U.S. equities exhibited mixed performance on Tuesday as the Nasdaq Composite stumbled by over 100 points toward the end of trading.
The Dow, however, displayed resilience, climbing by 0.23% to 38,421.03. Conversely, the NASDAQ dropped by 0.88% to 15,490.48. The S&P 500 also experienced a decline, shedding 0.12% to 4,921.94.
Financials sector witnessed a 1% upsurge, while information technology stocks saw a decrease of 0.8%.
Sector Performance
Financials led the charge upwards, while information technology shares lagged behind.
Historical Earnings
General Motors Company (GM) observed a significant uptick of over 8% after surpassing analyst expectations in the fourth-quarter financial results and projecting strong 2024 adjusted EPS figures.
In the fourth quarter of FY23, General Motors witnessed a (0.3)% decline in sales revenue year-on-year to $42.98 billion, outperforming the analyst consensus estimate of $38.97 billion. Adjusted EPS of $1.24 exceeded the consensus estimate of $1.16.
Rising and Falling Equities
Pixelworks, Inc. (PXLW) soared by 43% to $2.1201 following a multi-year agreement with Walt Disney Studios. Agrify Corporation (AGFY) experienced a 44% surge to $0.7323 after I-Tseng Jenny Chan reported a significant stake in the company. Additionally, Sanmina Corporation (SANM) also enjoyed a 29% boost to $65.14 subsequent to reporting robust first-quarter financial results and projecting second-quarter guidance above estimates.
Conversely, Sidus Space, Inc. (SIDU) witnessed a 43% downturn to $4.9199 after announcing the pricing of its public offering of 1,251,700 Class A shares at $4.50 per share. In addition, 60 Degrees Pharmaceuticals, Inc. (SXTP) tumbled by 38% to $0.32 after declaring the pricing of a $2.4 million public offering. Lastly, Calix, Inc. (CALX) experienced a 26% decline to $32.74 following the release of first-quarter adjusted EPS and revenue guidance below estimates.
Commodity Trends
In the commodities market, oil exhibited a 1.5% increase to $77.92, while gold also saw a 1.3% uptick to $2,051.90. Additionally, silver displayed a modest 0.1% rise to $23.255 and copper surged by 0.7% to $3.9065.
European Markets
European shares reflected positive momentum, with the STOXX 600 climbing by 0.16%, the FTSE 100 by 0.44%, the IBEX 35 Index by 1.51%, the DAX by 0.18%, the CAC 40 by 0.48%, and the FTSE MIB Index by 1.29%.
Italy recorded a 0.2% increase in gross domestic product quarter-over-quarter in the final three months of 2023. Meanwhile, Germany’s economy contracted by 0.3% in the fourth quarter, and Spain observed a 0.6% surge in gross domestic product during the same period, accompanied by a rise in annual consumer price inflation to 3.4% in January. The French economy remained stagnant in the fourth quarter.
Asia Pacific Markets
Asian markets experienced varied performances, with Japan’s Nikkei 225 rising by 0.11%, Hong Kong’s Hang Seng Index dropping by 2.32%, and China’s Shanghai Composite Index declining by 1.83%. The S&P BSE Sensex in India also slid by 1.11%.
In December, Japan’s unemployment rate declined to 2.4% from the preceding two months’ 2.5%.
Economic Indicators
The S&P CoreLogic Case-Shiller home price index registered a 5.4% year-over-year escalation in November, as opposed to a 4.9% rise in October. The FHFA house price index also observed a 0.3% increase from the prior month in November. Furthermore, the number of job openings surged by 101,000 from the previous month to 9.026 million in December. The Dallas Fed general business activity index for Texas’ service sector witnessed a drop to a reading of -9.3 in January compared to December’s reading of -8.8.
