Dow Tumbles 150 Points; McDonald's Sales Miss Views

Benzinga
2024/02/06

U.S. stocks traded lower this morning, with the Dow Jones index falling around 150 points on Monday.

Following the market opening Monday, the Dow traded down 0.41% to 38,494.03 while the NASDAQ fell 0.15% to 15,605.04. The S&P 500 also fell, dropping, 0.18% to 4,949.49.

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Leading and Lagging Sectors

Health care shares rose by 0.6% on Monday.

In trading on Monday, materials shares fell by 2.4%.

Top Headline

McDonald’s Corporation (NYSE:MCD) posted weaker-than-expected sales for its fourth quarter.

McDonald’s reported adjusted EPS of $2.95, beating the consensus of $2.82. Sales of $6.41 billion, up 8% Y/Y (6% in constant currencies), fell slightly short of the consensus of $6.45 billion.

Equities Trading UP

Yield10 Bioscience, Inc. (NASDAQ:YTEN) shares shot up 104% to $0.4673.

Shares of 4D Molecular Therapeutics, Inc. (NASDAQ:FDMT) got a boost, surging 91% to $33.42 after the company announced interim data from the Phase 2 PRISM clinical trial evaluating intravitreal 4D-150 in wet AMD patients with severe disease activity and a high treatment burden.

Chenghe Acquisition Co. (NASDAQ:CHEA) shares were also up, gaining 82% to $9.99 after shareholders on Friday voted to approve the merger agreement with Taiwan Color Optics.

Equities Trading DOWN

NanoString Technologies, Inc. (NASDAQ:NSTG) shares dropped 73% to $0.1260 after the company initiated voluntary Chapter 11 restructuring proceedings.

Shares of DMK Pharmaceuticals Corporation (NASDAQ:DMK) were down 44% to $0.29. The company filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was down, falling 38% to $3.7140 after the company announced exercise of previously issued warrants for $1.77 million in gross proceeds.

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Commodities

In commodity news, oil traded down 0.7% to $71.79 while gold traded down 1% at $2,033.60.

Silver traded down 1.7% to $22.405 on Monday while copper fell 1.3% to $3.7705.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.9% The German DAX fell 0.1% French CAC 40 fell 0.2% while Italy’s FTSE MIB Index rose 0.7%.

The HCOB Eurozone services PMI declined to 48.4 in January versus 48.8 in the prior month, while composite PMI surged to a six-month high of 47.9 in January. The HCOB Germany Services PMI rose to 47.7 in January versus a preliminary reading of 47.6, while France services PMI was revised higher to 45.4 in January compared to a preliminary level of 45.

New car registrations in the UK rose by 8.2% year-over-year to 142,876 units in January. The United Kingdom's unemployment rate fell to 3.9% during the three months leading up to November.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 gaining 0.54%, Hong Kong’s Hang Seng Index falling 0.15% and China’s Shanghai Composite Index falling 1.02%. India’s S&P BSE Sensex, meanwhile, fell 0.49%.

The HSBC India services PMI rose to 61.8 in January compared to a preliminary reading of 61.2. The Caixin China General service PMI fell to 52.7 in January compared to December’s reading of 52.9.

The S&P Global Hong Kong SAR PMI declined to 49.9 in January versus 51.3 in December. The au Jibun Bank Japan services PMI rose to 53.1 in January compared to a preliminary reading of 52.7.

Economics

The S&P Global US services PMI was revised lower to 52.5 in January compared to the preliminary reading of 52.9.

The S&P Global US Composite PMI slipped to 52.0 in January, versus the preliminary reading of 52.3.

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