Dow Dips Over 300 Points; US Annual Inflation Slows to 3.1% In January

U.S. stocks traded lower this morning, with the Dow Jones index falling over 300 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.85% to 38,468.89 while the NASDAQ fell 2.01% to 15,622.77. The S&P 500 also fell, dropping, 1.36% to 4,953.78.

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Leading and Lagging Sectors

Utilities shares rose by 1.1% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

The annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, but came higher than market estimates of 2.9%.

On a monthly basis, the CPI increased by 0.3%, accelerating from the expected and previous 0.2%. On a monthly basis, the core CPI increased by 0.4%.

Equities Trading UP

Ohmyhome Limited (NASDAQ:OMH) shares shot up 301% to $4.8939.

Shares of BioNexus Gene Lab Corp. (NASDAQ:BGLC) got a boost, surging 197% to $1.22.

Digital Brands Group, Inc. (NASDAQ:DBGI) shares were also up, gaining 137% to $6.80. Digital Brands reaffirmed its 2024 guidance revenue of $27 million to $30 million and commited to no equity offerings for 2024.

Equities Trading DOWN

Sunshine Biopharma, Inc. (NASDAQ:SBFM) shares dropped 67% to $0.0634 after the company announced pricing of $10 million underwritten public offering.

Shares of BIOLASE, Inc. (NASDAQ:BIOL) were down 66% to $0.1549 after the company announced pricing of $7 million public offering of 16 million units at a price of $0.44 per unit.

Sientra, Inc. (NASDAQ:SIEN) was down, falling 56% to $0.2568 after the company announced plans to pursue strategic sale of its business through voluntary Chapter 11 process.

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Commodities

In commodity news, oil traded up 0.4% to $77.25 while gold traded down 0.4% at $2,025.00.

Silver traded down 0.4% to $22.685 on Tuesday while copper fell 0.3% to $3.7140.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.4% The German DAX fell 0.9% French CAC 40 fell 0.8% while Italy’s FTSE MIB Index fell 0.7%.

Average weekly earnings including bonuses in the UK rose 5.8% year-over-year to GBP 669/week during the three months to December, while UK’s unemployment rate fell to 3.8% in the fourth quarter. The unemployment rate in France came in steady at 7.5% during the fourth quarter.

Asia Pacific Markets

Asia Pacific markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 2.89%, India’s S&P BSE Sensex gaining 0.70% and Australia’s S&P/ASX 200 falling 0.15%.

Producer prices in Japan increased by 0.2% year-over-year in January, while Japan’s machine tool orders fell 14.1% year-over-year to JPY 110,881 million for January.

Economics

The NFIB Small Business Optimism Index declined to 89.9 in January from 91.9 in December.