Dow Dips Over 300 Points; US Annual Inflation Slows to 3.1% In January

U.S. stocks traded lower this morning, with the Dow Jones index falling over 300 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.85% to 38,468.89 while the NASDAQ fell 2.01% to 15,622.77. The S&P 500 also fell, dropping, 1.36% to 4,953.78.

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Leading and Lagging Sectors

 

Utilities shares rose by 1.1% on Tuesday.

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

 

Top Headline

 

The annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, but came higher than market estimates of 2.9%.

On a monthly basis, the CPI increased by 0.3%, accelerating from the expected and previous 0.2%. On a monthly basis, the core CPI increased by 0.4%.

 

Equities Trading UP

 

Ohmyhome Limited OMH shares shot up 301% to $4.8939.

Shares of BioNexus Gene Lab Corp. BGLC got a boost, surging 197% to $1.22.

Digital Brands Group, Inc. DBGI shares were also up, gaining 137% to $6.80. Digital Brands reaffirmed its 2024 guidance revenue of $27 million to $30 million and commited to no equity offerings for 2024.

 

Equities Trading DOWN

 

Sunshine Biopharma, Inc. SBFM shares dropped 67% to $0.0634 after the company announced pricing of $10 million underwritten public offering.

Shares of BIOLASE, Inc. BIOL were down 66% to $0.1549 after the company announced pricing of $7 million public offering of 16 million units at a price of $0.44 per unit.

Sientra, Inc. SIEN was down, falling 56% to $0.2568 after the company announced plans to pursue strategic sale of its business through voluntary Chapter 11 process.

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Commodities

 

In commodity news, oil traded up 0.4% to $77.25 while gold traded down 0.4% at $2,025.00.

Silver traded down 0.4% to $22.685 on Tuesday while copper fell 0.3% to $3.7140.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.4% The German DAX fell 0.9% French CAC 40 fell 0.8% while Italy’s FTSE MIB Index fell 0.7%.

Average weekly earnings including bonuses in the UK rose 5.8% year-over-year to GBP 669/week during the three months to December, while UK’s unemployment rate fell to 3.8% in the fourth quarter. The unemployment rate in France came in steady at 7.5% during the fourth quarter.

Asia Pacific Markets

 

Asia Pacific markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 2.89%, India’s S&P BSE Sensex gaining 0.70% and Australia’s S&P/ASX 200 falling 0.15%.

Producer prices in Japan increased by 0.2% year-over-year in January, while Japan’s machine tool orders fell 14.1% year-over-year to JPY 110,881 million for January.

 

Economics

 

The NFIB Small Business Optimism Index declined to 89.9 in January from 91.9 in December.

The annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, but came higher than market estimates of 2.9%.

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