 sales grew by 0.1% year-on-year, reaching $697.12 million, surpassing the analyst consensus estimate of $694.33 million. Additionally, Caleres posted an adjusted EPS of 86 cents, beating the analyst projection of 85 cents.
Looking ahead, Caleres anticipates first-quarter FY24 net sales to remain stable to a 1% increase with EPS expected to align with the previous quarter of 2023 on an adjusted basis.
Market Movers Up
Ontrak, Inc. (OTRK) saw a significant surge, with shares rising by 93% to $0.3675 in anticipation of the company’s presentation at the 36th Annual Roth Conference. Similarly, Fusion Pharmaceuticals Inc. (FUSN) experienced a boost, jumping 98% to $21.05 following the announcement of its acquisition by AstraZeneca. Additionally, Spire Global, Inc. (SPIR) witnessed a 30% increase in its shares, reaching $15.90 after revealing a collaboration with NVIDIA to enhance AI-driven weather prediction.
Market Movers Down
Greenwave Technology Solutions, Inc. (GWAV) encountered a significant drop, with shares falling by 56% to $0.1626 after restructuring its senior secured debt. Similarly, shares of Seelos Therapeutics, Inc. (SEEL) declined by 30% to $0.6449 following the announcement that its ALS study with SLS-005 did not meet statistical significance. Additionally, Comtech Telecommunications Corp. (CMTL) observed a 28% decrease to $3.31 post reporting weak quarterly results.
Commodities Performance
Oil prices rose by 1.3% to $83.75, while gold experienced a slight decline of 0.2%, settling at $2,159.90. Silver saw a 0.5% decrease to $25.135, and copper fell by 1.4% to $4.0720.
Global Market Overview
European markets displayed upward movement today, with various indices showing positive trends. European shares basked in the green zone, with the eurozone’s STOXX 600 climbing 0.26%. The ZEW Indicator of Economic Sentiment for the Eurozone also saw an uptick to 33.5 in March, reflecting an optimistic outlook on economic growth.
Conversely, Asian markets had a mixed performance, with Japan’s Nikkei 225 rising by 0.66%, Hong Kong’s Hang Seng Index falling by 1.24%, China’s Shanghai Composite Index dipping by 0.72%, and India’s S&P BSE Sensex witnessing an 0.87% decrease.
Economic Indicators
In the U.S., housing starts surged by 10.7% month-over-month in February to an annualized rate of 1.521 million, following a decline in January. Building permits also saw an increase, rising by 1.9% to an annual rate of 1.518 million in February, surpassing market estimates.
