U.S. stocks traded lower this morning, after recording sharp losses in the previous session.
Following the market opening Tuesday, the Dow traded down 0.27% to 32,729.90 while the NASDAQ fell 0.47% to 12,771.16. The S&P also fell, dropping, 0.47% to 4,181.18.
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Leading and Lagging Sectors
Energy shares climbed by 4.4% on Tuesday. Meanwhile, top gainers in the sector included Nine Energy Service, Inc. (NYSE:NINE), up 114% and Camber Energy, Inc. (NYSE:CEI) up 35%.
In trading on Tuesday, consumer staples shares fell by 1.7%.
Top Headline
DICK'S Sporting Goods, Inc. (NYSE:DKS) reported better-than-expected results for its fourth quarter.
Dick's Sporting Goods posted quarterly earnings of $3.64 per share, beating analysts’ estimates of $3.43 per share. The company’s quarterly sales came in at $3.35 billion, versus expectations of $3.29 billion.
Dick's said it expects FY22 adjusted EPS of $11.70 to $13.10, versus analysts’ estimates of $15.42.
Equities Trading UP
Enservco Corporation (NYSE:ENSV) shares shot up 221% to $8.03 after jumping around 85% on Monday.
Shares of Nine Energy Service, Inc. (NYSE:NINE) got a boost, shooting 103% to $7.28 after the company reported better-than-expected Q4 EPS and sales results.
U.S. Energy Corp. (NASDAQ:USEG) shares were also up, gaining 92% to $12.11 amid continued strength in oil and natural gas prices. The Russia-Ukraine conflict has caused supply concerns while prospects of a US ban on Russian oil imports has further lifted prices.
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Equities Trading DOWN
Inspirato Incorporated (NASDAQ:ISPO) shares tumbled 37% to $16.83 after dipping 37% on Monday.
Shares of BigBear.ai Holdings, Inc. (NYSE:BBAI) were down 22% to $7.53.
Barnes & Noble Education, Inc. (NYSE:BNED) was down, falling 20% to $3.8487 after the company reported worse-than-expected Q3 sales results.
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Commodities
In commodity news, oil traded up 7% to $127.80, while gold traded up 3.3% to $2,062.10.
Silver traded up 5.6% Tuesday to $27.15 while copper fell 0.7% to $4.6980.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.32%, London’s FTSE 100 gained 0.07%, while Spain’s IBEX 35 Index jumped 2.1%. The German DAX gained 0.42%, French CAC 40 climbed 0.24% and Italy’s FTSE MIB Index surged 1.31%.
Industrial production in Spain increased 1.7% year-over-year in January versus a 1.3% rise in December, while industrial production in Germany rose 2.7% mom in January. Retail sales in the UK increased 2.7% year-over-year on a like-for-like basis during February. Retail sales in Italy dropped 0.5% from a month ago in January.
Economics
The NFIB small business optimism index fell to 95.7 in February from 97.1 in January.
The US trade deficit increased to a record high of $89.7 billion in January versus a revised $82 billion gap in the previous month. Exports from the US fell by 1.7%, while imports to the US rise 1.2%.
Wholesale inventories rose 0.8% to $799.9 billion in January.
The Treasury is set to auction 3-year notes at 1:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 80,979,970 cases with around 985,910 deaths. India confirmed a total of at least 42,971,300 cases and 515,240 deaths, while Brazil reported over 29,069,460 COVID-19 cases with 652,410 deaths. In total, there were at least 448,234,960 cases of COVID-19 worldwide with more than 6,027,670 deaths.
