Mid-day market update: Nasdaq drops 250 points; Frank's International (FI Stock) shares jump following Q4 earnings

Midway through trading Tuesday, the Dow traded down 0.48% to 31,369.07 while the NASDAQ fell 1.96% to 13,267.36. The S&P also fell, dropping 0.80% to 3,845.41.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,190,620 cases with around 500,310 deaths. India confirmed a total of at least 11,016,430 confirmed cases and 156,460 deaths, while Brazil reported over 10,195,160 COVID-19 cases with 247,140 deaths. In total, there were at least 111,790,690 cases of COVID-19 worldwide with over 2,476,120 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 0.7% on Tuesday. Meanwhile, top gainers in the sector included Frank's International N.V. FI 35.26%, up 43%, and Magnolia Oil & Gas Corporation MGY 10.31%, up 10%.

In trading on Tuesday, consumer discretionary shares fell by 2.2%.

Top Headline

The Home Depot, Inc. HD 4.4% reported better-than-expected results for its fourth quarter.

Home Depot reported quarterly earnings of $2.74 per share, beating analysts’ estimates of $2.62 per share. The company’s quarterly sales came in at $32.30 billion, versus expectations of $30.73 billion.

Home Depot raised its quarterly dividend from $1.50 to $1.65 per share.

Equities Trading UP

TimkenSteel Corporation TMST 40.3% shares shot up 34% to $8.45 after KeyBanc upgraded the stock from Sector Weight to Overweight and announced a price target of $10 per share..

Shares of Frank's International N.V. FI 35.26% got a boost, shooting 45% to $5.02 after the company reported better-than-expected Q4 results.

Sunesis Pharmaceuticals, Inc. SNSS 23.31% shares were also up, gaining 33% to $4.7350 after Oppenheimer upgraded the stock from Perform to Outperform and announced a price target of $12 per share. The company earlier announced vote approving reverse stock split within range between 3-for-1 and 6-for-1.

Check out these big movers of the day

Equities Trading DOWN

Churchill Capital Corp IV CCIV 33.91% shares tumbled 31% to $39.60 after the company, and Lucid Motors, announced they have entered into a definitive merger agreement.

Shares of Riot Blockchain, Inc. RIOT 24.56% were down 24% to $49.08 following a drop in the price of Bitcoin.

The9 Limited NCTY 28.77% was down, falling 30% to $57.01 following a drop in the price of Bitcoin. The9 acquired 70% equity in Hangzhou SuanLi Technology Co. Ltd. (Interhash), a cryptocurrency cloud mining blockchain software-as-a-service company for approximately $7 million.

Commodities

In commodity news, oil traded down 0.3% to $61.53, while gold traded down 0.1% to $1,808.00.

Silver traded down 1.5% Tuesday to $27.66 while copper fell 0.8% to $4.1755.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.42%, the Spanish Ibex Index rose 1.72% and the German DAX 30 declined 0.61%. Meanwhile, the French CAC 40 rose 0.21%, London’s FTSE 100 rose 0.21% and Italy’s FTSE MIB fell 0.3%.

UK’s labor productivity declined 4.5% on quarter in the fourth quarter, while unemployment rate rose to 5.1% in the three months to December.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index climbed 10.1% year-over-year in December.

The FHFA House Price Index rose 1.1% from a month ago in December .

The Richmond Fed manufacturing index came in steady at 14 in February.

Data on money supply for the recent week will be released at 4:30 p.m. ET.