Nasdaq Surges 100 Points; US Retail Sales Beat Estimates

Author: Avi Kapoor | September 17, 2024 10:05am

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

Following the market opening Tuesday, the Dow traded up 0.13% to 41,676.05 while the NASDAQ rose 0.57% to 17,693.20. The S&P 500 also rose, gaining, 0.28% to 5,648.81.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.2% on Tuesday.

In trading on Tuesday, health care shares fell by 0.5%.

Top Headline

U.S. retail sales rose 0.1% month-over-month in August compared to revised 1.1% gain in July, and topping market estimates of a 0.2% decline.

Equities Trading UP
                       

• BurgerFi International, Inc. (NASDAQ:BFI) shares shot up 101% to $0.2430 after the company received interim approval for $3.5 million in financing to support 144 locations during its restructuring.
• Shares of Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) got a boost, surging 110% to $8.13. Galmed Pharmaceuticals regained Nasdaq compliance.
• Smith Micro Software, Inc. (NASDAQ:SMSI) shares were also up, gaining 58% to $0.84 after declining around 9% on Monday.

Equities Trading DOWN

• Tupperware Brands Corporation (NYSE:TUP) shares dropped 58% to $0.5099 following a report suggesting the company is planning bankruptcy.
• Shares of Netcapital Inc. (NASDAQ:NCPL) were down 25% to $2.1720 following first-quarter earnings.
• Oblong, Inc. (NASDAQ:OBLG) was down, falling 23% to $4.1338. Oblong, last week, announced it regained compliance with the Nasdaq.

Commodities

In commodity news, oil traded up 0.3% to $70.28 while gold traded down 0.1% at $2,605.60.

Silver traded up 0.1% to $31.145 on Tuesday, while copper fell 0.1% to $4.2710.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.8%, Germany's DAX rose 0.9% and France's CAC 40 gained 0.9%. Spain's IBEX 35 Index rose 1.4%, while London's FTSE 100 rose 0.6%.

The ZEW Indicator of Economic Sentiment for the Eurozone fell 8.6 points to an eleven-month low level of 9.3. The ZEW Indicator of Economic Sentiment for Germany fell to 3.6 in September from 19.2 in August.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 falling 1.03%, Hong Kong's Hang Seng Index gaining 1.37% and India's BSE Sensex gaining 0.11%.

The merchandise trade deficit in India increased to $29.7 billion in August, recording the highest level in ten months. India's wholesale prices rose by 1.31% year-over-year in August compared to a 2.04% rise in the prior month.

Economics

U.S. retail sales rose 0.1% month-over-month in August compared to revised 1.1% gain in July, and topping market estimates of a 0.2% decline.

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Posted In: BFI GLMD NCPL OBLG SMSI TUP