U.S. stocks began the day on a high note, with the Dow Jones index soaring by more than 100 points on Tuesday.
As the trading day unfolded, the Dow surged by 0.34% to 38,509.84, while the NASDAQ climbed 0.21% to 15,629.82. The S&P 500 also experienced gains, rising 0.17% to 4,951.38.
Leading and Lagging Sectors
The materials sector saw a robust increase of 0.9% on Tuesday.
On the flip side, utilities shares took a hit, declining by 0.4% during trading.
Strong Earnings from Eli Lilly And Co
Eli Lilly And Co LLY posted impressive earnings for its fourth quarter.
Eli Lilly reported fourth-quarter revenue of $9.35 billion in 2023, marking a 28% year-over-year increase and surpassing the consensus of $8.93 billion. This remarkable performance was driven by a 16% hike due to higher realized prices, an 11% surge in volume, and a 1% boost from the favorable impact of foreign exchange rates. Furthermore, Eli Lilly achieved an adjusted EPS of $2.49, outpacing the consensus of $2.19 and registering a 19% year-over-year increase.
Notable Stock Movements
InVivo Therapeutics Holdings Corp. NVIV witnessed a staggering 168% surge, reaching $0.5941 after experiencing a 26% decline on the previous day.
Additionally, Tenax Therapeutics, Inc. TENX enjoyed a significant boost, with its shares skyrocketing by 94% to $17.00 following the company’s announcement regarding the grant of a U.S. patent application for “Levosimendan For Treating Pulmonary Hypertension With Heart Failure With Preserved Ejection Fraction.”
Agrify Corporation AGFY also experienced upward momentum, with its shares gaining 42% and reaching $0.91. Notably, Agrify achieved a significant milestone with the installation of the PX-30 hydrocarbon extraction system in its Michigan facility.
Market Declines
Sunworks, Inc. SUNW reported a notable 66% drop, reaching $0.0710. The company disclosed the cessation of its operations and the filing of voluntary petitions for relief under the provisions of Chapter 7 of Title 11 of the U.S. Code.
Meanwhile, shares of BioRestorative Therapies, Inc. BRTX declined by 53% to $1.5999. BioRestorative Therapies announced the exercise of warrants and the issuance of new warrants in a private placement, generating $8.1 million gross proceeds priced at-the-market.
Peraso Inc. PRSO also faced a downturn, plunging by 48% to $1.60 following the company’s announcement of the pricing of a $4 million underwritten public offering.
Commodities and International Markets
In the realm of commodities, oil recorded a 0.2% increase, reaching $72.90, while gold experienced a 0.2% decline, settling at $2,039.80 per ounce.
Silver witnessed a 0.3% decrease, trading at $22.36 on Tuesday, and copper fell by 0.1% to $3.77.
European markets displayed a mixed performance, with the eurozone’s STOXX 600 rising by 0.1%. London’s FTSE 100 surged by 0.5%, while Spain’s IBEX 35 Index registered a 0.2% increase. On the other hand, the German DAX experienced a 0.1% decline, and the French CAC 40 and Italy’s FTSE MIB Index rose by 0.2% and 0.3%, respectively.
Asian markets concluded the day on a positive note, with Japan’s Nikkei 225 declining by 0.53%, Hong Kong’s Hang Seng Index soaring by 4.04%, and China’s Shanghai Composite Index gaining 3.23%. India’s S&P BSE Sensex also recorded an upward trajectory, rising by 0.63%.
Household spending in Japan exhibited a 2.5% year-over-year decline in December, deviating from market expectations of a 2.1% decrease. Conversely, average cash earnings in Japan witnessed a 1% year-over-year increase in the same period.
Economic Landscape
No major economic releases were on the docket for Tuesday.
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