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Nasdaq Down Over 1%; VivoPower International Shares Spike Higher
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Nasdaq Down Over 1%; VivoPower International Shares Spike Higher
Apr 2, 2024 12:15 PM

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dipping over 1% on Tuesday.

The Dow traded down 1.07% to 39,142.53 while the NASDAQ fell 1.14% to 16,209.12. The S&P 500 also fell, dropping, 0.85% to 5,199.28.

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Leading and Lagging Sectors

 

Energy shares jumped by 0.6% on Tuesday.

In trading on Tuesday, health care shares fell by 2%.

 

Top Headline

 

The number of job openings rose by 8,000 from the prior month to 8.756 million in February compared to market estimates of 8.75 million.

 

Equities Trading UP

 

VivoPower International PLC ( VVPR ) shares shot up 385% to $7.08 after the company's Tembo subsidiary announced it will merge with the Nasdaq-listed Cactus Acquisition Corp. 1 Limited.

Shares of VirTra, Inc. ( VTSI ) got a boost, surging 33% to $12.72 after the company reported better-than-expected fourth-quarter results.

MSP Recovery, Inc. ( LIFW ) shares were also up, gaining 30% to $0.87 after a 13G filing showed Palantir Technologies reported a 6.5% stake in the company as of March 22, 2024.

 

Equities Trading DOWN

 

Acorda Therapeutics, Inc. ( ACOR ) shares dropped 76% to $3.2501 after the company commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.

Shares of Gritstone bio, Inc. ( GRTS ) were down 50% to $1.1850 after the company announced a $32.5 million underwritten public offering of 8,333,333 shares of common stock and accompanying common warrants at $1.50 per share and accompanying common warrant.

Verve Therapeutics, Inc. ( VERV ) was down, falling 36% to $8.15 amid the company pausing enrollment in its Heart-1 Phase 1b clinical trial after a participant experienced a Grade 3 drug-induced transient increase in serum alanine aminotransferase as well as a serious adverse event.

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Commodities

 

In commodity news, oil traded up 1.7% to $85.13 while gold traded up 1.6% at $2,292.70.

Silver traded up 3.3% to $25.91 on Tuesday, while copper rose 0.5% to $4.0680.

 

Euro zone

 

European shares closed lower today. The eurozone's STOXX 600 fell 0.80%, London's FTSE 100 fell 0.22% while Spain's IBEX 35 Index fell 0.89% The German DAX fell 1.13% French CAC 40 fell 0.92% while Italy's FTSE MIB Index fell 1.22%.

The HCOB manufacturing PMI for Eurozone rose to 46.1 in March versus a preliminary reading of 45.7. Median consumer expectations for Eurozone inflation over the next 12 months eased to 3.1% in February. The HCOB Germany manufacturing PMI was revised higher to 41.9 in March versus a preliminary level of 41.6, while French manufacturing PMI declined to 46.2 in March versus 47.1 a month ago.

The S&P Global UK Manufacturing PMI rose to 50.3 in March versus a preliminary reading of 49.9, while consumer credit in the UK rose by £1.378 billion in February. The Nationwide House Price Index in the UK increased by 1.6% year-over-year in March following a 1.2% gain in February.

 

Asia Pacific Markets

 

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.09%, Hong Kong's Hang Seng Index gaining 2.36%, China's Shanghai Composite Index falling 0.08% and India's S&P BSE Sensex falling 0.2%.

The HSBC Indian manufacturing PMI was revised lower to 59.1 in March compared to a preliminary reading of 59.2.

 

Economics

 

U.S. factory orders increased by 1.4% from the prior month to $576.8 billion in February, following a revised 3.8% decline in January.

The number of job openings rose by 8,000 from the prior month to 8.756 million in February compared to market estimates of 8.75 million.

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