U.S. stocks extended losses toward the end of trading, with the Dow Jones falling 300 points on Wednesday. US President Biden late Tuesday announced sanctions on some Russian banks and individuals.
The Dow traded down 0.89% to 33,296.06 while the NASDAQ fell 1.75% to 13,147.10. The S&P also fell, dropping, 1.23% to 4,252.01.
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Leading and Lagging Sectors
Energy shares climbed by 1.5% on Wednesday. Meanwhile, top gainers in the sector included Renewable Energy Group, Inc. (NASDAQ:REGI), up 24% and Peabody Energy Corporation (NYSE:BTU) up 15%.
In trading on Wednesday, consumer discretionary shares fell by 1%.
Top Headline
Lowe's Companies, Inc. (NYSE:LOW) reported better-than-expected earnings for its fourth quarter and raised its guidance.
Lowe's Companies posted quarterly earnings of $1.78 per share, beating analysts’ estimates of $1.70 per share. The company’s quarterly sales came in at $21.34 billion, versus expectations of $20.87 billion.
Lowe's raised its FY22 EPS guidance from $12.25-$13.00 to $13.10-$13.60. The company also boosted its sales guidance from $94 billion-$97 billion to $97 billion -$99 billion.
Equities Trading UP
Tenneco Inc. (NYSE:TEN) shares shot up 93% to $19.30 after the company announced it will be acquired by Apollo Funds. Tenneco also reported a Q4 loss of $0.11 per share.
Shares of Overstock.com, Inc. (NASDAQ:OSTK) got a boost, shooting 24% to $45.10 after the company reported Q4 earnings results. Overstock's tZERO ATS said it successfully launched support for clearing and settlement securities transactions for itself and its broker-dealer affiliates.
The Beauty Health Company (NASDAQ:SKIN) shares were also up, gaining 39% to $17.91 after the company reported Q4 results and issued FY22 net sales guidance above estimates.
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Equities Trading DOWN
Kodiak Sciences Inc. (NASDAQ:KOD) shares tumbled 79% to $10.38 as the company announced negative top-line results from its Phase 2b/3 clinical trial evaluating the KSI-301 in treatment-naïve subjects with neovascular age-related macular degeneration.
Shares of Vertiv Holdings Co (NYSE:VRT) were down 39% to $11.99 after the company reported worse-than-expected Q4 results and issued Q1 guidance below estimates. Vertical Research also downgraded the stock from Buy to Hold.
Kaltura, Inc. (NASDAQ:KLTR) was down, falling 36% to $1.9682 after the company reported weak quarterly sales and issued FY22 forecast.
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Commodities
In commodity news, oil traded down 0.7% to $91.75, while gold traded up 0.2% to $1,911.40.
Silver traded up 0.9% Wednesday to $24.53 while copper fell 0.5% to $4.49.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.28%, London’s FTSE 100 rose 0.05%, while Spain’s IBEX 35 Index fell 0.63%. The German DAX dropped 0.42%, French CAC 40 slipped 0.10% and Italy’s FTSE MIB Index fell 0.34%.
Annual inflation rate in the Eurozone was confirmed at a record level of 5.1% for January. The GfK Consumer Climate Indicator for Germany dropped to -8.1 heading into March, compared to -6.7 in February. The manufacturing climate indicator in France slipped to 112 in February from a four-year high level of 113 in the previous month.
Economics
There were no major US economic releases Wednesday.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 80,270,560 cases with around 963,370 deaths. India confirmed a total of at least 42,867,030 cases and 512,650 deaths, while Brazil reported over 28,351,870 COVID-19 cases with 645,530 deaths. In total, there were at least 428,655,310 cases of COVID-19 worldwide with more than 5,927,780 deaths.
