US stocks remained higher midway through trading on Tuesday after Russia announced it would pull back some troops positioned on the Ukrainian border.
The Dow traded up 1.18% to 34,973.38 while the NASDAQ rose 1.99% to 14,065.87. The S&P also rose, gaining, 1.38% to 4,462.59.
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Leading and Lagging Sectors
Information technology shares climbed 2.1% on Tuesday. Meanwhile, top gainers in the sector included Information Technology (NASDAQ:TSEM), up 42% and Sabre Corporation (NASDAQ:SABR) up 24%.
In trading on Tuesday, energy shares tumbled by 1.6%.
Top Headline
Marriott International, Inc. (NASDAQ:MAR) reported better-than-expected results for its fourth quarter.
Marriott International reported quarterly earnings of $1.30 per share, exceeding market estimates of $0.99 per share. The company’s quarterly sales came in at $4.45 billion, versus estimates of $3.98 billion.
Equities Trading UP
Tower Semiconductor Ltd. (NASDAQ:TSEM) shares shot up 42% to $47.00. Intel Corp (NASDAQ:INTC) agreed to acquire Israeli chip company Tower Semiconductor for $53 per share in cash, representing a total enterprise value of $5.4 billion.
Shares of Cinedigm Corp. (NASDAQ:CIDM) got a boost, shooting 37% to $1.0852 after the company recorded a 42% year-over-year increase in its quarterly revenue.
Resonant Inc. (NASDAQ:RESN) shares were also up, gaining 250% to $4.30 after Murata Electronics announced plans to buy the company at $4.50 per share in cash.
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Equities Trading DOWN
Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares tumbled 55% to $3.73 after the company reported the FDA stated it is maintaining its clinical hold at this time on Larimar's CTI-1601 program and that additional data is needed to resolve the clinical hold.
Shares of Park City Group, Inc. (NASDAQ:PCYG) were down 18% to $6.74 following weak Q2 sales.
Medpace Holdings, Inc. (NASDAQ:MEDP) was down, falling 17% to $145.39. Medpace’s Q4 revenue increased 18.8% Y/Y to $308.6 million, missing the consensus of $309.04 million.
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Commodities
In commodity news, oil traded down 4% to $91.68, while gold traded down 0.9% to $1,852.80.
Silver traded down 2.3% Tuesday to $23.30 while copper rose 0.6% to $4.5355.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.43%, London’s FTSE 100 rose 1.03%, while Spain’s IBEX 35 Index rose 1.68%. The German DAX gained 1.98%, French CAC 40 jumped 1.86% and Italy’s FTSE MIB Index climbed 2.09%.
Labor productivity in the UK rose 1% on quarter in the final three months of 2021, while the number of people in work dropped by 39,000 on quarter to 32.485 million in the same period. The UK unemployment rate came in at 4.1% in the fourth quarter Spanish annual inflation rate eased to 6.1% in January from around 30-year high of 6.5% in December.
Economics
Producer prices rose 1% month-over-month in January following a revised 0.4% increase in December.
The New York Empire State Manufacturing Index climbed to 3.1 in February from -0.7 in January.
The Treasury International Capital report for December will be released at 4:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 79,520,660 cases with around 946,180 deaths. India confirmed a total of at least 42,692,940 cases and 509,380 deaths, while Brazil reported over 27,541,130 COVID-19 cases with 638,910 deaths. In total, there were at least 414,378,670 cases of COVID-19 worldwide with more than 5,846,930 deaths.
