10 Stocks That Led Tuesday’s Charge

The stock market finished Tuesday’s trading in the red territory anew, erasing two consecutive days of gains, as investors repositioned their portfolios ahead of the Fed rate decision on Wednesday.

The Nasdaq registered the biggest drop among Wall Street’s main indices, declining 1.71 percent, followed by the S&P 500 with 1.07 percent, and the Dow Jones by 0.62 percent.

Despite the decline, ten companies showed off resilience during the session, finishing with modest gains. In this article, we have named the 10 top performers and detailed the reasons behind their gains.

To come up with the list, we only considered the stocks with a $2-billion market capitalization and $5 million in trading volume.

Stock market data is shown on a tablet. Photo by Burak The Weekender on Pexels

10. Mitsubishi UFJ Financial Group Inc. (NYSE:MUFG)

Mitsubishi UFJ saw its share prices rally for a sixth consecutive day on Tuesday, adding 3.03 percent to finish at $3.03 apiece as investor sentiment was buoyed by its recent acquisition of 9.98 million shares in financial services firm JACCS.

In a statement last week, MUFG said the transaction would be done through a capital increase by a third-party allotment and would allow MUFG to gain a 40-percent voting right in JACCS after closing.

According to MUFG, the acquisition forms part of its mission to beef up its domestic retail customer base, in which it expects JACCS to play a key role.

In other news, MUFG announced plans to withdraw from an international banking framework supporting decarbonization efforts, joining several of its global banking counterparts.

The Net Zero Banking Alliance, convened by the United Nations, promotes investment and lending projects with the goal of reducing greenhouse gas emissions to net zero by 2050.

MUFG became the third bank to withdraw, following Sumitomo Mitsui Financial Group and Nomura Holdings.

9. Nio Inc. (NYSE:NIO)

Nio Inc. rose for a third day on Tuesday, adding 3.18 percent to close at $5.19 each following news that it entered into an agreement with Contemporary Amperex Technology (CATL), one of the largest battery manufacturers in China, to develop a battery-swapping network across the mainland to help drivers avoid recharging slowdowns.

Nio, a China-based electric vehicle manufacturer, said the deal with CATL would benefit passenger vehicles over a wide range of products, including unifying industry technical standards, enhancing capital and business collaboration, and providing efficient recharging solutions for users.

It added that the collaboration will create the largest and most advanced battery swapping service network for passenger vehicles, leveraging their respective strengths in technology, management, platforms, and brand influence.

Battery swapping allows EV drivers to switch out depleted batteries for fully charged ones, eliminating the need to spend longer hours at a charging station.