Nasdaq Down 250 Points; ISM Services PMI Falls In February

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 250 points on Tuesday.

The Dow traded down 0.64% to 38,741.00 while the NASDAQ fell 1.64% to 15,942.27. The S&P 500 also fell, dropping, 0.85% to 5,087.09.

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Leading and Lagging Sectors

Utilities shares rose by 1.2% on Tuesday.

In trading on Tuesday, information technology shares fell by 2.2%.

Top Headline

The ISM services PMI declined to 52.6 in February versus a four-month high level of 53.4 in January and down from market estimates of 53.

Equities Trading UP

Dave Inc. DAVE shares shot up 47% to $32.27 after the company reported a year-over-year increase in fourth-quarter revenue results.

Shares of Airship AI Holdings, Inc. AISP got a boost, surging 104% to $3.3650 after the company announced that it has been awarded a contract with the Department of Justice for its Acropolis Enterprise Sensor Management video and data management platform.

Apogee Therapeutics, Inc. APGE shares were also up, gaining 42% to $59.23 after the company announced interim results from its Phase 1 healthy volunteer trial for APG777. Also, the company reported FY23 financial results.

Equities Trading DOWN

Quoin Pharmaceuticals, Ltd. QNRX shares dropped 48% to $1.52 after the company announced the pricing of a $6.5 million public offering.

Shares of ThredUp Inc. TDUP were down 25% to $1.76 after reporting fourth-quarter results.

Crawford & Company (NYSE: CRD-A) was down, falling 27% to $9.10 after the company reported worse-than-expected fourth-quarter financial results.

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Commodities

In commodity news, oil traded down 0.1% to $78.69 while gold traded up 0.4% at $2,134.60.

Silver traded rose 0.1% to $24.015 on Tuesday while copper fell 0.1% to $3.8540.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.24%, London’s FTSE 100 rose 0.13% while Spain’s IBEX 35 Index rose 0.45% The German DAX declined 0.13% French CAC 40 fell 0.29% while Italy’s FTSE MIB Index rose 0.67%.

Industrial producer prices in the Eurozone fell by 8.6% year-over-year in January, compared to a revised 10.7% decline in the prior month. The eurozone services PMI rose to 50.2 in February versus a preliminary level of 50.

The HCOB German services PMI was revised higher to 48.3 in February versus a preliminary reading of 48.2, while French services PMI climbed to 48.4 in February from 45.4 a month ago. The S&P Global UK services PMI was revised down to 53.8 in February compared to a preliminary reading of 54.3.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.03%, Hong Kong’s Hang Seng Index dipping 2.61%, China’s Shanghai Composite Index gaining 0.28% and India’s S&P BSE Sensex declining 0.26%.

The Chinese government said it sees GDP increasing around 5% in 2024, unchanged from the previous year. The Caixin China general service PMI fell to 52.5 in February from 52.7 in January.

The HSBC Indian services PMI fell to 60.6 in February from a preliminary reading of 62.0. The au Jibun Bank Japan services PMI rose to 52.9 in February versus preliminary reading of 52.5. The S&P Global Hong Kong SAR PMI fell to 49.7 in February versus 49.9 a month ago.

Economics

The Logistics Manager’s Index in the U.S. rose to a reading of 56.5 in February, notching the strongest reading in four months.

The S&P Global services PMI was revised higher to 52.3 in February compared to a preliminary reading of 51.3.

The S&P Global composite PMI rose to 52.5 in February versus a preliminary reading of 51.4.

U.S. factory orders fell by 3.6% month-over-month in January compared to a revised 0.3% decline in December.

The ISM services PMI declined to 52.6 in February versus a four-month high level of 53.4 in January and down from market estimates of 53.

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