The Dow dropped 100 points; Verizon issues weak earnings forecast

US stocks were trading lower this morning, with the Dow Jones down more than 100 points on Tuesday.

After the market opened on Tuesday, the Dow closed down 0.31% at 33,524.12, while the NASDAQ fell 0.11% to 11,352.46. The S&P 500 also declined, falling 0.30% to 4,007.66.

Check it out: Microsoft prepares to report earnings today after cutting jobs, here’s a look at recent price target changes by the most accurate analysts

leading and lagging areas

  • Shares of Consumer Discretionary rose 0.2% on Tuesday. Meanwhile, in Top Gainers region Include bed bath & beyond inc. BBBYup 16%, and Bassett Furniture Industries, Inc. bsetup 5%.
  • Material shares declined 1% in Tuesday’s trading.

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Verizon Communications Inc VZ Reported better than expected fourth quarter sales results.

Verizon reported a 3.5% year-over-year increase in sales to $35.3 billion in the fourth quarter of FY22, beating the $35.1 billion consensus. Adjusted EPS of $1.19 was in line with consensus.

Verizon said it expects adjusted EPS of $4.55 – $4.85, below the consensus of $4.99.

equity trading up

  • Bodax Bio, Inc. bxrx Shares soared 83% to $5.76 after the company announced results of its first interim analysis in a Phase II trial of BX1000 for neuromuscular blockade in patients undergoing elective surgery.
  • shares of Grom Social Enterprises, Inc. Groom got a boost, rising 31% to $2.90.
  • Compass Therapeutics, Inc. cmpx Shares were up as well, rising 18% to $4.49. Compass Therapeutics recently said its combo therapy showed an almost 38% overall response rate in previously treated biliary tract cancer patients.

equity trading down

  • Satixfi Communications Limited satx Shares fell 41% to $4.2485. SaixFy recently appointed Ido Gur as its new Chief Executive Officer.
  • shares of Altamira Therapeutics Ltd site were down 30% to $3.4905 after the company provided an update on its clinical trials with Bentrio. The COVAMID study did not reach the primary efficacy endpoint.
  • Cassava Sciences, Inc. Sawa fell 18% to $29.73 after the company reported top-line clinical results in a Phase 2 study evaluating simufilm in Alzheimer’s disease.

See also: Reference Therapeutics and 3 Other Stocks Under $1 Insiders Are Buying Aggressively

Goods

In commodity news, oil was trading up 0.2% at $81.75, while gold was down 0.1% at $1,927.50.

Silver fell 0.3% to $23.49 on Tuesday, while copper fell 0.4% to $4.2415.

euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 index rose 0.1%. The German DAX fell 0.3%, the French CAC 40 fell 0.2% and Italy’s FTSE MIB index fell 0.1%.

The S&P Global Eurozone Services PMI rose to 50.7 from 49.8 in January a month earlier, while the Manufacturing PMI rose to 48.8 from 47.8 in January. The consumer confidence index in the eurozone rose 1.1 points to -20.9 in January. The S&P Global French Composite PMI slipped to 49 from 49.1, while the German Composite PMI rose to 49.7 from 49.0 in January. The GfK Consumer Climate Indicator in Germany rose to -33.9 in February compared to a revised reading of -37.6 in January.

The S&P Global/CIPS UK Services PMI fell to 48 in January from 49.9 the previous month, while the Manufacturing PMI rose to 46.7 from 45.3.

asia pacific market

Asian markets were mostly closed on Tuesday, with Japan’s Nikkei 225 up 1.46% and India’s S&P BSE Sensex up 0.06%. Many Asian markets were closed for the Lunar New Year holiday.

The Au Jibun Bank Japan Composite PMI climbed to 50.8 in January, compared to the last reading of 49.7 in the previous month. The Australian composite PMI rose to 48.2 in January from 47.5 in the previous month.

Economics

The S&P Global Services PMI rose to 46.6 in January from 44.7 in the previous month, while the Manufacturing PMI rose to 46.8 from 46.2 in January.

Now read this: Bullish trend in the market before earnings

COVID-19 Update

The US has the highest number of coronavirus cases and deaths in the world, recording a total of 103,888,290 cases with nearly 1,129,140 deaths. India reported a total of at least 44,682,100 confirmed cases and 530,730 deaths, while France reported over 39,485,570 COVID-19 cases with 163,940 deaths. Overall, there were at least 673,626,060 cases of COVID-19 worldwide with more than 6,748,580 deaths.

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