Nasdaq Down Over 2%; Marriott Earnings Top Views

U.S. stocks traded lower toward the end of trading, with the Dow Jones index dipping over 700 points on Tuesday.

The Dow traded down 1.81% to 38,096.28 while the NASDAQ fell 2.13% to 15,603.71. The S&P 500 also fell, dropping, 1.79% to 4,931.86.

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Leading and Lagging Sectors

Energy shares fell by just 0.5% on Tuesday.

In trading on Tuesday, real estate shares dipped by 2.3%.

Top Headline

Marriott International MAR reported mixed fourth-quarter financial results and issued FY24 earnings guidance below estimates.

Marriott International reported fourth-quarter adjusted earnings per share of $3.57, beating the analyst consensus of $2.12. The company reported revenue of $6.095 billion, missing the consensus of $6.20 billion.

Marriott International expects first-quarter adjusted EPS of $2.12-$2.19 versus the $2.30 estimate. The company projects FY24 adjusted EPS of $9.18-$9.52 versus the $9.69 estimate.

Equities Trading UP

Beamr Imaging Ltd. BMR shares shot up 53% to $15.23 after rallying more than 370% on Monday. Beamr Imaging priced $12 million public offering of 1,714,200 ordinary shares at $7 per share.

Shares of Whole Earth Brands, Inc. FREE got a boost, surging 35% to $4.7550. Whole Earth Brands signed a definitive agreement to be acquired by affiliates of Sababa Holdings FREE, LLC for $4.875 per share in an all-cash transaction.

Digital Brands Group, Inc. DBGI shares were also up, gaining 149% to $7.14. Digital Brands reaffirmed its 2024 guidance revenue of $27 million to $30 million and committed to no equity offerings for 2024.

Equities Trading DOWN

Sunshine Biopharma, Inc. SBFM shares dropped 64% to $0.0688 after the company announced pricing of $10 million underwritten public offering.

Shares of BIOLASE, Inc. BIOL were down 66% to $0.1525 after the company announced pricing of $7 million public offering of 16 million units at a price of $0.44 per unit.

Sientra, Inc. SIEN was down, falling 60% to $0.2350 after the company announced plans to pursue strategic sale of its business through voluntary Chapter 11 process.

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Commodities

In commodity news, oil traded up 1.7% to $78.25 while gold traded down 1.3% at $2,006.90.

Silver traded down 2.7% to $22.16 on Tuesday while copper fell 0.3% to $3.7135.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.95%, London’s FTSE 100 fell 0.81% while Spain’s IBEX 35 Index fell 0.59% The German DAX fell 0.92% French CAC 40 fell 0.84% while Italy’s FTSE MIB Index fell 1.03%.

Average weekly earnings including bonuses in the UK rose 5.8% year-over-year to GBP 669/week during the three months to December, while UK’s unemployment rate fell to 3.8% in the fourth quarter. The unemployment rate in France came in steady at 7.5% during the fourth quarter.

Asia Pacific Markets

Asia Pacific markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 2.89%, India’s S&P BSE Sensex gaining 0.70% and Australia’s S&P/ASX 200 falling 0.15%.

Producer prices in Japan increased by 0.2% year-over-year in January, while Japan’s machine tool orders fell 14.1% year-over-year to JPY 110,881 million for January.

Economics

The NFIB Small Business Optimism Index declined to 89.9 in January from 91.9 in December.

The annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, but came higher than market estimates of 2.9%.

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