Dow Tumbles 150 Points; Procter & Gamble Shares Rise On Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Dow Jones index falling around 150 points on Tuesday.

The Dow traded down 0.43% to 37,837.65 while the NASDAQ fell 0.01% to 15,358.79. The S&P 500 also fell, dropping, 0.03% to 4,849.05.

Check This Out: How To Earn $500 A Month From Nvidia Stock

Leading and Lagging Sectors

Consumer staples shares rose by 0.8% on Tuesday.

In trading on Tuesday, real estate shares fell by 0.7%.

Top Headline

Shares of Procter & Gamble Company PG gained on Tuesday after the company posted upbeat earnings for its second quarter.

The company reported second-quarter FY24 sales growth of 3% year-over-year to $21.441 billion, marginally missing the consensus of $21.47 billion. Adjusted EPS of $1.84 beat the consensus of $1.70.

For FY24, the company said it expects core EPS of $6.37-$6.43 (prior view $6.25-$6.43) versus the $6.41 estimate.

Equities Trading UP

FaZe Holdings Inc.. FAZE shares shot up 107% to $0.3201 after the company announced Rollbit will sponsor its Counter-Strike team.

Shares of Ensysce Biosciences, Inc. ENSC got a boost, surging 36% to $1.5499. Ensysce Biosciences said that the FDA has granted Breakthrough Therapy Designation for PF614-MPAR.

Nuvve Holding Corp. NVVE shares were also up, gaining 44% to $4.3004 after the company announced that it was awarded a $16 million project for Fresno Economic Opportunities Commission's 50-shuttle fleet.

Equities Trading DOWN

Vroom, Inc. VRM shares dropped 39% to $0.3225 after the company announced it is discontinuing its operations and winding down its used vehicle dealership business.

Shares of Nutex Health Inc. NUTX were down 25% to $0.14. Nutex Health announced pricing of $10.0 million registered direct offering of common stock and warrants.

Revelation Biosciences, Inc. REVB was down, falling 25% to $0.3136. Revelation Biosciences announced a 1-for-30 reverse stock split effective Jan. 25, 2024.

Also Check This Out: 3 Minutes To Boost Your Earnings: 3 Stocks With Over 3% Dividend Yields In Tech And Telecom Sector From Wall Street's Most Accurate Analysts

Commodities

In commodity news, oil traded down 0.2% to $75.01 while gold traded up 0.1% at $2,025.00.

Silver traded up 0.7% to $22.46 on Tuesday while copper rose 0.9% to $3.7985.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.26%, London’s FTSE 100 rose 0.08% while Spain’s IBEX 35 Index fell 1.10% The German DAX fell 0.30% French CAC 40 declined 0.37% while Italy’s FTSE MIB Index fell 0.39%.

Public sector net borrowing, excluding public sector banks, in the United Kingdom shrank to £7.8 billion in December, compared to £16.2 billion in the year-ago month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 0.08%, Hong Kong’s Hang Seng Index climbing 2.63% and China’s Shanghai Composite Index gaining 0.53%. India’s S&P BSE Sensex, meanwhile, fell 1.53%.

The Bank of Japan maintained its key short-term interest rate at -0.1% during its January meeting. Singapore’s annual inflation rate rose to 3.7% in December from November's reading of 3.6%.

Economics

The composite manufacturing index in the US Fifth District area declined to a reading of -15 in January, compared to December’s reading of -11.

Now Read This: Cramer Says Stay Away From This Bitcoin Miner: 'I Don't Trust It'