U.S. stocks experienced a midday descent, with the Dow Jones index plunging by over 200 points on Friday. The Dow traded down 0.56% to 37,498.15, while the NASDAQ fell 0.18% to 14,942.82. The S&P 500 also experienced a drop, slipping 0.13% to 4,774.05.
Sensitive equities danced and shifted: while energy shares soared by 1%, consumer discretionary shares stumbled by 0.8%.
Encouraging Earnings
JPMorgan Chase & Co generated better-than-expected earnings for its fourth quarter, reporting quarterly net revenue (managed) of $39.943 billion, a 12% year-over-year increase. EPS stood at $3.97, outperforming the consensus of $3.32.
Stocks on the Move
Applied UV, Inc. shares surged by a remarkable 30% to $2.94 post-announcement of the launch of its Fighter Flex LED solution. Similarly, shares of Flexsteel Industries, Inc. soared a notable 24% to $22.36 after the company unveiled robust preliminary results for the second quarter. The company foresees preliminary earnings of 57 cents per share, surpassing analysts’ estimates of 27 cents per share. Additionally, the company predicts revenue of $100.1 million versus expectations of $96.77 million, while also issuing financial guidance for the remainder of fiscal year 2024 and fiscal year 2025.
Inpixon shares also experienced an upturn, advancing by 17% to $0.0525 following an update on pending strategic transactions.
Market Retreat
Genius Group Limited shares plummeted by 50% to $0.2547 after the company declared the pricing of an $8.25 million public offering. Similarly, VCI Global Limited shares descended by 34% to $1.0250, while Momentus Inc. experienced a 22% tumble to $0.9750 after disclosing it was not selected for funding for the Tranche 2 Tracking Layer. Furthermore, there is substantial doubt about the company’s ability to continue as a going concern.
Commodity Fluctuations
In the commodity arena, oil ascended by 2% to $73.45, and gold surged by 2.2% to $2,062.90. Silver similarly logged a 4.3% upswing to $23.685, and copper made a modest 0.1% increase to $3.78.
Global Markets Overview
European shares were bolstered today, with the eurozone’s STOXX 600, London’s FTSE 100, and Spain’s IBEX 35 Index recording robust gains. Germany’s DAX and France’s CAC 40 also reflected the positive trend, as did Italy’s FTSE MIB Index. Key economic indicators highlighted easing consumer price inflation in Spain, amplified household spending in France, and growth in the British economy.
In the Asia Pacific markets, Japan’s Nikkei 225 displayed a notable gain, while Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index trended downward. India’s S&P BSE Sensex, on the other hand, enjoyed an upswing. Japan’s service sector confidence index revealed a constructive trend, while China’s trade surplus widened but was accompanied by a fall in producer and consumer prices.
Economic Insights
Turning to the U.S. economic landscape, it is worth noting that producer prices fell 0.1% month-over-month in December, in line with the prior month and contrary to market estimates of a 0.1% increase.
