Nasdaq hits record as Dow, S&P slip ahead of fresh earnings

This article was originally published on this site

U.S. equity markets finished little changed Tuesday with both the Dow Jones Industrial Average and the S&P 500 pulling back from record highs.

Load Error

The Dow slipped 10 points, or 0.03% while the S&P 500 fell 0.11%. The tech-heavy Nasdaq Composite, meanwhile, advanced 0.14% to finish at a record high as investors settle in for a fresh round of earnings from Cisco Systems Inc., Lyft Inc. and Twitter Inc. due after 4 P.M. Tuesday.

The mixed trade came a day after all three of the major averages finished all-time highs as investors weighed the likelihood President Biden’s $1.9 trillion COVID-19 aid package will be approved by Congress.

INVESTORS HOPE TOM BRADY’S SUPER BOWL WIN CHANGES STOCK MARKET INDICATOR’S FORTUNES

In stocks, Tesla Inc. shares were lower a day after the electric-car maker said it had purchased $1.5 billion of bitcoin. Shares finished Monday 2.22% below their record high peak of $883.09 set in January.

In deals, Electronic Arts Inc. agreed to buy mobile-game developer Glu Mobile Inc. for $2.4 billion, or $12.50 per share. The price represents a 36% premium to where shares settled on Friday.

In earnings, makeup manufacturer Coty Inc. said its quarterly net loss widened to $275.4 million from $21.1 million a year ago as demand for beauty products remained tepid while people were riding out the COVID-19 pandemic from home.

Cannabis producer Canopy Growth Corp. reported its quarterly net loss grew nearly tenfold from a year ago due to impairment and restructuring charges, some of which were tied to the closing of production facilities. Still, CEO Greg Klein is optimistic profits will pop later this year thanks to favorable policies from the Biden administration and Congress.

CANOPY GROWTH CEO SEES BIDEN BULLISH FOR POT

Separately, Tilray Inc. rallied after it announced a deal with Grow Pharma to distribute medical cannabis in the UK.

In commodities, West Texas Intermediate crude oil gained 39 cents to $58.36 per barrel and gold climbed $21 to $1,831.90 an ounce.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

A mixed session in Europe saw Germany’s DAX 30 fall 0.34%, France’s CAC 40 tick up 0.1% and Britain’s FTSE 100 rise 0.12%.

Asian markets were higher across the board with China’s Shanghai Composite index surging 2.01% to its highest level in 13 years. Elsewhere in the region, Hong Kong’s Hang Seng index added 0.53% and Japan’s Nikkei 225 edged up 0.4%.

Continue Reading