Dow Edges Higher; Goldman Sachs Posts Upbeat Earnings

U.S. stocks traded mixed toward the end of trading, with the Dow Jones turning higher on Tuesday.

The Dow traded up 0.04% to 34,000.96 while the NASDAQ fell 0.13% to 12,141.79. The S&P 500, also rose, gaining, 0.05% to 4,153.41.

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Leading and Lagging Sectors

• Energy shares rose by 0.6% on Tuesday. Meanwhile, top gainers in the sector included USD Partners LP USDP, up 15%, and Alto Ingredients, Inc. ALTO, up 8%.
• In trading on Tuesday, health care fell by 0.8%.

Top Headline

Goldman Sachs Inc GS reported mixed Q1 financial results.

Goldman Sachs reported Q1 net revenues of $12.22 billion, down 5% Y/Y, missing the consensus estimate of $12.79 billion. EPS of $8.79 beat the consensus estimate of $8.10.

Equities Trading UP

• BELLUS Health Inc. BLU shares shot up 98% to $14.40 after GSK announced it will acquire the company for $14.75 per share in cash, representing an approximate total equity value of $2 billion.
• Shares of Gamida Cell Ltd. GMDA got a boost, shooting 61% to $1.8054 after the company announced it received FDA approval for Omisirge allogeneic cell therapy.
• Glory Star New Media Group Holdings Limited GSMG shares were also up, gaining 51% to $0.7250 after the company announced the signing of a $60 million strategic investment with two institutional investors at $2.48 per share.

Equities Trading DOWN

• China Jo-Jo Drugstores, Inc. CJJD shares dropped 79% to $0.99 after the company announced a $7 million registered direct offering.
• Shares of Digital Brands Group, Inc. DBGI were down 20% to $1.1860 following Q4 results. Digital Brands Group posted a Q4 loss of $20.46 per share.
• Telefonaktiebolaget LM Ericsson ERIC was down, falling 9% to $5.38 after the company reported Q1 financial results. The company also announced CFO Carl Mellander will step down at the end of the Q1 2024.

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Commodities

In commodity news, oil traded up 0.4% to $81.16 while gold traded up 0.7% at $2,020.20.

Silver traded up 0.7% to $25.27 on Tuesday while copper rose 0.7% to $4.0925.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.38%, London’s FTSE 100 rose 0.38% while Spain’s IBEX 35 Index rose 0.46%. The German DAX rose 0.59%, French CAC 40 rose 0.47% and Italy’s FTSE MIB Index gained 0.69%.

The ZEW Indicator of Economic Sentiment for the Eurozone declined by 3.6 points to 6.4 in April, while ZEW Indicator of Economic Sentiment for Germany fell for a second month to a reading of 4.1 in April. Italy recorded a trade surplus of EUR 2.1 billion in February, versus a year-ago gap of EUR 1.5 billion.

The unemployment rate in the UK rose by 0.1 percentage points on the quarter to 3.8% in December to February, while average weekly earnings, including bonuses, climbed 5.9% year-over-year to GBP 638 during the three months to February.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.51%, Hong Kong’s Hang Seng Index falling 0.63% and China’s Shanghai Composite Index gaining 0.23%. India’s S&P BSE Sensex dropped 0.3%.

Chinese retail sales rose by 10.6% from the previous year in March, while the country’s economy expanded by 2.2% during the three months to March. China's industrial production rose by 3.9% year-over-year in March.

Economics

Housing starts in the US fell 0.8% month-over-month to an annualized rate of 1.42 million in March, while building permits dipped 8.8% to an annual rate of 1.413 million.

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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 106,475,030 cases with around 1,158,250 deaths. India confirmed a total of at least 44,834,850 cases and 531,150 deaths, while France reported over 39,903,410 COVID-19 cases with 166,020 deaths. In total, there were at least 685,740,980 cases of COVID-19 worldwide with more than 6,842,940 deaths.