Nasdaq Surges Over 100 Points; Academy Sports And Outdoors Posts Downbeat Earnings

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.60% to 47,229.35 while the NASDAQ rose 0.54% to 22,495.65. The S&P 500 also rose, gaining, 0.55% to 6,736.04.

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Leading and Lagging Sectors

Energy shares climbed by 1.3% on Tuesday.

In trading on Tuesday, industrials stocks fell by 0.1%.

Top Headline

Academy Sports and Outdoors Inc (NASDAQ:ASO) reported downbeat earnings for the fourth quarter on Tuesday.

The company posted quarterly earnings of $1.97 per share which missed the analyst consensus estimate of $2.06 per share. The company reported quarterly sales of $1.719 billion which missed the analyst consensus estimate of $1.758 billion.

Equities Trading UP
           

• U Power Ltd (NASDAQ:UCAR) shares shot up 170% to $1.20. U Power announced production of first batch of 30 battery-swapping electric heavy-duty trucks for Thailand.
• Shares of Lunai Bioworks Inc (NASDAQ:LNAI) got a boost, surging 217% to $0.67.
• bioAffinity Technologies Inc (NASDAQ:BIAF) shares were also up, gaining 43% to $2.72 after the company announced a new clinical case study that highlights the benefit of adding CyPath Lung, a noninvasive test for lung cancer, to the diagnostic pathway for a high-risk patient with multiple pulmonary nodules.

Equities Trading DOWN

• Aldeyra Therapeutics Inc (NASDAQ:ALDX) shares dropped 67% to $1.38 after the company announced that it received a complete response letter from the FDA on replroxalap for the treatment of dry eye disease which cited lack of evidence and inconsistency of study results.
• Shares of Meiwu Technology Co Ltd (NASDAQ:WNW) were down 67% to $0.71 after the company announced a $14 million registered direct offering.
• LENSAR Inc (NASDAQ:LNSR) was down, falling 30% to $7.22 after the company announced that it reached an agreement with Alcon Research to terminate the merger agreement between the parties.

Commodities

In commodity news, oil traded up 2.2% to $95.56 while gold traded up 0.4% at $5,022.90.

Silver traded up 0.2% to $80.87 on Tuesday, while copper fell 0.9% to $5.7770.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.7%, while Spain's IBEX 35 Index rose 1.2%. London's FTSE 100 rose 0.8%, Germany's DAX gained 0.5% and France's CAC 40 rose 0.7% during the session.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 0.09%, Hong Kong's Hang Seng index gaining 0.13%, China's Shanghai Composite slipping 0.85% and India's BSE Sensex gaining 0.75%.

Economics

Private employers in the US added an average of 9,000 jobs a week during the four weeks ending Feb. 28, compared to the revised 14,750 jobs per week in the previous period, the ADP said.

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