US Stocks Mixed; McDonald's Earnings Top Estimates

U.S. stocks traded mixed this morning, with the Dow Jones dropping around 30 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.09% to 33,685.72 while the NASDAQ rose 0.29% to 11,426.75. The S&P 500 also rose, gaining, 0.15% to 4,023.77.

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Leading and Lagging Sectors

• Consumer discretionary shares rose by 0.8% on Tuesday. Meanwhile, top gainers in the sector included Genius Group Limited GNS, up 13%, and Electrameccanica Vehicles Corp. SOLO, up 5%.
• In trading on Tuesday, utilities shares fell by 0.7%.

Top Headline

McDonald's Corporation MCD posted upbeat earnings for its fourth quarter.

McDonald's said fourth-quarter revenue decreased 1% year-over-year to $5.93 billion, which beat average analyst estimates of $5.69 billion. The iconic fast-food chain reported quarterly earnings of $2.59 per share, which beat consensus estimates of $2.46 per share. Earnings were up 19% on a year-over-year basis.

Equities Trading UP

• Motorsport Games Inc. MSGM shares shot up 242% to $9.04. The company announced a debt-for-equity exchange with Motorsport Network. Also, Investor Mike Zoi reported purchase of 338,983 shares of Motorsport Games at an average price of $2.95 per share in Form 4 Filing.
• Shares of Atlas Technical Consultants, Inc. ATCX got a boost, shooting 120% to $12.03 after the company agreed to be acquired by GI Partners for $12.25 per share in cash.
• C3.ai, Inc. AI shares were also up, gaining 18% to $19.18 after the company announced the launch of C3 Generative AI Product Suite.

Equities Trading DOWN

• Nuvve Holding Corp. NVVE shares tumbled 37% to $1.44 after the company filed for common stock offering of up to $25 million.
• Shares of AppTech Payments Corp. APCX were down 35% to $3.48.
• AppTech Payments reported pricing of $5 million registered direct offering and concurrent private placement.
• NewAmsterdam Pharma Company N.V. NAMS was down, falling 26% to $12.78. NewAmsterdam Pharma recently announced topline results from ROSE2 Phase 2 trial evaluating obicetrapib in combination with ezetimibe as an adjunct to high-intensity statin therapy.

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Commodities

In commodity news, oil traded up 0.1% to $78.01 while gold traded up 0.7% at $1,936.70.

Silver traded down 0.5% to $23.62 on Tuesday while copper fell 0.5% to $4.18.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 0.3%. The German DAX dropped 0.2% French CAC 40 fell 0.2% and Italy’s FTSE MIB Index rose 0.6%.

The Eurozone economy expanded by 0.1% during the final quarter of 2022, compared to a 0.3% growth in the prior three-month period. Consumer credit in the UK rose by GBP 0.493 billion in December versus a revised GBP 1.488 billion increase in the prior month. The unemployment rate in Germany came in unchanged for a fifth straight month at 5.5% in January, while unemployment rate in Italy also held steady at 7.8% in December. Retail sales in Germany dropped 5.3% month-over-month in December.

Producer prices in the French domestic markets increased 1.4% month-over-month in December, while annual inflation rate in the country rose to 6% in January from 5.9% in the previous month. French economy expanded 0.1% on quarter in the fourth quarter.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 dropping 0.39%, Hong Kong’s Hang Seng Index dropping 1.03% and China’s Shanghai Composite Index falling 0.42%. India’s S&P BSE Sensex gained 0.21%.

Japan's housing starts dropped by 1.7% year-over-year in December, while consumer confidence index in the country rose to 31.0 in January from 30.3 in the previous month. Retail sales in Japan climbed 3.8% from a year ago in December, while industrial production fell 0.1% month-over-month in December. Japan’s unemployment rate came in unchanged at 2.5% for December.

Singapore’s unemployment rate fell to 2.0% in Q4. The NBS Composite PMI Output Index for China climbed to 52.9 in January from 42.6 in the earlier month.

Economics

• The Chicago PMI in the US dropped to 44.3 points in January from 44.9 in December.
• The S&P CoreLogic Case-Shiller 20-city home price index increased 6.8% year-over-year in November.
• The FHFA house price index dropped 0.1% from a month ago in November.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 104,183,560 cases with around 1,132,710 deaths. India confirmed a total of at least 44,682,780 cases and 530,740 deaths, while France reported over 39,517,450 COVID-19 cases with 164,170 deaths. In total, there were at least 675,120,840 cases of COVID-19 worldwide with more than 6,761,620 deaths.