Dow Tumbles Over 150 Points; Charles Schwab Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 150 points on Wednesday.

The Dow traded down 0.48% to 37,183.10 while the NASDAQ fell 1.15% to 14,772.10. The S&P 500 also fell, dropping, 0.91% to 4,722.52.

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Leading and Lagging Sectors

 

Health care shares fell by just 0.2% on Wednesday.

In trading on Wednesday, real estate shares dipped by 2.6%.

 

Top Headline

 

Charles Schwab Corporation SCHW reported better-than-expected fourth-quarter earnings.

Adjusted EPS fell from $1.07 to 68 cents, beating the consensus of 64 cents, according to data from Benzinga Pro. Revenue fell 19% to $4.46 billion, marginally missing the consensus of $4.48 billion.

 

Equities Trading UP

 

Airspan Networks Holdings Inc. MIMO shares shot up 307% to $0.3130 after the company announced a partnership with GCT Semiconductor to develop an RF module.

Shares of Digital World Acquisition Corp. DWAC got a boost, surging 17% to $26.15 after Donald Trump recently won the Iowa GOP caucus. Digital World Acquisition Corp is the business combination partner of Trump Media & Technology Group.

Bullfrog AI Holdings, Inc. BFRG shares were also up, gaining 34% to $3.5401 after the company reported early results from its collaboration with Lieber Institute for Brain Development (LIBD).

 

Equities Trading DOWN

 

TuSimple Holdings Inc. TSP shares dropped 48% to $0.3657. TuSimple announced intention to delist from the Nasdaq.

Shares of Phunware, Inc. PHUN were down 55% to $0.1892 after the company announced pricing of a $7 million registered direct offering price at-the-market under Nasdaq rules.

DatChat, Inc. DATS was down, falling 46% to $1.71 after the company announced pricing of a $1.8 million underwritten public offering of common stock.

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Commodities

 

In commodity news, oil traded up 0.1% to $72.41 while gold traded down 1.1% at $2,007.60.

Silver traded down 1.7% to $22.70 on Wednesday while copper fell 0.8% to $3.7355.

 

Euro zone

 

European shares closed lower today. The eurozone’s STOXX 600 fell 1.13%, London’s FTSE 100 fell 1.48% while Spain’s IBEX 35 Index dipped 1.26% The German DAX fell 0.84% French CAC 40 fell 1.07% while Italy’s FTSE MIB Index fell 0.79%.

The inflation rate in the Euro Area rose to 2.9% in December versus 2.4% in November. Annual inflation rate in the UK increased to 4% in December from 3.9% in November, while factory gate prices of goods produced by manufacturers rose 0.1% year-over-year in December following a revised 0.1% decline in November.

 

Asia Pacific Markets

 

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.40%, Hong Kong’s Hang Seng Index falling 3.71% and China’s Shanghai Composite Index gaining 2.09%. India’s S&P BSE Sensex, meanwhile, fell 2.23%.

Chinese surveyed urban unemployment rate rose to 5.1% in December from 5.0% in the prior three months, while retail sales rose by 7.4% year-over-year in December. The Chinese economy expanded by a seasonally adjusted 1.0% in the fourth quarter, while industrial production rose by 6.8% year-over-year in December.

 

Economics

 

Retail sales in the US rose 0.6% month-over-month in December compared to a 0.3% increase in November.

US import prices came in unchanged in December, while export prices declined 0.9% month-over-month in December.

Total business inventories declined by 0.1% month-over-month in November.

The NAHB/Wells Fargo Housing Market Index climbed to 44 in January from 37 in the prior month.

Industrial production rose by 0.1% from the prior month in December.

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