The U.S. stock market experienced a downturn as trading came to a close. The Dow Jones plummeted by approximately 350 points on Tuesday.
During the latest trading session, the Dow dropped 0.91% to 38,633.24, while the NASDAQ saw a decline of 1.85% to 15,906.92. Similarly, the S&P 500 experienced a 1.05% drop, resting at 5,076.98.
Diving into the market landscape, energy shares surged by 1.3% on the same day. Conversely, information technology shares took a hit, falling by 2.2%.
Market Movers
In a twist of fate, crude oil prices witnessed a 1% decrease, settling at $77.95. Meanwhile, gold enjoyed a 0.5% increase, reaching $2,137.60 per ounce.
Amidst this financial dance, silver prices rose by 0.1% to $24.00, yet copper experienced a decline of 0.4% to $3.8435.
Stock Market Surges and Plummets
The stage was set for notable performances in various companies. Shares of Dave Inc. surged by a remarkable 51% to $32.99 following an impressive fourth-quarter revenue report.
Simultaneously, Airship AI Holdings, Inc. experienced an 87% surge to $3.08 after securing a significant contract with the Department of Justice. The contract was in recognition of its Acropolis Enterprise Sensor Management video and data management platform.
Apogee Therapeutics, Inc. also reveled in the limelight with a 51% increase to $63.03. Their success was attributed to the release of interim results from the Phase 1 healthy volunteer trial for APG777, combined with the unveiling of their FY23 financial results.
On the flip side, Quoin Pharmaceuticals, Ltd. faced a 47% drop to $1.55 after announcing the pricing of a $6.5 million public offering. ThredUp Inc. shares similarly plummeted by 23% to $1.8150 post their fourth-quarter report.
Crawford & Company (NYSE: CRD-A) saw a significant decline of 27% to $9.13 after reporting disappointing fourth-quarter financial results.
Global Market Movements
Across the waters, European shares saw a mix of outcomes; while the eurozone’s STOXX 600 and France’s CAC 40 experienced declines, London’s FTSE 100 and Italy’s FTSE MIB Index both rose. Spain’s IBEX 35 Index registered an increase as well.
In the Asia Pacific region, Japan’s Nikkei 225, Hong Kong’s Hang Seng Index, and India’s S&P BSE Sensex all faced declines. However, China’s Shanghai Composite Index managed to eke out a gain.
What will the economic future hold? The Chinese government projected a steady GDP increase around 5% for the year, mirroring the previous year’s statistic. Additionally, the Caixin China general service PMI experienced a slight drop from January to February.
Furthermore, the U.S. witnessed growth in logistics, as the Logistics Manager’s Index rose to 56.5 in February, marking the strongest performance in four months. The S&P Global services PMI and composite PMI also demonstrated positive trends, displaying resilience in the face of economic flux.
Factory orders in the U.S. faced a decline of 3.6% month-over-month in January, contrasting with a slight dip in December. The ISM services PMI took a hit in February, declining to 52.6 from January’s four-month high level, disappointing markets expecting a value of 53.
