U.S. stocks took a hit this morning, with the Dow Jones index plummeting over 200 points on Tuesday.
As of the market’s opening on Tuesday, the Dow traded down 0.56% to 37,384.20, while the NASDAQ fell 0.69% to 14,869.02. The S&P 500 also experienced a decline, dropping 0.53% to 4,758.60.
Leading and Lagging Sectors
Communication services shares experienced a positive movement, increasing by 0.3% on Tuesday. However, financial shares fell by 1.2% in the same session, contributing to the overall decline.
Top Headline
Goldman Sachs Group Inc GS reported better-than-expected earnings for its fourth quarter. The bank delivered impressive figures, including fourth-quarter 2023 revenue of $11.32 billion, marking a 7% year-over-year increase and a 4% sequential decrease compared to the projected $9.85 billion.
Equities Trading UP
Elevai Labs, Inc. ELAB shares soared 102% to $3.45. ELEVAI Labs secured an exclusive worldwide manufacturing agreement and license from INmune Bio, boosting investor confidence. Meanwhile, Phunware, Inc. PHUN saw its shares surge by 80% to $0.1368, and Rail Vision Ltd. RVSN experienced a 39% increase, reaching $1.9322, subsequent to a 13% gain on the previous Friday.
Equities Trading DOWN
Allakos Inc. ALLK shares tumbled 60% to $1.21 following the company’s announcement of topline data from its Phase 2 trial for lirentelimab in atopic dermatitis (ATLAS) and Phase 2B study in chronic spontaneous urticaria (MAVERICK). Similarly, shares of Ault Alliance, Inc. AULT were down 24% to $0.0521, and Applied UV, Inc. AUVI declined by 24% to $2.9099 after the announcement of receipt of orders in its smart building technologies division.
Commodities
In commodity news, oil saw a 0.5% increase to $73.04, while gold traded down 0.4% at $2,043.30. Silver traded down 0.7% to $23.165 on Tuesday, and copper fell 0.7% to $3.7650.
Euro Zone
European shares were lower for the day, indicated by the eurozone’s STOXX 600 falling by 0.7%. London’s FTSE 100, Spain’s IBEX 35 Index, the German DAX, and the French CAC 40 registered declines as well, while Italy’s FTSE MIB Index experienced a 0.7% drop. The ZEW Indicator of Economic Sentiment for Germany increased by 2.4 points to a reading of +15.2 in January, surpassing market estimates, but the ZEW Indicator of Economic Sentiment for the Eurozone fell by 0.3 points to 22.7. The annual inflation rate in Italy eased to 0.6% in December from 0.7% in November. Conversely, German consumer price inflation surged to 3.7% year-over-year in December, compared to November’s reading of 3.2%. Additionally, average weekly earnings, including bonuses, in the UK rose 6.5% year-over-year to GBP 666/week during the three months to November, while the unemployment rate remained unchanged at 4.2%.
Asia Pacific Markets
Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 plummeting 0.79%, Hong Kong’s Hang Seng Index falling 2.16%, and China’s Shanghai Composite Index gaining 0.27%. Meanwhile, India’s S&P BSE Sensex fell 0.27%. Producer prices in Japan displayed no growth year-over-year in December following a 0.3% increase in the previous month.
Economics
The NY Empire State Manufacturing Index descended to -43.7 in January, representing the lowest reading since May 2020.