U.S. stocks traded lower toward the end of trading, with the Dow Jones
index falling more than 150 points on Wednesday.
The Dow traded down 0.48% to 37,183.10 while the NASDAQ fell 1.15% to
14,772.10. The S&P 500 also fell, dropping, 0.91% to 4,722.52.
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Market Movement
Despite exuberant market activity, the Dow Jones staggered, tumbling
over 150 points. On the other hand, tech-heavy NASDAQ also faltered,
recording a 1.15% nosedive. The broader S&P 500 index wasn’t spared,
plummeting 0.91%.
Health care shares fell by just 0.2% on Wednesday.
In contrast, real estate shares dipped by 2.6% during trading on
Wednesday.
Corporate Gains
Charles Schwab CorporationSCHW
reported better-than-expected fourth-quarter earnings.Adjusted EPS fell
from $1.07 to 68 cents, beating the consensus of 64 cents, according to
data from Benzinga Pro. Revenue fell 19% to $4.46 billion, marginally
missing the consensus of $4.48 billion.
Movers and Shakers
While some securities soared, the stock of Airspan Networks Holdings Inc.
MIMO stormed upward by 307% to
$0.3130. Concurrently, shares of Digital World Acquisition Corp.
DWAC surged 17% to $26.15. Adding
to the uptrend, Bullfrog AI Holdings, Inc. BFRG gained 34% to $3.5401.
On the other hand, TuSimple Holdings Inc. TSP shares fell 48% to $0.3657.
Meanwhile, shares of Phunware, Inc. PHUN declined
55% to $0.1892. Additionally, DatChat, Inc. DATS was down, falling 46% to
$1.71.
Commodity Update
In commodity news, oil traded up 0.1% to $72.41 while gold traded down
1.1% at $2,007.60. Silver traded down 1.7% to $22.70 on Wednesday while
copper fell 0.8% to $3.7355.
Global Impact
European shares closed lower today. The eurozone’s STOXX 600 fell 1.13%,
London’s FTSE 100 fell 1.48% while Spain’s IBEX 35 Index dipped 1.26%.
The German DAX fell 0.84% and French CAC 40 fell 1.07% while Italy’s FTSE
MIB Index fell 0.79%. Inflation rate in the Euro Area rose to 2.9% in
December versus 2.4% in November, and annual inflation rate in the UK
increased to 4% in December from 3.9% in November. Factory gate prices of
goods produced by manufacturers rose 0.1% year-over-year in December
following a revised 0.1% decline in November.
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling
0.40%, Hong Kong’s Hang Seng Index falling 3.71% and China’s Shanghai
Composite Index gaining 2.09%. India’s S&P BSE Sensex, meanwhile,
fell 2.23%. The Chinese surveyed urban unemployment rate rose to 5.1% in
December from 5.0% in the prior three months, while retail sales rose by
7.4% year-over-year in December.
Economic Indicators
Retail sales in the US rose 0.6% month-over-month in December compared to
a 0.3% increase in November. US import prices came in unchanged in
December, while export prices declined 0.9% month-over-month in December.
Total business inventories declined by 0.1% month-over-month in November.
The NAHB/Wells Fargo Housing Market Index climbed to 44 in January from 37
in the prior month. Industrial production rose by 0.1% from the prior month
in December.
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