Dow Dips Over 100 Points; Target Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.33% to 38,861.95 while the NASDAQ fell 0.82% to 16,074.48. The S&P 500 also fell, dropping, 0.42% to 5,109.27.

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Leading and Lagging Sectors

Utilities shares rose by 0.5% on Tuesday.

In trading on Tuesday, information technology shares fell by 1%.

Top Headline

Target Corp TGT reported better-than-expected fourth-quarter earnings on Tuesday.

Target reported fourth-quarter FY23 revenue growth of 1.7% year-on-year to $31.92 billion, beating the analyst consensus estimate of $31.83 billion. Adjusted EPS of $2.98 beat the analyst consensus estimate of $2.42.

Target sees FY24 adjusted EPS of $8.60 – $9.60 against the Street view of $9.14; expects 0% – 2% growth in comparable sales.

Equities Trading UP

Sunshine Biopharma, Inc. SBFM shares shot up 93% to $0.0865 after dipping 19% on Monday. Sunshine Biopharma recently announced closing of $10.0 million underwritten public offering.

Shares of Airship AI Holdings, Inc. AISP got a boost, surging 113% to $3.52 after the company announced that it has been awarded a contract with the Department of Justice for its Acropolis Enterprise Sensor Management video and data management platform.

Apogee Therapeutics, Inc. APGE shares were also up, gaining 49% to $62.28 after the company announced interim results from its Phase 1 healthy volunteer trial for APG777. Also, the company reported FY23 financial results.

Equities Trading DOWN

Quoin Pharmaceuticals, Ltd. QNRX shares dropped 47% to $1.53 after the company announced the pricing of a $6.5 million public offering.

Shares of ThredUp Inc. TDUP were down 28% to $1.70 after reporting fourth-quarter results.

BitFuFu Inc. FUFU was down, falling 20% to $10.56. BitFuFu shares jumped around 106% on Monday amid volatility following the company's recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.

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Commodities

In commodity news, oil traded down 0.3% to $78.49 while gold traded up 0.4% at $2,133.90.

Silver traded rose 0.9% to $24.195 on Tuesday while copper rose 0.2% to $3.8650.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.1% The German DAX declined 0.1% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index rose 0.3%.

Industrial producer prices in the Eurozone fell by 8.6% year-over-year in January, compared to a revised 10.7% decline in the prior month. The eurozone services PMI rose to 50.2 in February versus a preliminary level of 50.

The HCOB German services PMI was revised higher to 48.3 in February versus a preliminary reading of 48.2, while French services PMI climbed to 48.4 in February from 45.4 a month ago. The S&P Global UK services PMI was revised down to 53.8 in February compared to a preliminary reading of 54.3.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.03%, Hong Kong’s Hang Seng Index dipping 2.61%, China’s Shanghai Composite Index gaining 0.28% and India’s S&P BSE Sensex declining 0.26%.

The Chinese government said it sees GDP increasing around 5% in 2024, unchanged from the previous year. The Caixin China general service PMI fell to 52.5 in February from 52.7 in January.

The HSBC Indian services PMI fell to 60.6 in February from a preliminary reading of 62.0. The au Jibun Bank Japan services PMI rose to 52.9 in February versus preliminary reading of 52.5. The S&P Global Hong Kong SAR PMI fell to 49.7 in February versus 49.9 a month ago.