Gold Down 1%; PNC Financial Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 350 points on Tuesday.

The Dow traded down 0.93% to 37,243.85 while the NASDAQ fell 0.58% to 14,885.45. The S&P 500 also fell, dropping, 0.66% to 4,752.36.

Check This Out: How To Earn $500 A Month From Alcoa Stock Ahead Of Q4 Earnings Report

 

Leading and Lagging Sectors

 

Information technology shares rose by 0.1% on Tuesday.

In trading on Tuesday, energy shares fell by 1.9%.

 

Top Headline

 

PNC Financial Services Group Inc PNC reported better-than-expected earnings for its fourth quarter.

The bank reported a revenue decline of 7% year-over-year (Y/Y) to $5.36 billion, beating the consensus of $5.29 billion. Adjusted EPS of $3.16 came above the consensus of $2.94.

 

Equities Trading UP

 

DatChat, Inc. DATS shares shot up 53% to $3.2292 after the company announced the proposed spin-off of its Habytat platform business.

Shares of Phunware, Inc. PHUN got a boost, surging 282% to $0.29.

HomeStreet, Inc. HMST shares were also up, gaining 44% to $15.46 after the company announced that it entered into a definitive merger agreement with FirstSun Capital Bancorp.

 

Equities Trading DOWN

 

Allakos Inc. ALLK shares dropped 57% to $1.2801 after the company announced topline data from its phase 2 trial for lirentelimab in atopic dermatitis and its phase 2b study in chronic spontaneous urticaria did not meet their primary endpoints.

Shares of Applied Digital Corporation APLD were down 21% to $5.91 after the company reported worse-than-expected second-quarter financial results and said it expects its revenue and EBITDA to be below the low end of its previously guided range for fiscal year 2024.

Leggett & Platt, Incorporated LEG was down, falling 8% to $23.41 after the company announced a restructuring plan, which includes a workforce reduction, and withdrew its long-term financial targets.

Also Check This Out: Top 4 Health Care Stocks That May Rocket Higher In Q1

 

Commodities

 

In commodity news, oil traded down 0.9% to $72.06 while gold traded down 1.1% at $2,029.70.

Silver traded down 1% to $23.095 on Tuesday while copper rose 0.8% to $3.7710.

 

Euro zone

 

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.24%, London’s FTSE 100 fell 0.48% while Spain’s IBEX 35 Index dipped 0.82% The German DAX fell 0.30% French CAC 40 fell 0.18% while Italy’s FTSE MIB Index rose 0.03%.

The ZEW Indicator of Economic Sentiment for Germany increased by 2.4 points to a reading of +15.2 in January, topping market estimates of +12, while the ZEW Indicator of Economic Sentiment for the Eurozone fell by 0.3 points to 22.7 in January.

The annual inflation rate in Italy eased to 0.6% in December from 0.7% in November, while German consumer price inflation increased to 3.7% year-over-year in December compared to November’s reading of 3.2%.

Average weekly earnings, including bonuses, in the UK rose 6.5% year-over-year to GBP 666/week during the three months to November, while unemployment rate came in unchanged at 4.2%.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.79%, Hong Kong’s Hang Seng Index falling 2.16% and China’s Shanghai Composite Index gaining 0.27%. India’s S&P BSE Sensex, meanwhile, fell 0.27%.

Producer prices in Japan showed no growth year-over-year in December following a 0.3% increase in the prior month.

 

Economics

 

The NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.

Now Read This: NVIDIA To Rally Over 35%? Here Are 10 Top Analyst Forecasts For Tuesday