Dow Jumps 150 Points; FactSet Shares Rise After Q1 Results

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 150 points on Tuesday.

The Dow traded up 0.46% to 37,476.21 while the NASDAQ rose 0.41% to 14,966.74. The S&P 500 also rose, gaining, 0.38% to 4,758.55.

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Leading and Lagging Sectors

Materials shares rose by 1% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.1%.

Top Headline

Shares of FactSet Research Systems Inc FDS gained on Tuesday after the company reported earnings results for its first quarter.

FactSet Research reported quarterly sales growth of 7.4% Y/Y to $542.2 million, marginally beating the consensus of $540.36 million. Adjusted EPS of $4.12 beat the consensus of $4.11.

FactSet lowered FY24 revenue outlook to $2.20 billion-$2.21 billion (from $2.21 billion-$2.23 billion) vs. $2.22 billion estimate and adj. EPS to $15.60-$16.00 (from $15.65-$16.15) vs. consensus of $16.08.

Equities Trading UP

Compugen Ltd. CGEN shares shot up 159% to $1.8901 after Gilead announced an agreement with the company to exclusively license its novel pre-clinical immunotherapy program.

Shares of Intelligent Bio Solutions Inc. INBS got a boost, surging 57% to $0.4391. Intelligent Bio Solutions received National Association of Testing Authorities accreditation for its Intelligent Fingerprinting Drug Screening Solution.

Infobird Co., Ltd IFBD shares were also up, gaining 23% to $1.66 after the company inked a new business cooperation in software development of information technology system.

Equities Trading DOWN

Motus GI Holdings, Inc. MOTS shares dropped 45% to $1.18 after the company priced its $5 million public offering.

Shares of BYND Cannasoft Enterprises Inc. BCAN were down 44% to $0.3849 after the company reported pricing of $1.5 million registered direct offering.

Biodexa Pharmaceuticals Plc BDRX was down, falling 20% to $2.43 after the company disclosed the pricing of $5.2 million underwritten public offering.

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Commodities

In commodity news, oil traded up 0.8% to $73.08 while gold traded up 0.7% at $2,055.30.

Silver traded up 1.2% to $24.40 on Tuesday while copper rose 1.9% to $3.9245.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.28%, London’s FTSE 100 gained 0.16% while Spain’s IBEX 35 Index rose 0.29% The German DAX rose 0.44% French CAC 40 rose 0.02%, while Italy’s FTSE MIB Index rose 0.23%.

Annual inflation rate in the Eurozone eased to 2.4% in November from 2.9% in the previous month.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.41%, Hong Kong’s Hang Seng Index declining 0.75% and China’s Shanghai Composite Index gaining 0.05%. India’s S&P BSE Sensex, meanwhile, rose 0.17%.

Hong Kong’s unemployment rate came in unchanged at 2.9% for the three months ending Nov. 2023. The Bank of Japan held its key short-term interest rate at -0.1% during its latest meeting.

Economics

Building permits in the U.S. declined by 2.5% to an annual rate of 1.460 million in November, down from market estimates of 1.470 million.

U.S. housing starts surged 14.8% month-over-month to an annualized 1.56 million in November, compared to market estimates of 1.36 million.

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