U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 200 points on Tuesday.
The Dow traded up 0.67% to 34,783.56 while the NASDAQ rose 1.76% to 14,082.54. The S&P also rose, gaining, 0.99% to 4,505.32.
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Leading and Lagging Sectors
Communication services shares jumped by 2.3% on Tuesday. Meanwhile, top gainers in the sector included iQIYI, Inc. (NASDAQ:IQ), up 27% and Bilibili Inc. (NASDAQ:BILI) up 22%.
In trading on Tuesday, energy shares fell by 1.7%.
Top Headline
Carnival Corporation (NYSE:CCL) reported weaker-than-expected sales results for its first quarter on Tuesday.
Carnival posted adjusted loss of $1.66 per share, missing market expectations for a loss of $0.89 per share. The company’s quarterly sales came in at $1.62 billion, missing estimates of $2.30 billion.
Equities Trading UP
Forge Global Holdings Inc. (NYSE:FRGE) shares shot up 94% to $19.61. True Global Ventures’ portfolio company Forge Global Holdings completed its business combination with Motive Capital Corp on the 22nd of March, 2022.
Shares of HireRight Holdings Corporation (NYSE:HRT) got a boost, shooting 21% to $15.22 after the company reported better-than-expected Q4 results. The company also issued FY22 EPS and sales guidance above analyst estimates.
FreightCar America, Inc. (NASDAQ:RAIL) shares were also up, gaining 23% to $5.38 after the company reported better-than-expected Q4 results.
Equities Trading DOWN
ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares tumbled 32% to $4.55 after the company decided to discontinue the further development of ORIC-101 after interim analyses from the two Phase 1b studies, wherein ORIC-101 did not demonstrate sufficient clinical activity. Oppenheimer and Guggenheim downgraded the stock.
Shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) were down 28% to $1.2898 after the company reported pricing of public offering of common stock.
Statera Biopharma, Inc. (NASDAQ:STAB) was down, falling 43% to $0.3396 after the company reported pricing of $5.7 million underwritten public offering.
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Commodities
In commodity news, oil traded down 1.7% to $110.21, while gold traded down 0.7% to $1,915.50.
Silver traded down 1.8% Tuesday to $24.87 while copper fell 0.2% to $4.7025.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.81%, London’s FTSE 100 gained 0.34%, while Spain’s IBEX 35 Index rose 0.73%. The German DAX climbed 1%, French CAC 40 rose 1.03% and Italy’s FTSE MIB Index rose 1.01%.
Construction output in the Eurozone increased 4.1% year-over-year in January, following a revised 0.2% rise in December. The UK’s government reported a £13.1 billion deficit in its public finances for the month of February.
Economics
The Richmond Fed composite manufacturing index climbed to 13 in March from 1 in the previous month.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,448,400 cases with around 998,840 deaths. India confirmed a total of at least 43,010,970 cases and 516,570 deaths, while Brazil reported over 29,641,840 COVID-19 cases with 657,360 deaths. In total, there were at least 472,770,900 cases of COVID-19 worldwide with more than 6,106,520 deaths.
