Dow Falls 100 Points; Coca-Cola Posts Upbeat Earnings
U.S. stocks traded lower this morning, with the Dow Jones index falling around 100 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 0.22% to 44,374.15 while the NASDAQ fell 0.27% to 19,661.13. The S&P 500 also fell, dropping, 0.24% to 6,052.08.
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Leading and Lagging Sectors
Materials shares surged by 0.4% on Tuesday.
In trading on Tuesday, utilities shares fell by 0.8%.
Top Headline
Coca-Cola Company (NYSE:KO) posted better-than-expected fourth-quarter earnings results.
The company reported fourth-quarter sales growth of 6% year-on-year to $11.5 billion, beating the analyst consensus estimate of $10.677 billion.
Operating income for the quarter increased 19.2% to $2.7 billion. Adjusted EPS of 55 cents beat the consensus estimate of 52 cents.
Equities Trading UP
- Blue Hat Interactive Entertainment Technology (NASDAQ:BHAT) shares shot up 90% to $0.1306.
- Shares of Ocean Biomedical, Inc. (NASDAQ:OCEA)got a boost, surging 48% to $0.2187. Ocean Biomedical recently announced newly published research findings demonstrating the ability of its proprietary cancer immunotherapy candidates.
- SelectQuote, Inc. (NYSE:SLQT) shares were also up, gaining 47% to $6.42 after the company reported better-than-expected second-quarter financial results and issued FY25 revenue guidance above estimates. Additionally, the company announced a $350 million strategic investment from several institutional investors.
Equities Trading DOWN
- Fluence Energy, Inc. (NASDAQ:FLNC) shares dropped 48% to $6.85 after the company reported worse-than-expected first-quarter financial results and issued FY25 revenue guidance below estimates.
- Shares of Columbus McKinnon Corporation (NASDAQ:CMCO) were down 41% to $21.05 following downbeat quarterly results. Columbus McKinnon also announced plans to combine with Kito Crosby.
- Hyperfine, Inc. (NASDAQ:HYPR) was down, falling 33% to $1.1276 after the company announced a $6 million registered direct offering.
Commodities
In commodity news, oil traded up 1.3% to $73.27 while gold traded down 0.3% at $2,926.70.
Silver traded down 0.9% to $32.205 on Tuesday, while copper fell 3% to $4.5645.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.1%, Germany's DAX 40 rose 0.3% and France's CAC 40 rose 0.2%. Spain's IBEX 35 Index rose 0.3%, while London's FTSE 100 fell 0.1%.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with China's Shanghai Composite Index falling 0.12%, Hong Kong's Hang Seng Index dipping 1.06% and India's BSE Sensex falling 1.32%.
Economics
The NFIB Small Business Optimism Index declined to 102.8 in January compared to 105.1 in the previous month, and down from estimates of 104.6.
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