US stocks rallied on Tuesday, with the Dow Jones Industrial Average gaining over 100 points, signaling a positive start to the week. The Dow climbed 0.26% to 41,728.28, while the NASDAQ surged 0.73% to 17,721.04. The S&P 500 also enjoyed a boost, rising 0.39% to 5,655.10.
The consumer discretionary sector was a major driver of the market’s gains, jumping 1.6% on Tuesday. This positive sentiment was in contrast to the healthcare sector, which dipped by 0.2%.
Top Headlines
US total business inventories rose by 0.4% month-over-month in July, exceeding market expectations of a 0.3% increase. This positive trend indicates continued growth in business activity.
Equities Trading UP
* BurgerFi International, Inc. (BFI) shares soared 96% to $0.2375 after the company secured interim approval for $3.5 million in financing. This funding will support 144 locations during the company’s restructuring.
* Galmed Pharmaceuticals Ltd. (GLMD) shares surged 99% to $7.72 as the company regained compliance with Nasdaq listing requirements.
* Compass Minerals International, Inc. (CMP) shares climbed 28% to $11.77 following the company’s announcement of preliminary third-quarter revenue surpassing estimates.
Equities Trading DOWN
* Tupperware Brands Corporation (TUP) shares plummeted 58% to $0.5099 following a report suggesting the company is considering bankruptcy.
* Netcapital Inc. (NCPL) shares dropped 26% to $2.1438 after the company released its first-quarter earnings report.
* Korro Bio, Inc. (KRRO) shares fell 7% to $38.10. Despite this decline, HC Wainwright & Co. analyst Mitchell Kapoor maintained a Buy rating and a $100 price target for the company. Korro Bio announced a collaboration with Novo Nordisk to develop new genetic medicines, with the initial focus on treating cardiometabolic diseases.
Commodities
In the commodities market, oil prices rose 1.4% to $71.08, while gold prices dipped 0.1% to $2,608.40. Silver traded up 0.6% to $31.31, and copper rose 0.2% to $4.2865.
Euro Zone
European markets also traded higher on Tuesday. The eurozone’s STOXX 600 index rose 0.52%, Germany’s DAX gained 0.62%, and France’s CAC 40 climbed 0.52%. Spain’s IBEX 35 Index surged 1.22%, while London’s FTSE 100 rose 0.43%.
Despite the positive sentiment, the ZEW Indicator of Economic Sentiment for the Eurozone fell 8.6 points to an eleven-month low level of 9.3. Similarly, the ZEW Indicator of Economic Sentiment for Germany declined to 3.6 in September from 19.2 in August.
Asia Pacific Markets
Asian markets closed mixed on Tuesday. Japan’s Nikkei 225 index fell 1.03%, while Hong Kong’s Hang Seng Index gained 1.37% and India’s BSE Sensex rose 0.11%. India’s merchandise trade deficit widened to $29.7 billion in August, reaching the highest level in ten months. India’s wholesale prices increased by 1.31% year-over-year in August, compared to a 2.04% rise in the previous month.
Economics
US retail sales grew by 0.1% month-over-month in August, exceeding market expectations of a 0.2% decline. The NAHB/Wells Fargo Housing Market Index climbed to 41 in September from 39 in the prior month. These economic indicators suggest ongoing resilience in the US economy despite recent headwinds.
Overall, the US stock market experienced a positive day, driven by strong gains in the consumer discretionary sector and positive economic data. While European markets followed suit, Asian markets closed mixed, highlighting the global economic complexities.
