Crude Oil Moves Higher; Caterpillar Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 200 points on Monday.

The Dow traded down 0.53% to 38,450.28 while the NASDAQ fell 0.11% to 15,612.52. The S&P 500 also fell, dropping, 0.16% to 4,950.80.

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Leading and Lagging Sectors

Information technology shares rose by 0.6% on Monday.

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

Top Headline

Caterpillar Inc CAT posted better-than-expected earnings for its fourth quarter on Monday.

Caterpillar reported a fourth-quarter fiscal 2023 revenue increase of 3% year-over-year to $17.07 billion, versus the consensus of $17.11 billion. CAT’s adjusted earnings of $5.23 per share, compared to $3.86 a year ago, topped the consensus of $4.75.

Equities Trading UP

Everbridge, Inc. EVBG shares shot up 19% to $28.19 after the company announced it will be acquired by Thoma Bravo for $1.5 billion.

Shares of 4D Molecular Therapeutics, Inc. FDMT got a boost, surging 74% to $30.42 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. CHEA shares were also up, gaining 57% to $8.60 after shareholders on Friday voted to approve the merger agreement with Taiwan Color Optics.

Equities Trading DOWN

NanoString Technologies, Inc. NSTG shares dropped 71% to $0.1355 after the company initiated voluntary Chapter 11 restructuring proceedings.

Shares of DMK Pharmaceuticals Corporation DMK were down 54% to $0.2404. 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.

Pineapple Energy Inc. PEGY was down, falling 56% to $0.2030 after the company priced a $1 million registered direct offering of common stock.

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Commodities

In commodity news, oil traded up 0.6% to $72.74 while gold traded down 0.6% at $2,041.50.

Silver traded down 1.7% to $22.42 on Monday while copper fell 1.3% to $3.7725.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.05%, London’s FTSE 100 fell 0.04% while Spain’s IBEX 35 Index fell 1.20% The German DAX fell 0.08% French CAC 40 fell 0.03% while Italy’s FTSE MIB Index rose 0.76%.

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.

The ISM services PMI for the US rose to 53.4 in January versus 50.5 in the prior month, and topping market estimates of 52.

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