Dow Dips 200 Points; Goldman Sachs Earnings Top Views

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.56% to 37,384.20 while the NASDAQ fell 0.69% to 14,869.02. The S&P 500 also fell, dropping, 0.53% to 4,758.60.

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Leading and Lagging Sectors

Communication services shares jumped by 0.3% on Tuesday.

In trading on Tuesday, financial shares fell by 1.2%.

Top Headline

Goldman Sachs Group Inc GS reported better-than-expected earnings for its fourth quarter.

Goldman Sachs reported fourth-quarter 2023 GAAP EPS of $5.48, compared with $3.32 for the fourth quarter of 2022 and surpassing the consensus of $3.43. The bank generated fourth quarter 2023 revenue of $11.32 billion, up 7% Y/Y and 4% lower sequentially vs. the expected $9.85 billion.

Equities Trading UP

Elevai Labs, Inc. ELAB shares shot up 102% to $3.45. ELEVAI Labs signed an exclusive worldwide manufacturing agreement and license agreement with INmune Bio granting ELEVAI a license to use INmune's EMx Technology.

Shares of Phunware, Inc. PHUN got a boost, surging 80% to $0.1368.

Rail Vision Ltd. RVSN shares were also up, gaining 39% to $1.9322 after gaining over 13% on Friday.

Equities Trading DOWN

Allakos Inc. ALLK shares dropped 60% to $1.21 after the company announced topline data from its Phase 2 trial for lirentelimab in atopic dermatitis (ATLAS) and Phase 2B study in chronic spontaneous urticaria (MAVERICK).

Shares of Ault Alliance, Inc. AULT were down 24% to $0.0521 after declining around 3% on Friday.

Applied UV, Inc. AUVI was down, falling 24% to $2.9099.
Applied UV announced receipt of orders in its smart building technologies division.

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Commodities

In commodity news, oil traded up 0.5% to $73.04 while gold traded down 0.4% at $2,043.30.

Silver traded down 0.7% to $23.165 on Tuesday while copper fell 0.7% to $3.7650.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index dipped 1.1% The German DAX fell 0.7% French CAC 40 fell 0.6% while Italy’s FTSE MIB Index fell 0.7%.

The ZEW Indicator of Economic Sentiment for Germany increased by 2.4 points to a reading of +15.2 in January, topping market estimates of +12, while the ZEW Indicator of Economic Sentiment for the Eurozone fell by 0.3 points to 22.7 in January.

The annual inflation rate in Italy eased to 0.6% in December from 0.7% in November, while German consumer price inflation increased to 3.7% year-over-year in December compared to November’s reading of 3.2%.

Average weekly earnings, including bonuses, in the UK rose 6.5% year-over-year to GBP 666/week during the three months to November, while unemployment rate came in unchanged at 4.2%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.79%, Hong Kong’s Hang Seng Index falling 2.16% and China’s Shanghai Composite Index gaining 0.27%. India’s S&P BSE Sensex, meanwhile, fell 0.27%.

Producer prices in Japan showed no growth year-over-year in December following a 0.3% increase in the prior month.

Economics

The NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.

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