U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.11% to 38,831.86 while the NASDAQ fell 0.63% to 16,001.30. The S&P 500 also fell, dropping, 0.28% to 5,135.12.

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Leading and Lagging Sectors

 

Energy shares rose by 0.4% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

 

Top Headline

 

Housing starts in the U.S. surged 10.7% month-over-month to an annualized rate of 1.521 million in February following a 12.3% decline in January.

 

Equities Trading UP

 

Ontrak, Inc. OTRK shares shot up 153% to $0.4787 ahead of the company's presentation at the 36th Annual Roth Conference.

Shares of Fusion Pharmaceuticals Inc. FUSN got a boost, surging 97% to $21.00 after the company announced agreed to be acquired by AstraZeneca. Also, Leerink Partners downgraded the stock from Outperform to Market Perform but raised its price target from $17 to $21.

Enveric Biosciences, Inc ENVB shares were also up, gaining 44% to $1.59 after the company announced that it signed two non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of cannabinoid-COX-2 conjugate compounds for pharmaceutical and non-pharmaceutical applications for the treatment of joint diseases.

 

Equities Trading DOWN

 

Greenwave Technology Solutions, Inc. GWAV shares dropped 56% to $0.1627. The company announced it has restructured its senior secured debt.

Shares of Seelos Therapeutics, Inc. SEEL were down 53% to $0.43 after the company announced that its ALS study with SLS-005 did not meet statistical significance in the primary and secondary endpoint in the Full Analysis Set.

Peraso Inc. PRSO was down, falling 22% to $1.34 after the company reported worse-than-expected fourth-quarter EPS results.

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Commodities

 

In commodity news, oil traded up 0.1% to $82.79 while gold traded down 0.3% at $2,157.70.

Silver traded down 0.5% to $25.145 on Tuesday, while copper fell 1.1% to $4.0830.

 

Euro zone

 

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index rose 0.3% The German DAX fell 0.1% French CAC 40 rose 0.20% while Italy’s FTSE MIB Index rose 0.3%.

The ZEW Indicator of Economic Sentiment for the Eurozone rose by 8.5 points to a reading of 33.5 in March, while wages in the Eurozone increased 3.1% year-over-year in the fourth quarter. Hourly labor costs rose by 3.4% year-over-year for the quarter.

The ZEW Indicator of Economic Sentiment for Germany climbed to a reading of +31.7 in March, surging to its strongest level since Feb. 2022.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 gaining 0.66%, Hong Kong’s Hang Seng Index falling 1.24%, China’s Shanghai Composite Index dipping 0.72% and India’s S&P BSE Sensex falling 0.87%.

Industrial production in Japan fell by 6.7% month-over-month in January compared to the preliminary figure of a 7.5% decline. The Bank of Japan increased its key short-term interest rate to around 0% to 0.1%.

 

Economics

 

Housing starts in the U.S. surged 10.7% month-over-month to an annualized rate of 1.521 million in February following a 12.3% decline in January.

U.S. building permits rose by 1.9% to an annual rate of 1.518 million in February, versus market estimates of 1.495 million.

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