US Stocks Mixed; Dow Drops 100 Points

U.S. stocks traded mixed this morning, with the Dow Jones dropping around 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.36% to 32,769.11 while the NASDAQ rose 0.11% to 11,479.79. The S&P 500 also fell, dropping, 0.07% to 3,979.56.

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Leading and Lagging Sectors

• Communication services shares rose 0.5% on Tuesday. Meanwhile, top gainers in the sector included Clear Channel Outdoor Holdings, Inc. CCO, up 18%, and Playtika Holding Corp. PLTK, up 6%.
• In trading on Tuesday, utilities shares fell by 0.8%.

Top Headline

The US trade deficit in goods increased to $91.5 billion in January versus a revised $89.7 billion in the prior month.

Equities Trading UP

• Mount Rainier Acquisition Corp. RNER shares shot up 33% to $6.70. Mount Rainier Acquisition shares dropped 46% on Monday possibly after the company's general meeting was cancelled on Sunday.
• Shares of Bullfrog AI Holdings, Inc. BFRG got a boost, shooting 19% to $3.2563. Bullfrog AI recently priced its IPO at $6.50 per share.
• Intuitive Machines, Inc. LUNR shares were also up, gaining 19% to $24.03. Canaccord Genuity, on Monday, initiated coverage on Intuitive Machines with a Buy rating and announced a price target of $35.

Equities Trading DOWN

• TaskUs, Inc. TASK shares tumbled 24% to $15.70 after the company announced better-than-expected Q4 results.
• Shares of ContraFect Corporation CFRX were down 25% to $3.57 after the company announced pricing of a $10 million registered direct offering and concurrent private placement.
• Consolidated Communications Holdings, Inc. CNSL was down, falling 26% to $2.92 after the company posted Q4 results.

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Commodities

In commodity news, oil traded up 1.8% to $77.05 while gold traded down 0.2% at $1,822.10.

Silver traded down 0.3% to $20.725 on Tuesday while copper rose 1.1% to $4.0565.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.9% while Spain’s IBEX 35 Index rose 1%. The German DAX declined 0.1% French CAC 40 fell 0.2% and Italy’s FTSE MIB Index gained 0.4%.

The annual consumer price inflation rate in Spain rose to 6.1% in February from 5.9% in the earlier month. Annual inflation rate in France accelerated for a second consecutive month to 6.2% in February, while producer prices in the country rose 2.7% month-over-month in January. The French economy grew 0.1% on quarter during the final three months of 2022. Import prices in Germany climbed 6.6% year-over-year in January.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.08%, Hong Kong’s Hang Seng Index falling 0.79% and China’s Shanghai Composite Index gaining 0.66%. India’s S&P BSE Sensex dropped 0.6%.

Japanese housing starts increased by 6.6% year-over-year in January, while industrial production fell by 4.6% month-over-month in January. Retail sales in Japan surged 6.3% year-over-year in January. The Domestic Supply Price Index in Singapore fell 1.6% year-over-year for January, while Singapore’s bank loans fell to SGD 807.1 billion in January.

Retail sales in Australia climbed 1.9% from a month ago to AUD 35.09 billion in January, while current surplus widened to AUD 14.1 billion in the fourth quarter versus a revised AUD 0.8 billion surplus in the prior quarter.

Economics

• The US trade deficit in goods increased to $91.5 billion in January versus a revised $89.7 billion in the prior month.
• The S&P CoreLogic Case-Shiller 20-city home price index climbed 4.6% year-over-year in December.
• The FHFA house price index fell 0.1% from a month ago in December.
• Wholesale inventories dropped by 0.4% from a month ago to $929.7 billion in January.

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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 105,266,330 cases with around 1,145,410 deaths. India confirmed a total of at least 44,686,370 cases and 530,770 deaths, while France reported over 39,616,580 COVID-19 cases with 164,920 deaths. In total, there were at least 679,863,560 cases of COVID-19 worldwide with more than 6,799,560 deaths.