U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 100 points on Tuesday.
The Dow traded up 0.19% to 33,781.23 while the NASDAQ rose 0.90% to 11,496.13. The S&P 500 also rose, gaining, 0.56% to 4,040.22.
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Leading and Lagging Sectors
- Consumer discretionary shares rose by 1.3% on Tuesday. Meanwhile, top gainers in the LANV), up 12%.
- In trading on Tuesday, utilities shares fell by 0.5%.
Top Headline
McDonald's Corporation (NYSE:MCD) posted upbeat earnings for its fourth quarter.
McDonald's said fourth-quarter revenue decreased 1% year-over-year to $5.93 billion, which beat average analyst estimates of $5.69 billion. The iconic fast-food chain reported quarterly earnings of $2.59 per share, which beat consensus estimates of $2.46 per share. Earnings were up 19% on a year-over-year basis.
Equities Trading UP
- Motorsport Games Inc. (NASDAQ:MSGM) shares shot up 659% to $20.04. The company announced a debt-for-equity exchange with Motorsport Network. Also, Investor Mike Zoi reported purchase of 338,983 shares of Motorsport Games at an average price of $2.95 per share in Form 4 Filing.
- Shares of Atlas Technical Consultants, Inc. (NASDAQ:ATCX) got a boost, shooting 121% to $12.06 after the company agreed to be acquired by GI Partners for $12.25 per share in cash.
- Context Therapeutics Inc. (NASDAQ:CNTX) shares were also up, gaining 63% to $1.11 after the company announced its clinical trial collaborator, Stemline Therapeutics, received approval from the FDA for ORSERDU in ER+, HER2-, ESR1-mutated breast cancer.
Equities Trading DOWN
- Nuvve Holding Corp. (NASDAQ:NVVE) shares tumbled 41% to $1.3589 after the company filed for common stock offering of up to $25 million.
- Shares of AppTech Payments Corp. (NASDAQ:APCX) were down 21% to $4.25.
- AppTech Payments reported pricing of $5 million registered direct offering and concurrent private placement.
- Woodward, Inc. (NASDAQ:WWD) was down, falling 11% to $97.86 following weak quarterly earnings.
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Commodities
In commodity news, oil traded up 0.8% to $78.50 while gold traded up 0.2% at $1,943.20.
Silver traded up 0.1% to $23.765 on Tuesday while copper fell 0.1% to $4.1960.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.26%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index fell 0.17%. The German DAX gained 0.01% French CAC 40 rose 0.01% and Italy’s FTSE MIB Index rose 1%.
The Eurozone economy expanded by 0.1% during the final quarter of 2022, compared to a 0.3% growth in the prior three-month period. Consumer credit in the UK rose by GBP 0.493 billion in December versus a revised GBP 1.488 billion increase in the prior month. The unemployment rate in Germany came in unchanged for a fifth straight month at 5.5% in January, while unemployment rate in Italy also held steady at 7.8% in December. Retail sales in Germany dropped 5.3% month-over-month in December.
Producer prices in the French domestic markets increased 1.4% month-over-month in December, while annual inflation rate in the country rose to 6% in January from 5.9% in the previous month. French economy expanded 0.1% on quarter in the fourth quarter.
Asia Pacific Markets
Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 dropping 0.39%, Hong Kong’s Hang Seng Index dropping 1.03% and China’s Shanghai Composite Index falling 0.42%. India’s S&P BSE Sensex gained 0.21%.
Japan's housing starts dropped by 1.7% year-over-year in December, while consumer confidence index in the country rose to 31.0 in January from 30.3 in the previous month. Retail sales in Japan climbed 3.8% from a year ago in December, while industrial production fell 0.1% month-over-month in December. Japan’s unemployment rate came in unchanged at 2.5% for December.
Singapore’s unemployment rate fell to 2.0% in Q4. The NBS Composite PMI Output Index for China climbed to 52.9 in January from 42.6 in the earlier month.
Economics
- The Chicago PMI in the US dropped to 44.3 points in January from 44.9 in December.
- The S&P CoreLogic Case-Shiller 20-city home price index increased 6.8% year-over-year in November.
- The FHFA house price index dropped 0.1% from a month ago in November.
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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 104,183,560 cases with around 1,132,710 deaths. India confirmed a total of at least 44,682,780 cases and 530,740 deaths, while France reported over 39,517,450 COVID-19 cases with 164,170 deaths. In total, there were at least 675,120,840 cases of COVID-19 worldwide with more than 6,761,620 deaths.
