Nasdaq Tumbles Over 100 Points; GM Shares Gain On Earnings Beat

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling more than 100 points on Tuesday.

The Dow traded up 0.23% to 38,421.03 while the NASDAQ fell 0.88% to 15,490.48. The S&P 500 also fell, dropping, 0.12% to 4,921.94.

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Leading and Lagging Sectors

Financials shares rose by 1% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

Shares of General Motors Company GM jumped over 8% on Tuesday after the company reported better-than-expected fourth-quarter financial results and issued 2024 adjusted EPS guidance above estimates.

General Motors reported a fourth-quarter FY23 sales decline of (0.3)% year-on-year to $42.98 billion, beating the analyst consensus estimate of $38.97 billion. Adjusted EPS of $1.24 beat the consensus estimate of $1.16.

Equities Trading UP

Pixelworks, Inc. PXLW shares shot up 43% to $2.1201 after the company entered into a multi-year agreement with Walt Disney Studios.

Shares of Agrify Corporation AGFY got a boost, surging 44% to $0.7323 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 29% to $65.14 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 $4.9199 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.

Calix, Inc. CALX was down, falling 26% to $32.74 after the company issued first-quarter adjusted EPS and revenue guidance below estimates.

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Commodities

In commodity news, oil traded up 1.5% to $77.92 while gold traded up 1.3% at $2,051.90.

Silver traded up 0.1% to $23.255 on Tuesday while copper rose 0.7% to $3.9065.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.16%, London’s FTSE 100 rose 0.44% while Spain’s IBEX 35 Index rose 1.51% The German DAX rose 0.18% French CAC 40 gained 0.48% while Italy’s FTSE MIB Index climbed 1.29%.

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.