Dow Tumbles More Than 500 Points; US Manufacturing PMI Rises In February

U.S. stocks traded lower midway through trading, with the Dow Jones dropping more than 500 points on Tuesday.

The Dow traded down 1.61% to 33,280.92 while the NASDAQ fell 2.05% to 11,545.79. The S&P 500 also fell, dropping, 1.65% to 4,011.67.

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Leading and Lagging Sectors

• Energy shares rose around 0.1% on Tuesday. Meanwhile, top gainers in the sector included Helix Energy Solutions Group, Inc. HLX, up 17%, and TORM plc TRMD, up 3%.
• In trading on Tuesday, consumer discretionary shares dipped by 2.2%.

 

Top Headline

The S&P Global manufacturing PMI for the US rose to 47.8 in February from 46.9 in the previous month, while composite PMI climbed to 50.2 in February from 46.8 in the prior month.

 

Equities Trading UP

• Harbor Custom Development, Inc. HCDI shares shot up 57% to $0.5497 after the company said it has contracted to sell mills Crossing townhomes for $14.25 million.
• Shares of Arbe Robotics Ltd. ARBE got a boost, shooting 56% to $6.80. Arbe Robotics is expected to report its financial results for the fourth quarter on Thursday, March 2, 2023.
• Mobilicom Limited MOB shares were also up, gaining 48% to $2.2999 after the company announced it has entered a strategic partnership with Mistral, a prime contractor for the US Department of Defense.

 

Equities Trading DOWN

• Aileron Therapeutics, Inc. ALRN shares tumbled 44% to $1.34 after the company announced termination of Phase 1b breast cancer chemoprotection trial and exploration of strategic alternatives.
• Shares of CVRx, Inc. CVRX were down 42% to $10.05 after the company reported preliminary results of the BeAT-HF post-market randomized clinical trial.
• eFFECTOR Therapeutics, Inc. EFTR was down, falling 18% to $0.5152 after the company announced top-line results from its Phase 1b clinical trial of zotatifin for COVID-19 infection.

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Commodities

In commodity news, oil traded down 0.4% to $76.07 while gold traded down 0.1% at $1,848.50.

Silver traded up 1.1% to $21.96 on Tuesday while copper rose 3% to $4.2315.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 dropped 0.29% while Spain’s IBEX 35 Index fell 0.19%. The German DAX declined 0.32% French CAC 40 fell 0.24% and Italy’s FTSE MIB Index fell 0.48%.

The S&P Global Eurozone services PMI climbed to 53.0 in February versus 50.8 in January, while manufacturing slipped fell to 48.5 in February from 48.8. Passenger car registrations in the European Union jumped 11.3% from a year ago to 760,041 units in January.

The S&P Global France composite PMI climbed to 51.6 in February from 49.1 a month ago, while Germany composite PMI increased to 51.1 in February from 49.9. The S&P Global/CIPS manufacturing PMI for the UK rose to 49.2 in February from 47 in the previous month, while services PMI increased to 53.3 from 48.7.

 

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 dropping 0.21%, Hong Kong’s Hang Seng Index falling 1.71% and China’s Shanghai Composite Index gaining 0.49%. India’s S&P BSE Sensex slipped 0.02%.

The au Jibun Bank Japanese services PMI rose to 53.6 in February versus 52.3 in the prior month, while manufacturing PMI declined to 47.4 in February from a final reading of 48.9. The Judo Bank Australian Composite PMI rose to 49.2 in February versus 48.5 a month ago.

 

Economics

• The S&P Global manufacturing PMI for the US rose to 47.8 in February from 46.9 in the previous month.
• The S&P Global composite PMI climbed to 50.2 in February from 46.8 in the prior month.
• Existing home sales in the US fell 0.7% to an annual rate of 4.0 million in January.

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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 104,996,280 cases with around 1,142,700 deaths. India confirmed a total of at least 44,685,130 cases and 530,760 deaths, while France reported over 39,590,190 COVID-19 cases with 164,750 deaths. In total, there were at least 678,812,360 cases of COVID-19 worldwide with more than 6,791,990 deaths.