U.S. stocks took a hit as the Dow Jones index plummeted around 350 points on Tuesday.
The Dow traded down 0.93% to 37,243.85, the NASDAQ fell 0.58% to 14,885.45, and the S&P 500 followed suit, dropping 0.66% to 4,752.36.
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Market Trends
Information technology shares defied the trend, recording a 0.1% increase, while energy shares took a nosedive by 1.9%.
PNC Financial Shines
PNC Financial Services Group Inc PNC reported better-than-expected earnings for its fourth quarter. The bank reported a revenue decline of 7% year-over-year (Y/Y) to $5.36 billion, surpassing the consensus of $5.29 billion. Moreover, its adjusted EPS of $3.16 exceeded the consensus of $2.94.
Stock Winners and Losers
DatChat, Inc. DATS shares surged 53% to $3.2292 after announcing a proposed spin-off of its Habytat platform business. At the same time, shares of Phunware, Inc. PHUN skyrocketed 282% to $0.29. Additionally, HomeStreet, Inc. HMST shares gained 44% to $15.46 following the announcement of a definitive merger agreement with FirstSun Capital Bancorp.
Allakos Inc. ALLK shares plummeted 57% to $1.2801 after announcing disappointing topline data from its phase 2 trials. Meanwhile, shares of Applied Digital Corporation APLD dropped 21% to $5.91 due to worse-than-expected second-quarter financial results. Additionally, Leggett & Platt, Incorporated LEG fell 8% to $23.41 after announcing a restructuring plan and withdrawing its long-term financial targets.
Commodity Movement
In commodity news, oil fell 0.9% to $72.06 and gold took a hit, dropping 1.1% to $2,029.70. Silver also decreased by 1% to $23.095, while copper managed to rise 0.8% to $3.7710.
Global Market Insights
European shares closed mostly lower, with the eurozone’s STOXX 600 falling by 0.24%, London’s FTSE 100 dropping by 0.48%, and Spain’s IBEX 35 Index dipping by 0.82% The German DAX and the French CAC 40 fell by 0.30% and 0.18%, respectively, while Italy’s FTSE MIB Index rose 0.03%. On the other hand, Asian markets mostly closed lower. Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index both fell, while China’s Shanghai Composite Index gained 0.27%. Producer prices in Japan showed no growth year-over-year in December after a 0.3% increase in the prior month.
Macro-Economic Trends
The NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.
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