US Stocks Higher; PepsiCo Posts Upbeat Earnings

Author: Avi Kapoor | April 23, 2024 09:49am

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 0.5% on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.23% to 38,328.19 while the NASDAQ rose 0.51% to 15,529.65. The S&P 500 also rose, gaining, 0.45% to 5,033.06.

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Leading and Lagging Sectors

Communication services shares climbed by 1% on Tuesday.

In trading on Tuesday, materials shares fell by 0.9%.

Top Headline

PepsiCo Inc (NASDAQ:PEP) reported upbeat earnings for its first quarter.

PepsiCo reported first-quarter FY24 sales growth of 2.3% year-on-year to $18.25 billion, beating the analyst consensus estimate of $18.079 billion. Adjusted EPS of $1.61 beat the consensus estimate of $1.52.

Equities Trading UP
                       

• Cyngn Inc. (NASDAQ:CYN) shares shot up 98% to $0.2410 after the company announced that it has been chosen to supply its DriveMod Tuggers for industrial automation to John Deere’s operation in Dubuque, Iowa.
• Shares of Pineapple Energy Inc. (NASDAQ:PEGY) got a boost, surging 51% to $0.0690 after falling 10% on Monday
• Palisade Bio, Inc. (NASDAQ:PALI) shares were also up, gaining 43% to $7.03 after the company’s entered a collaboration with Strand Life Sciences.

Equities Trading DOWN

• Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) shares dropped 48% to $0.0658. Greenwave Technology Solutions disclosed that it further strengthened its balance sheet by approximately $12 million.
• Shares of Abeona Therapeutics Inc. (NASDAQ:ABEO) were down 44% to $4.1376 after the company announced the FDA issued a Complete Response Letter in response to the company’s Biologics License Application for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa.
• Lichen China Limited (NASDAQ:LICN) was down, falling 46% to $0.5251.

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Commodities

In commodity news, oil traded down 0.3% to $81.69 while gold traded down 1.2% at $2,318.50.

Silver traded down 1% to $26.965 on Tuesday, while copper fell 1.1% to $4.4250.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.9%, London's FTSE 100 rose 0.6% while Spain's IBEX 35 Index climbed 1.4% The German DAX gained 1.1% French CAC 40 rose 0.6% while Italy's FTSE MIB Index jumped 1.4%.

Eurozone's government deficit to GDP ratio fell to 3.6% in 2023 compared to a revised 3.7% in the prior year.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 0.30%, Hong Kong's Hang Seng Index gaining 1.92%, China's Shanghai Composite falling 0.74% and India's S&P BSE Sensex gaining 0.12%.

The People’s Bank of China maintained its key lending rates at the April fixing.

Economics

Data on new home sales will be released at 10:00 a.m. ET.

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Posted In: ABEO CYN GWAV LICN PALI PEGY PEP