S&P 500 Down Over 1%; Bit Brother Shares Plummet

U.S. stocks traded lower toward the end of trading, with the S&P 500 dropping more than 1% on Wednesday.

The Dow traded down 1.39% to 33,440.72 while the NASDAQ fell 0.89% to 10,996.36. The S&P 500 also fell, dropping, 1.21% to 3,942.75.
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Leading and Lagging Sectors

Materials shares fell by just 0.4% on Wednesday. Meanwhile, top gainers in the sector included Baijiayun Group Ltd RTC, up 21%, and Algoma Steel Group Inc. ASTL, up 5%.
In trading on Wednesday, consumer staples shares dipped by 2.2%.

Top Headline

PNC Financial Services Group Inc PNC reported worse-than-expected earnings results.
PNC reported fourth-quarter revenue of $5.76 billion, which beat average analyst estimates of $5.71 billion. The company reported quarterly earnings of $3.49 per share, which missed estimates of $3.95 per share.

Equities Trading UP

• Ontrak, Inc.. OTRK shares shot up 131% to $1.33 after the company announced new data that shows a reduction in depression and axiety symptoms for Ontrak Health's Wholehealth+ program members.
• Shares of Sigilon Therapeutics, Inc. SGTX got a boost, shooting 28% to $0.5281 after Canaccord Genuity initiated coverage on the stock with a Buy rating and a $6 price target.
• Energy Vault Holdings, Inc. NRGV shares were also up, gaining 31% to $4.6499 after the company updated Q4 and FY22 expected revenue results.

Equities Trading DOWN

• Bit Brother Limited BTB shares tumbled 71% to $1.92 after the company reported pricing of $7.1 million registered direct offering.
• Shares of Arcimoto, Inc. FUV were down 59% to $2.51 after the company announced pricing of its $12 million public offering.
• PAVmed Inc. PAVM was down, falling 20% to $0.51 after the company announced a workforce reduction of roughly 20% alongside other cost-cutting measures.

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Commodities

In commodity news, oil traded up 0.1% to $80.20 while gold traded down 0.2% at $1,906.50.
Silver traded down 1.7% to $23.665 on Wednesday while copper rose 0.1% to $4.2270.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.23%, London’s FTSE 100 fell 0.26% while Spain’s IBEX 35 Index gained 0.48%. The German DAX declined 0.03% French CAC 40 climbed 0.09% and Italy’s FTSE MIB Index rose 0.27%.
Passenger car registrations in the European Union climbed 12.8% year-over-year to 896,967 units during December. Annual inflation rate in the UK declined to 10.5% in December from 10.7% in the prior month. Italy recorded a trade surplus of EUR 1.14 billion in November, recording the first surplus in 12 months.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with the Hong Kong’s Hang Seng Index gaining 0.47%, and China’s Shanghai Composite Index rising 0.01%. Japan’s Nikkei 225 gained 2.5%.
The Bank of Japan kept its key short-term interest rate unchanged at -0.1%. Industrial production in Japan rose 0.2% month-over-month in November, while core machinery orders dipped 8.3% month-over-month in November. Foreign direct investment into China surged 6.3% from a year ago to CNY 1.27 trillion during 2022.

Economics

• Mortgage applications in the US increased 27.9% in the week ended Jan. 13, 2023.
• Retail sales in the US dropped 1.1% month-over-month in December.
• Producer prices for final demand in the US fell 0.5% month-over-month in December.
• Industrial production in the US dropped by 0.7% month-over-month in December.
• The NAHB housing market index rose to 35 in January from 31 in December.
• US business inventories increased by 0.4% from a month ago in November.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 103,614,410 cases with around 1,125,890 deaths. India confirmed a total of at least 44,681,880 cases and 530,720 deaths, while France reported over 39,461,380 COVID-19 cases with 163,560 deaths. In total, there were at least 672,042,770 cases of COVID-19 worldwide with more than 6,734,120 deaths.