Nasdaq Tumbles Over 100 Points; GM Shares Gain On Earnings Beat

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling more than 100 points on Tuesday.

The Dow traded up 0.23% to 38,421.03 while the NASDAQ fell 0.88% to 15,490.48. The S&P 500 also fell, dropping, 0.12% to 4,921.94.

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Leading and Lagging Sectors

Financials shares rose by 1% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

Shares of General Motors Company GM jumped over 8% on Tuesday after the company reported better-than-expected fourth-quarter financial results and issued 2024 adjusted EPS guidance above estimates.

General Motors reported a fourth-quarter FY23 sales decline of (0.3)% year-on-year to $42.98 billion, beating the analyst consensus estimate of $38.97 billion. Adjusted EPS of $1.24 beat the consensus estimate of $1.16.

Equities Trading UP

Pixelworks, Inc. PXLW shares shot up 43% to $2.1201 after the company entered into a multi-year agreement with Walt Disney Studios.

Shares of Agrify Corporation AGFY got a boost, surging 44% to $0.7323 after a 13D filing showed I-Tseng Jenny Chan reported a 49.99% stake in the company.

Sanmina Corporation SANM shares were also up, gaining 29% to $65.14 after the company reported better-than-expected first-quarter financial results and issued second-quarter guidance above estimates.

Equities Trading DOWN

Sidus Space, Inc. SIDU shares dropped 43% to $4.9199 after the company announced the pricing of its public offering of 1,251,700 Class A shares at $4.50 per share.

Shares of 60 Degrees Pharmaceuticals, Inc. SXTP were down 38% to $0.32 after the company announced pricing of a $2.4 million public offering.

Calix, Inc. CALX was down, falling 26% to $32.74 after the company issued first-quarter adjusted EPS and revenue guidance below estimates.

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Commodities

In commodity news, oil traded up 1.5% to $77.92 while gold traded up 1.3% at $2,051.90.

Silver traded up 0.1% to $23.255 on Tuesday while copper rose 0.7% to $3.9065.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.16%, London’s FTSE 100 rose 0.44% while Spain’s IBEX 35 Index rose 1.51% The German DAX rose 0.18% French CAC 40 gained 0.48% while Italy’s FTSE MIB Index climbed 1.29%.

The Euro Area economy stalled in the final three months of 2023, compated to a 0.1% contraction in the prior period. The economic sentiment indicator in the Eurozone fell to 96.2 in January compared to December's reading of 96.4.

Italy’s gross domestic product rose by 0.2% quarter-over-quarter during the last three months of 2023, while German economy shrank by 0.3% in the fourth quarter. Spanish gross domestic product increased by 0.6% in the same period, while annual consumer price inflation in Spain increased to 3.4% in January. The French economy stalled in the fourth quarter.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 gaining 0.11%, Hong Kong’s Hang Seng Index falling 2.32% and China’s Shanghai Composite Index dipping 1.83%. India’s S&P BSE Sensex, meanwhile, fell 1.11%.

Japanese unemployment rate declined to 2.4% in December compared to 2.5% in the earlier two months.

Economics

The S&P CoreLogic Case-Shiller home price index climbed 5.4% year-over-year in November versus a 4.9% rise in October.

The FHFA house price index rose by 0.3% from the prior month in November.

The number of job openings climbed by 101,000 from the prior month to 9.026 million in December.

The Dallas Fed general business activity index for Texas' service sector fell to a reading of -9.3 in January versus December's reading of -8.8.

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