The U.S. stock market showed signs of a predominantly bearish stance, with the Nasdaq Composite plummeting over 50 points midway through Tuesday’s trading.
While the Dow inched up 0.02% to 38,339.56, the NASDAQ slumped 0.39% to 15,566.76, and the S&P 500 followed suit, dropping 0.08% to 4,923.94.
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Market Highlights
Financials shares managed to soar by 0.7% on Tuesday, reflecting a flicker of optimism in an otherwise gloomy market.
In stark contrast, real estate shares slumped by 0.6% in Tuesday’s trading.
JetBlue’s Disappointing Q4 Results
Shares of JetBlue Airways Corp JBLU nosedived by over 5% on Tuesday following the company’s fourth-quarter FY23 results.
JetBlue reported a 3.7% year-on-year decline in operating revenue to $2.33 billion, surpassing the consensus estimate of $2.29 billion. The company’s adjusted loss per share stood at 19 cents, exceeding the consensus of 28 cents.
Looking ahead, JetBlue expects a revenue dip of (9.0%)-(5.0%) Y/Y in the first quarter of fiscal 2024. The company foresees ASMs decreasing by (6.0%) – (3.0%), and CASM ex-fuel surging by 9.0% – 11.0%, with an estimated Fuel Price per Gallon ranging from $2.87 to $3.02 for the quarter.
Stocks on the Move
Pixelworks, Inc. PXLW witnessed a substantial 44% surge in shares, reaching $2.1350 after the company sealed a multi-year agreement with Walt Disney Studios.
Similarly, shares of Agrify Corporation AGFY skyrocketed by 52% to $0.7702 following a 13D filing revealing I-Tseng Jenny Chan’s reported 49.99% stake in the company.
Sanmina Corporation SANM also witnessed a surge, with shares increasing by 30% to $66.00 after the company reported better-than-expected first-quarter financial results and issued second-quarter guidance above estimates.
Stocks in Decline
Sidus Space, Inc. SIDU tumbled by 43% to $4.95 after the company announced the pricing of its public offering of 1,251,700 Class A shares at $4.50 per share.
Meanwhile, shares of 60 Degrees Pharmaceuticals, Inc. SXTP plummeted by 39% to $0.3161 following the announcement of a $2.4 million public offering.
Calix, Inc. CALX stumbled, with shares falling by 27% to $32.48 after the company issued first-quarter adjusted EPS and revenue guidance below estimates.
Commodities and International Markets
In commodity news, crude oil witnessed a 1% surge, reaching $77.54, while gold also gained 1.3% at $2,051.00.
Silver, on the other hand, experienced a 0.4% decline, settling at $23.17 on Tuesday, while copper saw a modest 0.1% rise to $3.8815.
Global Economic Landscape
European shares displayed a contrary trend, with the Eurozone’s STOXX 600 clocking a 0.11% increase, London’s FTSE 100 rising 0.48%, Spain’s IBEX 35 Index surging 1.45%, and the German DAX, French CAC 40, and Italy’s FTSE MIB Index all posting positive gains.
The Euro Area economy hovered in stagnation during the final three months of 2023, following a 0.1% contraction in the previous period. The economic sentiment indicator in the Eurozone dipped to 96.2 in January from December’s reading of 96.4.
Italy’s gross domestic product climbed by 0.2% quarter-over-quarter in the last three months of 2023, while the German economy saw a 0.3% shrinkage in the fourth quarter. Spanish gross domestic product recorded a 0.6% increase in the same period, with annual consumer price inflation in Spain surging to 3.4% in January. The French economy remained stagnant in the fourth quarter.
Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising by 0.11%, Hong Kong’s Hang Seng Index falling by 2.32%, and China’s Shanghai Composite Index dipping by 1.83%. India’s S&P BSE Sensex, meanwhile, fell by 1.11%.
Japanese unemployment rate declined to 2.4% in December compared to 2.5% in the previous two months.
The S&P CoreLogic Case-Shiller home price index revealed a 5.4% year-over-year climb in November, up from a 4.9% rise in October. Additionally, the FHFA house price index rose by 0.3% from the previous month in November, and the number of job openings surged by 101,000 from the prior month to 9.026 million in December. However, the Dallas Fed general business activity index for Texas’ service sector recorded a decline to a reading of -9.3 in January, compared to December’s reading of -8.8.
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