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Nasdaq Jumps Over 200 Points; GitLab Shares Plummet

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 400 points on Tuesday. The Dow traded up 1.30% to 32,234.35 while the NASDAQ rose 2.07% to 11,421.23. The S&P 500, also rose, gaining, 1.85% to 3,927.19.

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 400 points on Tuesday.

The Dow traded up 1.30% to 32,234.35 while the NASDAQ rose 2.07% to 11,421.23. The S&P 500, also rose, gaining, 1.85% to 3,927.19.

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Leading and Lagging Sectors

  • Financials shares rose by 2.7% on Tuesday. Meanwhile, top gainers in the WAL), up 50%.
  • In trading on Tuesday, consumer staples shares rose by just 0.8%.

 

Top Headline

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 52% to $14.84 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 56% to $48.56 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 71% to $1.28 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 28% to $32.16 after the company issued weak revenue guidance.
  • Shares of Oportun Financial Corporation (NASDAQ:OPRT) were down 29% to $2.99 after the company posted downbeat Q4 results and issued weak revenue forecast.
  • RAPT Therapeutics, Inc. (NASDAQ:RAPT) was down, falling 26% to $19.68 after reporting Q4 results.

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Commodities

In commodity news, oil traded down 1.2% to $73.90 while gold traded down 0.3% at $1,910.80.

Silver traded up 0.1% to $21.94 on Tuesday while copper fell 0.6% to $4.0275.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.51%, London’s FTSE 100 rose 1.01% while Spain’s IBEX 35 Index climbed 2.28%. The German DAX climbed 1.94% French CAC 40 rose 1.94% and Italy’s FTSE MIB Index rose 2.28%.

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.

 

Economics

  • 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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COVID-19 Update

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.

 

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