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News

Dow Dips 200 Points; Goldman Sachs Earnings Top Views

Author: Avi Kapoor | January 16, 2024 10:49am

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.56% to 37,384.20 while the NASDAQ fell 0.69% to 14,869.02. The S&P 500 also fell, dropping, 0.53% to 4,758.60.

Check This Out: How To Earn $500 A Month From Alcoa Stock Ahead Of Q4 Earnings Report

 

Leading and Lagging Sectors

 

Communication services shares jumped by 0.3% on Tuesday.

In trading on Tuesday, financial shares fell by 1.2%.

 

Top Headline

 

Goldman Sachs Group Inc (NYSE:GS) reported better-than-expected earnings for its fourth quarter.

Goldman Sachs reported fourth-quarter 2023 GAAP EPS of $5.48, compared with $3.32 for the fourth quarter of 2022 and surpassing the consensus of $3.43. The bank generated fourth quarter 2023 revenue of $11.32 billion, up 7% Y/Y and 4% lower sequentially vs. the expected $9.85 billion.


Equities Trading UP

 

Elevai Labs, Inc. (NASDAQ:ELAB) shares shot up 102% to $3.45. ELEVAI Labs signed an exclusive worldwide manufacturing agreement and license agreement with INmune Bio granting ELEVAI a license to use INmune's EMx Technology.

Shares of Phunware, Inc. (NASDAQ:PHUN) got a boost, surging 80% to $0.1368.

Rail Vision Ltd. (NASDAQ:RVSN) shares were also up, gaining 39% to $1.9322 after gaining over 13% on Friday.

 

Equities Trading DOWN

 

Allakos Inc. (NASDAQ:ALLK) shares dropped 60% to $1.21 after the company announced topline data from its Phase 2 trial for lirentelimab in atopic dermatitis (ATLAS) and Phase 2B study in chronic spontaneous urticaria (MAVERICK).

Shares of Ault Alliance, Inc. (NYSE:AULT) were down 24% to $0.0521 after declining around 3% on Friday.

Applied UV, Inc. (NASDAQ:AUVI) was down, falling 24% to $2.9099.
Applied UV announced receipt of orders in its smart building technologies division.

Also Check This Out: Top 4 Health Care Stocks That May Rocket Higher In Q1

 

Commodities

 

In commodity news, oil traded up 0.5% to $73.04 while gold traded down 0.4% at $2,043.30.

Silver traded down 0.7% to $23.165 on Tuesday while copper fell 0.7% to $3.7650.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index dipped 1.1% The German DAX fell 0.7% French CAC 40 fell 0.6% while Italy’s FTSE MIB Index fell 0.7%.

The ZEW Indicator of Economic Sentiment for Germany increased by 2.4 points to a reading of +15.2 in January, topping market estimates of +12, while the ZEW Indicator of Economic Sentiment for the Eurozone fell by 0.3 points to 22.7 in January.

The annual inflation rate in Italy eased to 0.6% in December from 0.7% in November, while German consumer price inflation increased to 3.7% year-over-year in December compared to November’s reading of 3.2%.

Average weekly earnings, including bonuses, in the UK rose 6.5% year-over-year to GBP 666/week during the three months to November, while unemployment rate came in unchanged at 4.2%.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.79%, Hong Kong’s Hang Seng Index falling 2.16% and China’s Shanghai Composite Index gaining 0.27%. India’s S&P BSE Sensex, meanwhile, fell 0.27%.

Producer prices in Japan showed no growth year-over-year in December following a 0.3% increase in the prior month.

 

Economics

 

The NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.


Now Read This: NVIDIA To Rally Over 35%? Here Are 10 Top Analyst Forecasts For Tuesday

Posted In: ALLK AULT AUVI ELAB GS PHUN RVSN

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