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News

Dow Tumbles 300 Points; Morgan Stanley Beats Q4 Views

Author: Lisa Levin | January 17, 2023 01:07pm

U.S. stocks traded mostly lower midway through trading, with the Dow Jones dropping over 300 points on Tuesday.

The Dow traded down 0.95% to 33,977.92 while the NASDAQ fell 0.06% to 11,072.64. The S&P 500 also fell, dropping, 0.10% to 3,995.27.

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Leading and Lagging Sectors


Energy shares gained by 0.5% on Tuesday. Meanwhile, top gainers in the sector included HighPeak Energy, Inc. (NASDAQ:HPK), up 8%, and Vertex Energy, Inc. (NASDAQ:VTNR), up 9%.


In trading on Tuesday, communication services shares fell by 1%.


Top Headline


Morgan Stanley reported better-than-expected Q4 results.


Morgan Stanley posted quarterly earnings of $1.31 per share, topping market estimates of $1.19 per share. The bank’s quarterly sales came in at $12.75 billion, versus expectations of $12.64 billion.


Equities Trading UP

 

  • Calyxt, Inc. (NASDAQ:CLXT) shares shot up 104% to $0.3781 after the company and Cibus announced a definitive merger agreement.
  • Shares of Neovasc Inc. (NASDAQ:NVCN) got a boost, shooting 29% to $27.71 after Shockwave Medical announced it will acquire the company.
  • BIT Mining Limited (NYSE:BTCM) shares were also up, gaining 66% to $5.00 after the company announced the launch of a new energy efficient LiteCoin/DogeCoin Miner, LD3.

 

Equities Trading DOWN

  • Edesa Biotech, Inc. (NASDAQ:EDSA) shares tumbled 36% to $1.62 after the company reported topline Phase 2b results for its dermatology drug.
  • Shares of Angion Biomedica Corp. (NASDAQ:ANGN) were down 27% to $0.7423 after the company and Elicio Therapeutics entered a definitive merger agreement.
  • Viveve Medical, Inc. (NASDAQ:VIVE) was down, falling 71% to $0.2601 after the company reported it will seek strategic alternatives and will be delisted from the Nasdaq. The company also announced its treatment for female stress urinary incontinence did not meet the primary endpoint.

 

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Commodities

In commodity news, oil traded up 0.9% to $80.54 while gold traded down 0.5% at $1,913.00.


Silver traded down 1.1% to $24.10 on Tuesday while copper fell 0.8% to $4.1830.

 



Euro zone


European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.24%, London’s FTSE 100 fell 0.27% while Spain’s IBEX 35 Index gained 0.15%. The German DAX climbed 0.24%, French CAC 40 climbed 0.34% and Italy’s FTSE MIB Index rose 0.06%.


The ZEW Indicator of Economic Sentiment for Germany climbed by 40.2 points from a month ago to a reading of +16.9 in January, while annual inflation rate in the country came in at 8.6% in December. The annual consumer price inflation in Italy declined to 11.6% in December.


The unemployment rate in the UK came in unchanged at 3.7% during the three months to November, while average weekly earnings including bonuses rose by 6.4% year-over-year to GBP 629.

 


Asia Pacific Markets


Asian markets closed mixed on Tuesday, with the Hong Kong’s Hang Seng Index dropping 0.78%, and China’s Shanghai Composite Index falling 0.10%. Japan’s Nikkei 225 gained 1.23%.


China's retail trade fell by 1.8% year-over-year in December, while the country’s economy grew by 2.9% year-over-year in the fourth quarter. China's industrial production rose 1.3% year-over-year in December.

 

Economics


The NY Empire State Manufacturing Index fell to -32.9 in January, recording the weakest reading since May 2020, compared to -11.2 in December.


Now Read This: Investor Optimism Improves Further After US Stocks Notch Weekly Gains


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 103,583,980 cases with around 1,125,550 deaths. India confirmed a total of at least 44,681,880 cases and 530,720 deaths, while France reported over 39,453,000 COVID-19 cases with 163,460 deaths. In total, there were at least 671,760,100 cases of COVID-19 worldwide with more than 6,732,640 deaths.

Posted In: ANGN BTCM CLXT EDSA HPK NVCN VIVE VTNR

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