Benzinga - by Avi Kapoor, Benzinga Staff Writer.
U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 350 points on Tuesday.
The Dow traded down 0.93% to 37,243.85 while the NASDAQ fell 0.58% to 14,885.45. The S&P 500 also fell, dropping, 0.66% to 4,752.36.
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Leading and Lagging Sectors
Information technology shares rose by 0.1% on Tuesday.
In trading on Tuesday, energy shares fell by 1.9%.
Top Headline
PNC Financial Services Group Inc (NYSE: PNC) reported better-than-expected earnings for its fourth quarter.
The bank reported a revenue decline of 7% year-over-year (Y/Y) to $5.36 billion, beating the consensus of $5.29 billion. Adjusted EPS of $3.16 came above the consensus of $2.94.
Equities Trading UP
DatChat, Inc. (NASDAQ: DATS) shares shot up 53% to $3.2292 after the company announced the proposed spin-off of its Habytat platform business.
Shares of Phunware, Inc. (NASDAQ: PHUN) got a boost, surging 282% to $0.29.
HomeStreet, Inc. (NASDAQ: HMST) shares were also up, gaining 44% to $15.46 after the company announced that it entered into a definitive merger agreement with FirstSun Capital Bancorp.
Equities Trading DOWN
Allakos Inc. (NASDAQ: ALLK) shares dropped 57% to $1.2801 after the company announced topline data from its phase 2 trial for lirentelimab in atopic dermatitis and its phase 2b study in chronic spontaneous urticaria did not meet their primary endpoints.
Shares of Applied Digital Corporation (NASDAQ: APLD) were down 21% to $5.91 after the company reported worse-than-expected second-quarter financial results and said it expects its revenue and EBITDA to be below the low end of its previously guided range for fiscal year 2024.
Leggett & Platt, Incorporated (NYSE: LEG) was down, falling 8% to $23.41 after the company announced a restructuring plan, which includes a workforce reduction, and withdrew its long-term financial targets.
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Commodities
In commodity news, oil traded down 0.9% to $72.06 while gold traded down 1.1% at $2,029.70.
Silver traded down 1% to $23.095 on Tuesday while copper rose 0.8% to $3.7710.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.24%, London’s FTSE 100 fell 0.48% while Spain’s IBEX 35 Index dipped 0.82% The German DAX fell 0.30% French CAC 40 fell 0.18% while Italy’s FTSE MIB Index rose 0.03%.
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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