Dow Dips 200 Points; US Retail Sales Rise 3%

U.S. stocks traded lower this morning, with the Dow Jones dropping around 200 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.61% to 33,880.45 while the NASDAQ fell 0.33% to 11,921.23. The S&P 500 also fell, dropping, 0.58% to 4,112.20.

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Leading and Lagging Sectors

• Consumer discretionary shares traded almost flat on Wednesday. Meanwhile, top gainers in the sector included Youdao, Inc. DAO, up 4%, and Airbnb, Inc. ABNB, up 10%.
• In trading on Wednesday, energy shares dipped by 2%.

 

Top Headline

Retail sales in the US rose 3% month-over-month in January, recording the biggest growth since March 2021 and above market expectations for a 1.8% increase.

 

Equities Trading UP

• Roblox Corporation RBLX shares shot up 21% to $43.28 after the company reported better-than-expected Q4 sales results.
• Shares of The Trade Desk, Inc. TTD got a boost, shooting 17% to $58.42 after the company reported better-than-expected Q4 adjusted results and issued Q1 revenue guidance above estimates. The company also announced a $700 million buyback.
• OraSure Technologies, Inc. OSUR shares were also up, gaining 15% to $5.67 after the company reported better-than-expected Q4 sales results. The company also issued Q1 2023 revenue guidance above estimates.

 

Equities Trading DOWN

• GlycoMimetics, Inc. GLYC shares tumbled 48% to $2.1050. GlycoMimetics reported continuation of Phase 3 study of e-selectin antagonist uproleselan in relapsed/refractory aml to originally planned final analysis following interim analysis by the independent Data Monitoring Committee.
• Shares of Credo Technology Group Holding Ltd CRDO were down 40% to $11.67 after the company issued Q4 revenue guidance below analyst estimates.
• AMMO, Inc. POWW was down, falling 14% to $1.9350 after reporting downbeat Q3 sales.

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Commodities

In commodity news, oil traded down 1.2% to $78.08 while gold traded down 1.2% at $1,842.50.

Silver traded down 1.9% to $21.46 on Wednesday while copper fell 2.1% to $3.9905.

Stocks of crude oil in the US rose by 10.507 million barrels for the week ended Feb. 10, 2023, the API said Tuesday.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2%. The German DAX gained 0.6% French CAC 40 gained 1.1% and Italy’s FTSE MIB Index rose 0.1%.

Spanish consumer price inflation rate was revised higher to 5.9% year-over-year in January versus a preliminary estimate of 5.8%. UK’s producer inflation rose by 13.5% year-over-year in January, versus a revised 14.6% in the previous month, while annual inflation rate in the country declined to 10.1% in January from 10.5% in December.

 

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 dropping 0.37%, Hong Kong’s Hang Seng Index falling 1.43% and China’s Shanghai Composite Index declining 0.39%. India’s S&P BSE Sensex gained 0.4%.

India's trade deficit increased to $17.75 billion in January from $17.42 in the year-ago month.

 

Economics

• Mortgage applications in the US fell 7.7% in the week ended Feb. 10, 2023.
• The NY Empire State Manufacturing Index rose 27.1 points from a month ago to a reading of -5.8 in February.
• Retail sales in the US rose 3% month-over-month in January, recording the biggest growth since March 2021 and above market expectations for a 1.8% increase.
• Industrial production in the US came in unchanged for January following a revised 1.0% decline in December.

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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 104,803,150 cases with around 1,140,400 deaths. India confirmed a total of at least 44,684,370 cases and 530,750 deaths, while France reported over 39,570,470 COVID-19 cases with 164,620 deaths. In total, there were at least 677,904,870 cases of COVID-19 worldwide with more than 6,784,390 deaths.