U.S. stocks are facing a turbulent time as the Dow Jones index nosedived over 700 points during Tuesday’s trading hours.
By the end of the trading day, the Dow had declined by 1.81% to 38,096.28, and the NASDAQ experienced a substantial 2.13% drop to 15,603.71. The S&P 500 also took a hit, decreasing by 1.79% to 4,931.86.
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Sector Performance
While energy shares only witnessed a slight 0.5% decrease on Tuesday, real estate shares took a more substantial hit, dipping by 2.3%.
Earnings Report
Marriott International MAR released its fourth-quarter financial results, reporting a mixed performance and issuing earnings guidance for FY24 that fell below expectations.
The company revealed that their fourth-quarter adjusted earnings per share amounted to $3.57, surpassing the analyst consensus of $2.12. However, Marriott’s revenue fell short of expectations, standing at $6.095 billion, compared to the consensus of $6.20 billion.
Marriott International signaled that for the first quarter, it anticipates adjusted EPS in the range of $2.12 to $2.19, as opposed to the estimated $2.30. Looking ahead to fiscal year 2024, the company foresees adjusted EPS between $9.18 and $9.52, falling below the $9.69 estimate.
Notable Gainers in Equities
Beamr Imaging Ltd. BMR shares soared by 53% to $15.23 after surging more than 370% the previous day. The company priced a $12 million public offering of 1,714,200 ordinary shares at $7 per share.
Meanwhile, shares of Whole Earth Brands, Inc. FREE spiked by 35% to $4.7550. Whole Earth Brands signed a definitive agreement to be acquired by affiliates of Sababa Holdings FREE, LLC for $4.875 per share in an all-cash transaction.
Digital Brands Group, Inc. DBGI also experienced an upswing, with shares increasing by 149% to $7.14. The company reaffirmed its 2024 guidance revenue of $27 million to $30 million and committed to no equity offerings for 2024.
Declining Equities
Sunshine Biopharma, Inc. SBFM shares plummeted by 64% to $0.0688 after the company announced the pricing of a $10 million underwritten public offering.
Similarly, shares of BIOLASE, Inc. BIOL dropped by 66% to $0.1525 following the announcement of a $7 million public offering of 16 million units at a price of $0.44 per unit.
Sientra, Inc. SIEN was also affected, witnessing a 60% decline to $0.2350 after the company revealed plans to pursue a strategic sale of its business through a voluntary Chapter 11 process.
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Commodity Market Movements
In the commodities sector, oil saw a 1.7% rise to $78.25, while gold experienced a 1.3% decrease, settling at $2,006.90.
Silver also took a hit, declining by 2.7% to $22.16, and copper fell by 0.3% to $3.7135 on Tuesday.
Market Movement in Europe
European shares concluded the day with losses, as the eurozone’s STOXX 600 fell by 0.95%. London’s FTSE 100 and Spain’s IBEX 35 Index both declined by 0.81% and 0.59%, respectively. The German DAX and French CAC 40 also experienced decreases of 0.92% and 0.84%, while Italy’s FTSE MIB Index dropped by 1.03%.
In the UK, average weekly earnings, including bonuses, rose by 5.8% year-over-year to GBP 669/week during the three months to December, while the unemployment rate in the UK fell to 3.8% in the fourth quarter. France reported a steady unemployment rate of 7.5% during the same period.
Asian-Pacific Market Activity
Across Asia Pacific, markets presented a mixed picture, with Japan’s Nikkei 225 gaining 2.89%, India’s S&P BSE Sensex increasing by 0.70%, and Australia’s S&P/ASX 200 falling by 0.15%.
Producer prices in Japan saw a 0.2% year-over-year increase in January, while Japan’s machine tool orders fell by 14.1% year-over-year to JPY 110,881 million for the same month.
Economic Indicators
The NFIB Small Business Optimism Index retreated to 89.9 in January from 91.9 in December. Additionally, the annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, yet it surpassed market estimates of 2.9%.
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