Nasdaq Gains 50 Points; US New Home Sales Rise In February

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining around 50 points on Tuesday.

The Dow traded down 0.06% to 42,556.82 while the NASDAQ climbed 0.29% to 18,241.49. The S&P 500 also rose, gaining, 0.06% to 5,770.81.

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Leading and Lagging Sectors

Communication services shares jumped by 1.3% on Tuesday.

In trading on Tuesday, utilities shares fell by 1.6%.

Top Headline

Sales of new single-family homes increased 1.8% to an annual rate of 676,000 in February, following a revised 6.9% decline in the previous month, and down from market estimates of 680,000.

Equities Trading UP
                       

• Tenon Medical, Inc. (NASDAQ:TNON) shares shot up 287% to $3.79 on possible continued strength after the company announced yesterday that it has received FDA 510(k) clearance for its Catamaran St Joint Fusion System.
• Shares of DatChat, Inc. (NASDAQ:DATS)got a boost, surging 140% to $5.18 after the company announced its Myseum social media platform is available on Apple iOS and Android.
• BitFuFu Inc. (NASDAQ:FUFU) shares were also up, gaining 12% to $4.9970 after the company reported a FY24 GAAP EPS beat.

Equities Trading DOWN

• Mural Oncology plc (NASDAQ:MURA) shares dropped 58% to $1.6050 after the company announced it will discontinue its final analysis of Nemvaleukin in combination with KEYTRUDA and will cease further development. Jones Trading downgraded the stock from Buy to Hold.
• Shares of CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) were down 60% to $1.3499 after the company announced primary analysis of Berubicin in second line treatment of glioblastoma multiforme.
• CorMedix Inc. (NASDAQ:CRMD) was down, falling 32% to $7.32 following fourth-quarter results.

Commodities

In commodity news, oil traded up 0.6% to $69.50 while gold traded up 0.7% at $3,037.10.

Silver traded up 2.4% to $34.235 on Tuesday, while copper rose 1.8% to $5.1825.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.76%, Germany's DAX 40 rose 0.80% and France's CAC 40 rose 1.02%. Spain's IBEX 35 Index rose 1.10%, while London's FTSE 100 gained 0.74%.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.46%, China's Shanghai Composite Index falling 0.002%, Hong Kong's Hang Seng Index falling 2.35% and India's BSE Sensex gaining 0.04%.

Economics

• The S&P CoreLogic Case-Shiller home price index increased 4.7% year-over-year in January, versus a 4.5% increase in December, but down from market estimates of a 4.8% increase.
• The FHFA house price index rose by 0.2% in January.
• Sales of new single-family homes increased 1.8% to an annual rate of 676,000 in February, following a revised 6.9% decline in the previous month, and down from market estimates of 680,000.

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