Market Overview

Mid-Afternoon Market Update: NASDAQ Rises Over 2%; Myomo Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded up 1.67% to 28,875.28 while the NASDAQ rose 2.11% to 9,469.15. The S&P also rose, gaining 1.69% to 3,303.85.

Leading and Lagging Sectors

Information technology shares climbed 2.6% on Tuesday. Meanwhile, top gainers in the sector included Allot Ltd. (NASDAQ: ALLT), up 30%, and Slack Technologies, Inc. (NYSE: WORK), up 11%.

In trading on Tuesday, utilities shares fell 0.5%.

Top Headline

On Monday, Alphabet Inc (NASDAQ: GOOGL) reported better-than-expected earnings for its fourth quarter, while sales missed estimates.

Alphabet reported quarterly earnings of $15.35 per share, which beat the analyst consensus estimate of $12.53. The company reported quarterly sales of $46.075 billion, which missed the analyst consensus estimate of $46.94 billion.

Equities Trading UP

Myomo, Inc. (NYSE: MYO) shares shot up 323% to $25.57 after the company's MyoPro was approved for reimbursement by German health insurer BARMER.

Shares of Digital Ally, Inc. (NASDAQ: DGLY) got a boost, shooting up 41% to $1.35 after the company announced it has been awarded a three-year contract to supply 5,000 body cameras to its national police force for an expected total of $4 million.

iBio, Inc. (NYSE: IBIO) shares were also up, gaining 57% to $0.4260 after the company announced the joint development of a coronavirus vaccine with Beijing CC-Pharming.

Equities Trading DOWN

Rockwell Medical, Inc. (NASDAQ: RMTI) shares tumbled 18% to $2.2785 after the company priced 3.191 million share common stock offering for gross proceeds $7.5 million.

Shares of EZCORP, Inc. (NASDAQ: EZPW) were down 23% to $5.18 after reporting weak Q1 results.

Lianluo Smart Limited (NASDAQ: LLIT) was down, falling 26% to $1.5998 after declining 26.1% on Monday.

Commodities

In commodity news, oil traded up 0.9% to $50.54, while gold traded down 1.8% to $1,554.30.

Silver traded down 0.7% Tuesday to $17.54, while copper rose 1.5% to $2.5435.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.64%, the Spanish Ibex Index rose 1.68%, while Italy’s FTSE MIB Index rose 1.64% Meanwhile, the German DAX gained 1.81%, and the French CAC 40 rose 1.76% while UK shares rose 1.55%.

Economics

The Johnson Redbook Retail Sales Index rose 5.7% year-over-year for the week ended February 1.

U.S. factory orders rose 1.8% in December, versus a revised 1.2% fall in November.

 

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Posted-In: Mid-Afternoon Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

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