Dow Surges Over 200 Points; Pfizer Issues Weak Forecast

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 200 points on Tuesday.

The Dow traded up 0.63% to 33,931.13 while the NASDAQ rose 1.20% to 11,529.99. The S&P 500 also rose, gaining, 0.93% to 4,055.00.

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Leading and Lagging Sectors

• Materials shares rose by 1.7% on Tuesday. Meanwhile, top gainers in the sector included Lithium Americas Corp. LAC, up 14%, and International Paper Company IP, up 10%.
• In trading on Tuesday, utilities shares fell by 0.4%.

Top Headline

Pfizer Inc PFE posted upbeat earnings for its fourth quarter, but issued weak guidance.

Pfizer reported a Q4 adjusted EPS of $1.14, up 45% Y/Y, well ahead of the consensus of $1.05. The company achieved revenues of $24.29 billion, up 2% and 13% on an operational basis, marginally missing the Wall Street estimate of $24.32 billion.

The company expects adjusted EPS guidance of $3.25-$3.45, down from $6.58 in 2022 and the consensus of $4.44.

Equities Trading UP

• Motorsport Games Inc. MSGM shares shot up 689% to $20.75. 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 $12.06 after the company agreed to be acquired by GI Partners for $12.25 per share in cash.
• Context Therapeutics Inc. CNTX shares were also up, gaining 53% to $1.0407 after the company announced its clinical trial collaborator, Stemline Therapeutics, received approval from the FDA for ORSERDU in ER+, HER2-, ESR1-mutated breast cancer.

Equities Trading DOWN

• Nuvve Holding Corp. NVVE shares tumbled 40% to $1.38 after the company filed for common stock offering of up to $25 million.
• Shares of AppTech Payments Corp. APCX were down 20% to $4.2899.
• AppTech Payments reported pricing of $5 million registered direct offering and concurrent private placement.
• Woodward, Inc. WWD was down, falling 10% to $97.99 following weak quarterly earnings.

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Commodities

In commodity news, oil traded up 1.3% to $78.92 while gold traded up 1.2% at $1,945.10.

Silver traded up 0.4% to $23.83 on Tuesday while copper rose 0.6% to $4.2275.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.26%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index fell 0.17%. The German DAX gained 0.01% French CAC 40 rose 0.01% and Italy’s FTSE MIB Index rose 1%.

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.