U.S. stocks were on a turbulent journey, with the Nasdaq Composite falling over 1% on Tuesday.
The Dow dropped 1.07% to 39,142.53 while the NASDAQ fell 1.14% to 16,209.12. The S&P 500 also declined by 0.85% to 5,199.28.
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Sectoral Swings
Energy shares leaped by 0.6% during Tuesday’s trading session.
On the flip side, health care shares took a hit, dropping by 2%.
Key Developments
The count of job openings rose by 8,000 from the prior month to 8.756 million in February, slightly surpassing market estimates.
Winners and Losers
VivoPower International PLC VVPR shares skyrocketed by 385% to $7.08 after the announcement of its Tembo subsidiary merging with Nasdaq-listed Cactus Acquisition Corp. 1 Limited.
Conversely, shares of Acorda Therapeutics, Inc. ACOR plummeted by 76% to $3.2501 following the initiation of voluntary Chapter 11 proceedings by the company.
Similarly striking was the nosedive of Gritstone bio, Inc. GRTS with a 50% drop to $1.1850 after announcing a public offering of shares.
Market Movements
Oil prices rose by 1.7% to $85.13, while gold also gained 1.6% reaching $2,292.70.
Silver traded up 3.3% to $25.91, and copper saw a modest increase of 0.5% to $4.0680.
Global Scenarios
European markets closed lower today. The Eurozone’s STOXX 600 fell by 0.80%, with individual indices like London’s FTSE 100 dropping by 0.22%.
In Asia, markets were mixed, with Japan’s Nikkei 225 making slight gains while Hong Kong’s Hang Seng Index surged by 2.36%.
Economic Insights
U.S. factory orders rose by 1.4% in February to $576.8 billion after a decline in the previous month.
The number of job openings also showed an increase, rising to 8.756 million in February.
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