Nasdaq Down Over 2%; Marriott Earnings Top Views

U.S. stocks traded lower toward the end of trading, with the Dow Jones index dipping over 700 points on Tuesday.

The Dow traded down 1.81% to 38,096.28 while the NASDAQ fell 2.13% to 15,603.71. The S&P 500 also fell, dropping, 1.79% to 4,931.86.

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Leading and Lagging Sectors

Energy shares fell by just 0.5% on Tuesday.

In trading on Tuesday, real estate shares dipped by 2.3%.

Top Headline

Marriott International MAR reported mixed fourth-quarter financial results and issued FY24 earnings guidance below estimates.

Marriott International reported fourth-quarter adjusted earnings per share of $3.57, beating the analyst consensus of $2.12. The company reported revenue of $6.095 billion, missing the consensus of $6.20 billion.

Marriott International expects first-quarter adjusted EPS of $2.12-$2.19 versus the $2.30 estimate. The company projects FY24 adjusted EPS of $9.18-$9.52 versus the $9.69 estimate.

Equities Trading UP

Beamr Imaging Ltd. BMR shares shot up 53% to $15.23 after rallying more than 370% on Monday. Beamr Imaging priced $12 million public offering of 1,714,200 ordinary shares at $7 per share.

Shares of Whole Earth Brands, Inc. FREE got a boost, surging 35% to $4.7550. Whole Earth Brands signed a definitive agreement to be acquired by affiliates of Sababa Holdings FREE, LLC for $4.875 per share in an all-cash transaction.

Digital Brands Group, Inc. DBGI shares were also up, gaining 149% to $7.14. Digital Brands reaffirmed its 2024 guidance revenue of $27 million to $30 million and committed to no equity offerings for 2024.

Equities Trading DOWN

Sunshine Biopharma, Inc. SBFM shares dropped 64% to $0.0688 after the company announced pricing of $10 million underwritten public offering.

Shares of BIOLASE, Inc. BIOL were down 66% to $0.1525 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 60% to $0.2350 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 1.7% to $78.25 while gold traded down 1.3% at $2,006.90.

Silver traded down 2.7% to $22.16 on Tuesday while copper fell 0.3% to $3.7135.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.95%, London’s FTSE 100 fell 0.81% while Spain’s IBEX 35 Index fell 0.59% The German DAX fell 0.92% French CAC 40 fell 0.84% while Italy’s FTSE MIB Index fell 1.03%.

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.