U.S. stocks traded lower on Tuesday, with the Dow Jones index falling more than 250 points amidst declines in various big stocks.
Morgan Stanley, a prominent financial institution, reported fourth-quarter financial results that underwhelmed investors, leading to a 4.6% decline in their stock on Tuesday.
Morgan Stanley reported a fourth-quarter net profit of $1.5 billion, or 85 cents per diluted share, a decline from the prior year. The company reported revenues of $12.9 billion, surpassing the consensus of $12.75 billion.
However, this performance did not prevent their shares from falling to $85.58 on Tuesday.
Several other big stocks also recorded steep losses in Tuesday’s trading session:
- Spirit Airlines, Inc. shares dipped 46.4% to $8.01.
- Gol Linhas Aéreas Inteligentes S.A. fell 25.4% to $2.2889.
- Applied Digital Corporation declined 22% to $5.84 after reporting worse-than-expected second-quarter financial results.
- WW International, Inc. fell 17.2% to $4.6413.
- Waldencast plc fell 16.8% to $8.54.
- IGM Biosciences, Inc. shares tumbled 16.1% to $9.18.
- Prime Medicine, Inc. fell 14.1% to $ 6.86.
- CompX International Inc. fell 13.1% to $25.74.
- Stem, Inc. fell 12.4% to $2.89.
- Wheels Up Experience Inc. fell 10.5% to $3.7048.
- Plug Power Inc. fell 10.1% to $3.09.
- Opendoor Technologies Inc. fell 9.1% to $3.1902.
- Leggett & Platt, Incorporated fell 8.7% to $23.23.
- Wipro Limited fell 8.4% to $5.75.
- The Boeing Company declined 7.8% to $200.61.
- NIO Inc. fell 7.6% to $6.63.
- Alcoa Corporation fell 6.7% to $28.00.
The decline in Boeing is notable, as it comes after Wells Fargo downgraded the stock and announced a lower price target, contributing to its 7.8% decline on Tuesday.