Wall Street’s recovery from its recent technical correction paused for a breather on Tuesday, as investors awaited more clarity on tariff developments and digested a downbeat consumer confidence report.
The company reported earnings of $0.22 per share compared with a loss of $0.26 per share in the corresponding period of 2023, owing to the launch of its lead product, DefenCath.
Wall Street soared Monday, kicking off the week in full risk-on mode as investors welcomed signs of easing trade tensions and stronger-than-expected economic data.
After dropping by low double digits from their February all-time highs, the major large-cap equity indices are showing signs of a bottom – duration and magnitude notwithstanding.
The momentum trade just hit a wall and the unwind has been nothing short of brutal. JPMorgan analysts Dubravko Lakos-Bujas, Arun Jain and Bhupinder Singh note that the sharp reversal in momentum has erased two years of gains in just three weeks – one of the fastest unwinds in four decades.
The new week will likely test the market’s resiliency as private sector activity readings and the February personal income and spending report are due.
For the second week in a row, the Nasdaq 100 traded in a sideways pattern. Last week, it fell 2.5% but recovered from a 5.2% decline at one time. This week, the tech-heavy index inched up 0.25 percent to 19754. That gain follows four weekly drops.
Wall Street remains in the red heading into the end of the week, with major indexes posting modest midday losses in New York, though well off the session’s earlier lows.
Sentiment was buoyed by the CEO's remarks on transitioning key customers to its next-generation lidar technology, securing new contracts and expectations for lidar shipments to at least triple this year.
Citing institutional investors, Morgan Stanley’s Mike Wilson said the current weakness stemmed from the tariff and other “rapid-fire” policy announcements
Federal Reserve Chairman Jerome Powell indicated that inflation driven by new trade tariffs might be “transitory,” evoking comparisons to the Fed's 2022 misstep when it wrongly classified inflation as a short-lived
As part of the deal, Servier will develop and commercialize the clinical-stage oncology company’s BDTX-4933, a molecule designed to address solid tumors, including non-small cell lung cancer.
Risk sentiment shows signs of recovery by midday trading in New York, as investors anxiously await the Federal Open Market Committee (FOMC) meeting at 2:00 p.m., hoping that Federal Reserve Chair Jerome Powell will offer reassuring remarks on the strength of the economy.
