U.S. stocks concluded lower on Tuesday, with the Dow Jones index shedding approximately 350 points.
The Dow traded down 0.93% to 37,243.85. The NASDAQ fell 0.58% to 14,885.45. The S&P 500 also fell, dropping 0.66% to 4,752.36.
The information technology sector saw a mild rise of 0.1% on Tuesday.
Conversely, energy shares experienced a significant decline of 1.9% in trading on Tuesday.
PNC Financial Services Group Inc reported robust earnings for its fourth quarter with a revenue decline of 7% year-over-year (Y/Y) to $5.36 billion, surpassing the consensus of $5.29 billion. Adjusted EPS of $3.16 exceeded the consensus of $2.94.
Several equities witnessed significant movement. DatChat, Inc. shares surged 53% to $3.2292 after the company announced the proposed spin-off of its Habytat platform business. Shares of Phunware, Inc. soared 282% to $0.29. Additionally, HomeStreet, Inc. shares gained 44% to $15.46 after the company entered into a definitive merger agreement with FirstSun Capital Bancorp.
Allakos Inc. shares plunged 57% to $1.2801 after the company’s 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 dropped 21% to $5.91 after reporting worse-than-expected second-quarter financial results. Leggett & Platt, Incorporated also experienced an 8% drop to $23.41 after announcing a restructuring plan and withdrawing its long-term financial targets.
In commodity news, oil traded down 0.9% to $72.06, and gold traded down 1.1% at $2,029.70. Silver traded down 1% to $23.095, while copper rose 0.8% to $3.7710.
European shares closed mostly lower. The eurozone’s STOXX 600 fell 0.24%, London’s FTSE 100 fell 0.48%, and Spain’s IBEX 35 Index dipped 0.82%. The German DAX fell 0.30%, and the French CAC 40 fell 0.18%, whereas Italy’s FTSE MIB Index rose 0.03%.
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 fell 0.27%. Producer prices in Japan showed no growth year-over-year in December following a 0.3% increase in the prior month.
The NY Empire State Manufacturing Index fell to -43.7 in January, marking the lowest reading since May 2020.
