U.S. Stocks Trade Mixed as Dow Jones Falls, NASDAQ Rises
U.S. stocks experienced a mixed trading session on Tuesday, with the Dow Jones index falling around 100 points while the NASDAQ saw gains. The Dow Jones traded down 0.26% to 37,903.57, while the NASDAQ rose 0.25% to 15,399.02. The S&P 500 also saw a slight increase, gaining 0.18% to 4,859.01.
Among the sectors, consumer staples shares rose by 0.8% on Tuesday, while real estate shares fell by 0.8%.
In terms of top headlines, Lockheed Martin Corp (LMT) reported upbeat earnings for its fourth quarter. The company posted quarterly sales of $18.87 billion, surpassing the consensus estimate of $17.97 billion. Additionally, the EPS for the quarter was $7.58, higher than the previous year’s $7.40 per share, and also beating the consensus estimate of $7.28.
In terms of equities trading, there were notable gains and losses. FaZe Holdings Inc. (FAZE) saw its shares rise by 116% to $0.3340 after announcing that Rollbit will sponsor its Counter-Strike team. Ensysce Biosciences, Inc. (ENSC) also experienced a boost, with shares surging 42% to $1.6199, following the FDA’s granting of Breakthrough Therapy Designation for PF614-MPAR. Nuvve Holding Corp. (NVVE) saw its shares rise by 75% to $5.23 after being awarded a $16 million project for Fresno Economic Opportunities Commission’s 50-shuttle fleet.
On the other hand, Vroom, Inc. (VRM) shares dropped 42% to $0.3041 after the company announced it was discontinuing its operations and winding down its used vehicle dealership business. Nutex Health Inc. (NUTX) also experienced a decline, with shares down 26% to $0.1391 following the pricing of a $10.0 million registered direct offering of common stock and warrants. Revelation Biosciences, Inc. (REVB) fell 28% to $0.3042 after announcing a 1-for-30 reverse stock split effective January 25, 2024.
In commodity news, oil traded down 1% to $74.45, while gold traded up 0.2% at $2,025.50. Silver saw a 0.7% increase to $22.45, and copper rose 0.8% to $3.7925.
Moving on to the Eurozone, European shares were lower, with the eurozone’s STOXX 600 falling 0.28%. The FTSE 100 in London fell 0.03%, while Spain’s IBEX 35 Index fell 1.09%. The German DAX and French CAC 40 both declined by 0.34%, and Italy’s FTSE MIB Index fell 0.35%.
In the UK, public sector net borrowing, excluding public sector banks, shrank to £7.8 billion in December, compared to £16.2 billion in the same month of the previous year.
In Asia, markets closed mixed. Japan’s Nikkei 225 fell 0.08%, Hong Kong’s Hang Seng Index climbed 2.63%, and China’s Shanghai Composite Index gained 0.53%. India’s S&P BSE Sensex fell 1.53%. The Bank of Japan maintained its key short-term interest rate at -0.1% during its January meeting, while Singapore’s annual inflation rate rose to 3.7% in December.
In economic news, the composite manufacturing index in the U.S. Fifth District area declined to a reading of -15 in January, compared to December’s reading of -11.
Overall, it was a mixed trading session for U.S. stocks, with some sectors and individual stocks experiencing gains while others saw declines. Market participants will be closely monitoring further developments and earnings reports in the coming days.
