Market Opening Performance
This morning witnessed a descent in U.S. stocks, with the Dow Jones index plummeting over 300 points on Tuesday.
The Dow traded down 0.85% to 38,468.89, and the NASDAQ fell 2.01% to 15,622.77. The S&P 500 also took a hit, dropping by 1.36% to 4,953.78.
Leading and Lagging Sectors
Utilities shares experienced a 1.1% rise on Tuesday, while information technology shares fell by 0.8%.
Inflation Adjustment
The annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, but it still came higher than market estimates of 2.9%.
The CPI increased by 0.3% on a monthly basis, surpassing the expected and previous 0.2%, while the core CPI shot up by 0.4% on a monthly basis.
Equities Up and Down
Ohmyhome Limited OMH shares soared 301% to $4.8939.
Shares of BioNexus Gene Lab Corp. BGLC surged 197% to $1.22.
Digital Brands Group, Inc. DBGI experienced a 137% increase to $6.80.
Conversely, Sunshine Biopharma, Inc. SBFM shares stumbled 67% to $0.0634 after the company announced the pricing of a $10 million underwritten public offering.
Commodities Fluctuation
In commodity news, oil traded up 0.4% to $77.25, gold traded down 0.4% at $2,025.00.
Silver traded down 0.4% to $22.685 on Tuesday, while copper fell 0.3% to $3.7140.
Global Market Performance
European shares were lower, with the eurozone’s STOXX 600 falling 0.9% and London’s FTSE 100 falling 0.4%. Conversely, Asia Pacific markets closed mostly higher on Tuesday.
Economic Indicators
The NFIB Small Business Optimism Index fell to 89.9 in January from 91.9 in December.
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