Crude Oil Rises Over 2%; Consolidated Communications Shares Plummet

U.S. stocks traded mixed midway through trading, with the Dow Jones dropping around 100 points on Tuesday.

The Dow traded down 0.33% to 32,782.04 while the NASDAQ rose 0.19% to 11,488.27. The S&P 500 also rose, gaining, 0.05% to 3,984.36.

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Leading and Lagging Sectors

• Real estate shares rose 1.1% on Tuesday. Meanwhile, top gainers in the sector included Innovative Industrial Properties, Inc. IIPR, up 7%, and Green Giant Inc. GGE, up 11%.
• In trading on Tuesday, energy shares fell by 0.6%.

Top Headline

Wholesale inventories dropped by 0.4% from a month ago to $929.7 billion in January.

Equities Trading UP

• Bioventus Inc BVS shares shot up 61% to $2.35. Bioventus entered into settlement agreement with former CartiHeal shareholders regarding obligations under amended option & equity purchase agreement for prior acquisition of CartiHeal.
• Shares of Chico's FAS, Inc. CHS got a boost, shooting 24% to $6.14 after the company reported better-than-expected Q4 sales results.
• Cardio Diagnostics Holdings, Inc. CDIO shares were also up, gaining 165% to $3.39 after the company announced the launch of PrecisionCHD, an integrated epigenetic-genetic blood test for the early detection of coronary heart disease.

Equities Trading DOWN

• Aptinyx Inc. APTX shares tumbled 65% to $0.2050 after the company reported NYX-458 did not demonstrate sufficient efficacy in the Phase 2 study to support further development by the company.
• Shares of ContraFect Corporation CFRX were down 28% to $3.4258 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 $2.93 after the company posted Q4 results.

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Commodities

In commodity news, oil traded up 2.2% to $77.36 while gold traded up 0.5% at $1,833.70.

Silver traded up 0.7% to $20.935 on Tuesday while copper rose 1.9% to $4.0870.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.15%, London’s FTSE 100 fell 0.62% while Spain’s IBEX 35 Index rose 0.97%. The German DAX gained 0.08% French CAC 40 fell 0.15% and Italy’s FTSE MIB Index gained 0.22%.

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.