U.S. Stocks Trade Lower, Dow Jones Falls Over 150 Points
On Tuesday, U.S. stocks traded mostly lower, with the Dow Jones index falling more than 150 points. The Dow traded down 0.46% to 37,421.80, while the NASDAQ fell 0.02% to 14,969.24. The S&P 500 also experienced a drop, declining 0.17% to 4,775.50.
Leading and Lagging Sectors
Information technology shares were the leading sector on Tuesday, jumping by 0.5%. On the other hand, energy shares fell by 1.5%.
Morgan Stanley Reports Better-Than-Expected Earnings
Morgan Stanley reported better-than-expected earnings for its fourth quarter. The company reported a net profit of $1.5 billion, or 85 cents per diluted share, compared to $2.2 billion or $1.26 in the prior year. Revenues came in at $12.9 billion, beating the consensus of $12.75 billion.
Equities Trading Up
DatChat, Inc. shares shot up 53% to $3.2292 after announcing the planned spin-off of its Habytat AI gaming platform business into a new standalone public company. Phunware, Inc. also experienced a boost, with shares surging 233% to $0.2529. Rail Vision Ltd. shares were up as well, gaining 21% to $1.6850.
Equities Trading Down
Allakos Inc. shares dropped 57% to $1.2801 after the company announced topline data from its Phase 2 trial for lirentelimab in atopic dermatitis (ATLAS) and Phase 2B study in chronic spontaneous urticaria (MAVERICK). Ault Alliance, Inc. shares were down 23% to $0.0532, and Applied UV, Inc. fell 22% to $2.9793 after announcing receipt of orders in its smart building technologies division.
Commodities
In commodity news, oil traded down 0.4% to $72.38, while gold traded down 0.6% at $2,040.40. Silver traded down 0.8% to $23.155, while copper rose 0.9% to $3.7750.
Eurozone
European shares were mostly lower, with the eurozone’s STOXX 600 falling 0.26%. London’s FTSE 100 fell 0.45%, and Spain’s IBEX 35 Index dipped 0.82%. The German DAX fell 0.32%, the French CAC 40 fell 0.23%, while Italy’s FTSE MIB Index rose 0.03%. The ZEW Indicator of Economic Sentiment for Germany increased to a reading of +15.2 in January, while the ZEW Indicator of Economic Sentiment for the Eurozone fell to 22.7.
Asia Pacific Markets
Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.79%, Hong Kong’s Hang Seng Index falling 2.16%, and China’s Shanghai Composite Index gaining 0.27%. India’s S&P BSE Sensex fell 0.27%. Producer prices in Japan showed no growth year-over-year in December following a 0.3% increase in the prior month.
Economics
The NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.
Overall, U.S. stocks traded lower on Tuesday, with the Dow Jones index leading the decline. However, the technology sector experienced a slight increase. Investors will continue to monitor the market for further developments and economic indicators.
