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News

US Stocks Open Lower; Dow Drops Over 100 Points

Author: Lisa Levin | February 06, 2023 11:13am

U.S. stocks traded lower this morning, with the Dow Jones dropping over 100 points on Monday.

The Dow traded down 0.32% to 33,816.03 while the NASDAQ fell 0.56% to 11,939.39. The S&P 500 also fell, dropping, 0.49% to 4,116.37.
Check This Out: 5 Cheapest Industrials Stocks You Should Think About


Leading and Lagging Sectors

  • Utilities shares rose by 0.1% on Monday. Meanwhile, top gainers in the sector included Genie Energy Ltd. (NYSE:GNE), up 9%, and Middlesex Water Company (NASDAQ:MSEX), up 1%.
  • In trading on Monday, real estate shares dipped by 1.4%.

 

Top Headline

Tyson Foods Inc (NYSE:TSN) reported first-quarter financial results that came in below average analyst estimates.

Tyson Foods said fiscal first-quarter revenue increased 2.5% year-over-year to $13.26 billion, which missed consensus estimates of $13.52 billion. The company reported quarterly adjusted earnings of 85 cents per share, which missed the average analyst estimates of $1.36 per share.

 

Equities Trading UP

  • Kalera Public Limited Company (NASDAQ:KAL) shares shot up 64% to $11.06.
  • Shares of SenesTech, Inc. (NASDAQ:SNES) got a boost, shooting 33% to $5.59 as the company said ContraPest was approved for general use in New York.
  • SoundHound AI, Inc. (NASDAQ:SOUN) shares were also up, gaining 46% to $4.12. Shares of several AI related stocks traded higher amid continued momentum in AI related stocks.

 

Equities Trading DOWN

  • ReShape Lifesciences Inc. (NASDAQ:RSLS) shares tumbled 60% to $6.80 after the company priced its $10.2 million offering at $8 per unit consisting of stock and warrants
  • Shares of Alset Inc. (NASDAQ:AEI) were down 33% to $2.09 after the company priced its $3.8 million underwritten public offering of common stock.
  • Asset Entities Inc (NASDAQ:ASST) was down, falling 18% to $2.92. Asset Entities filed prospectus related to 1.5 million shares of Class B common stock that may be sold by selling stockholders.

Also Check This Out: Insiders Buying Wintrust Financial And 2 Other Stocks

 

Commodities

In commodity news, oil traded up 0.3% to $73.63 while gold traded up 0.5% at $1,885.10.

Silver traded down 0.2% to $22.365 on Monday while copper fell 0.7% to $4.0270.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 0.9% while Spain’s IBEX 35 Index fell 0.6%. The German DAX fell 0.8% French CAC 40 fell 1.4% and Italy’s FTSE MIB Index fell 0.3%.

Retail sales in the Eurozone dropped 2.7% month-over-month in December, recording the highest decline since April. The S&P Global Eurozone construction PMI climbed to 46.1 in January from the earlier month's reading of 42.6.

The S&P Global/CIPS UK construction PMI fell 0.4 points from a month ago to a reading of 48.4 in January, while new car sales in the country climbed by 14.7% from a year ago to 131,994 units in January. The S&P Global Italy construction PMI rose to 48.2 in January from 47.0 in the prior month, while French construction PMI climbed for the second consecutive month to 48.4 in January.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 gaining 0.67%, Hong Kong’s Hang Seng Index dropping 2.02% and China’s Shanghai Composite Index falling 0.76%. India’s S&P BSE Sensex dropped 0.55%.

Retail sales in Australia dropped by 3.9% month-over-month to AUD 34.47 billion in December.

 

Economics

There were no major economic releases Monday.

Now Read This: $4.8 Million Bet On This Industrial Stock? Check Out These 3 Penny Stocks Insiders Are Buying

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 104,488,830 cases with around 1,136,310 deaths. India confirmed a total of at least 44,683,450 cases and 530,740 deaths, while France reported over 39,533,320 COVID-19 cases with 164,280 deaths. In total, there were at least 676,308,550 cases of COVID-19 worldwide with more than 6,772,540 deaths.

Posted In: AEI ASST GNE KAL MSEX RSLS SNES SOUN TSN

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