Nasdaq Down 150 Points; Morgan Stanley Earnings Top Estimates

Author: Avi Kapoor | January 16, 2025 01:57pm

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling over 150 points on Thursday.

The Dow traded down 0.27% to 43,106.65 while the NASDAQ fell 0.79% to 19,356.43. The S&P 500 also fell, dropping, 0.28% to 5,933.22.

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Leading and Lagging Sectors

Utilities shares surged by 2.3% on Thursday.

In trading on Thursday, consumer discretionary shares fell by 1.1%.

Top Headline

On Thursday, Morgan Stanley (NYSE:MS) reported upbeat earnings for its fourth quarter.

The bank posted fourth-quarter adjusted EPS of $2.22, up from $0.85 a year ago and beating the consensus of $1.70. Net earnings more than doubled from $1.52 billion to $3.7 billion.

The U.S. bank reported fourth-quarter revenue of $16.22 billion, up 26% year over year, beating the consensus of $15.03 billion.

Equities Trading UP

Biomerica, Inc. (NASDAQ:BMRA) shares shot up 102% to $0.6820 after the company announced its Fortel Prostate Specific Antigen Screening Test received approval from the United Arab Emirates Ministry of Health and Prevention.
Shares of DouYu International Holdings Limited (NASDAQ:DOYU)got a boost, surging 26% to $15.53 as the company appointed Simin Ren as Co-CEO and declared a special cash dividend.
Symbotic Inc. (NASDAQ:SYM) shares were also up, gaining 19% to $31.88 after the company disclosed a deal to acquire Walmart Inc.'s (NYSE:WMT) Advanced Systems and Robotics business.

Equities Trading DOWN

Leafly Holdings, Inc. (NASDAQ:LFLY) shares dropped 45% to $0.8001 after the company announced it received a Nasdaq desliting notice and will transition to the over-the-counter market.
Shares of Atara Biotherapeutics, Inc. (NASDAQ:ATRA) were down 34% to $8.70 after the company issued regulatory and business update on EBVALLOTM (tabelecleucel).
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) was down, falling 11% to $1.09 after the company reported preliminary third-quarter revenue of $551 million, down 10% year over year, citing lower volume and competitive market conditions.

Commodities

In commodity news, oil traded down 1.9% to $78.49 while gold traded up 1.4% at $2,755.10.

Silver traded up 1% to $31.860 on Thursday, while copper rose 1.1% to $4.4350.

Euro zone

European shares closed mostly higher today. The eurozone's STOXX 600 surged 0.98%, Germany's DAX 40 gained 0.39% and France's CAC 40 gained 2.14%. Spain's IBEX 35 Index fell 0.49%, while London's FTSE 100 gained 1.09%.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 0.33%, China's Shanghai Composite Index gaining 0.28%, Hong Kong's Hang Seng Index climbing 1.23% and India's BSE Sensex rising 0.42%.

Economics

U.S. retail sales rose 0.4% month-over-month in December versus a revised 0.8% increase in the previous month and down from market estimates of 0.6%.
U.S. initial jobless claims increased by 14,000 from the previous week to 217,000 in the week ending January 11, compared to market estimates of 210,000.
Import prices increased by 0.1% from the previous month in December, while export prices gained by 0.3% in December.
The Philadelphia Fed Manufacturing Index rose to 44.3 in January compared to a revised reading of -10.9 in the previous month.
The NAHB/Wells Fargo Housing Market Index rose to 47 in January compared to 46 in the prior two months.
U.S. business inventories increased by 0.1% month-over-month in November compared to a revised flat reading in the previous month.
U.S. natural-gas stocks fell 258 billion cubic feet during the week ending Jan. 1, the EIA said.

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