HomeMarket NewsMicro Cap Stocks Stock Market in Turmoil as Nasdaq Plummets Over 2%

Stock Market in Turmoil as Nasdaq Plummets Over 2%

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U.S. stocks are facing a turbulent time as the Dow Jones index nosedived over 700 points during Tuesdayโ€™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


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While energy shares only witnessed a slight 0.5% decrease on Tuesday, real estate shares took a more substantial hit, dipping by 2.3%.


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Earnings Report


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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, Marriottโ€™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.


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Notable Gainers in Equities


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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.


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Declining Equities


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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


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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.


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Market Movement in Europe


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European shares concluded the day with losses, as the eurozoneโ€™s STOXX 600 fell by 0.95%. Londonโ€™s FTSE 100 and Spainโ€™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 Italyโ€™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.


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Asian-Pacific Market Activity


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Across Asia Pacific, markets presented a mixed picture, with Japanโ€™s Nikkei 225 gaining 2.89%, Indiaโ€™s S&P BSE Sensex increasing by 0.70%, and Australiaโ€™s S&P/ASX 200 falling by 0.15%.


Producer prices in Japan saw a 0.2% year-over-year increase in January, while Japanโ€™s machine tool orders fell by 14.1% year-over-year to JPY 110,881 million for the same month.


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Economic Indicators


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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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