Dow Drops Over 150 Points; Goldman Sachs Profit Misses Expectations

Dow Drops Over 150 Points; Goldman Sachs Profit Misses Expectations

U.S. stocks traded lower this morning, with the Dow Jones dropping over 150 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.52% to 34,125.31 while the NASDAQ fell 0.44% to 11,030.57. The S&P 500 also fell, dropping, 0.20% to 3,991.07.

Check This Out: Global Crypto Market Cap Hits $1 Trillion; Gala, Casper Among Top Gainers

Leading and Lagging Sectors

Energy shares gained by 0.9% on Tuesday. Meanwhile, top gainers in the sector included International Seaways, Inc. INSW, up 3%, and Vertex Energy, Inc. VTNR, up 6%.

In trading on Tuesday, communication services shares fell by 1.4%.

Top Headline

The Goldman Sachs Group, Inc. GS reported weaker-than-expected earnings for its fourth quarter.

Goldman Sachs posted quarterly earnings of $3.32 per share, missing market estimates of $5.48 per share. The bank’s quarterly sales came in at $10.59 billion, versus expectations of $10.83 billion.

Equities Trading UP


  • MGO Global Inc. MGOL shares shot up 28% to $5.96. MGO Global priced its 1.5 million share IPO at $5 per share.
  • Shares of Neovasc Inc. NVCN got a boost, shooting 30% to $27.98 after Shockwave Medical announced it will acquire the company.
  • BIT Mining Limited BTCM shares were also up, gaining 42% to $4.35 after the company announced the launch of a new energy efficient LiteCoin/DogeCoin Miner, LD3.


Equities Trading DOWN

  • Edesa Biotech, Inc. EDSA shares tumbled 35% to $1.63 after the company reported topline Phase 2b results for its dermatology drug.
  • Shares of Holdings, Inc. BBAI were down 18% to $1.96 after the company announced a $25 million private placement.
  • iQIYI, Inc. IQ was down, falling 13% to $5.80. iQIYI priced its 76.5 million ADS offering at $5.90 per ADS.


Also Check This Out: Top 5 Industrials Stocks That May Jump


In commodity news, oil traded up 1.4% to $80.99 while gold traded down 0.3% at $1,915.30.

Silver traded down 0.9% to $24.15 on Tuesday while copper fell 0.5% to $4.1950.


Euro zone

European shares were higher today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index gained 0.1%. The German DAX climbed 0.1%, French CAC 40 climbed 0.3% and Italy’s FTSE MIB Index fell 0.1%.

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.



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: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update