US Stocks Edge Lower; Pfizer Reports Surprise Profit

U.S. stocks traded slightly lower this morning on Tuesday. Following the market opening Tuesday, the Dow traded down 0.04% to 38,316.43 while the NASDAQ fell 0.12% to 15,608.59. The S&P 500 also fell, dropping, 0.03% to 4,926.32.

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Leading and Lagging Sectors

 

Health care shares rose by 0.2% on Tuesday.

In trading on Tuesday, energy shares fell by 1.1%.

 

Top Headline

 

Pfizer Inc PFE reported a surprise profit for the fourth quarter on Tuesday.

The company posted adjusted EPS of 10 cents versus a consensus loss of 22 cents. The company reported a 41% decline in sales to $14.25 billion, down from $24.29 billion a year ago, almost in line with the consensus of $14.21 billion.

 

Equities Trading UP

 

Agape ATP Corporation ATPC shares shot up 86% to $0.9500.

Shares of Agrify Corporation AGFY got a boost, surging 53% to $0.7734 after a 13D filing showed I-Tseng Jenny Chan reported a 49.99% stake in the company.

Sanmina Corporation SANM shares were also up, gaining 37% to $69.39 after the company reported better-than-expected first-quarter financial results and issued second-quarter guidance above estimates.

 

Equities Trading DOWN

 

Sidus Space, Inc. SIDU shares dropped 43% to $5.00 after the company announced the pricing of its public offering of 1,251,700 Class A shares at $4.50 per share.

Shares of 60 Degrees Pharmaceuticals, Inc. SXTP were down 38% to $0.32 after the company announced pricing of a $2.4 million public offering.

Nyxoah S.A. NYXH was down, falling 29% to $8.77 after surging 31% on Monday.

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Commodities

 

In commodity news, oil traded up 0.2% to $76.93 while gold traded up 1.9% at $2,063.70.

Silver traded up 0.6% to $23.39 on Tuesday while copper rose 0.1% to $3.8790.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 1.2% The German DAX rose 0.2% French CAC 40 gained 0.4% while Italy’s FTSE MIB Index climbed 0.8%.

The Euro Area economy stalled in the final three months of 2023, compated to a 0.1% contraction in the prior period. The economic sentiment indicator in the Eurozone fell to 96.2 in January compared to December's reading of 96.4.

Italy’s gross domestic product rose by 0.2% quarter-over-quarter during the last three months of 2023, while German economy shrank by 0.3% in the fourth quarter. Spanish gross domestic product increased by 0.6% in the same period, while annual consumer price inflation in Spain increased to 3.4% in January. The French economy stalled in the fourth quarter.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 gaining 0.11%, Hong Kong’s Hang Seng Index falling 2.32% and China’s Shanghai Composite Index dipping 1.83%. India’s S&P BSE Sensex, meanwhile, fell 1.11%.

Japanese unemployment rate declined to 2.4% in December compared to 2.5% in the earlier two months.

 

Economics

 

The S&P CoreLogic Case-Shiller home price index climbed 5.4% year-over-year in November versus a 4.9% rise in October.

The FHFA house price index rose by 0.3% from the prior month in November.

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